Outcome of Meeting of Board of Directors held on Wednesday, 28th May, 2025 at pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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Abhijit Trading Company Ltd held a board meeting on May 28, 2025, where it approved the audited financial results for Q4 and FY ended March 31, 2025. The company reported a loss before tax of around ₹21.04 lakhs for the quarter ended March 31, 2025, though total comprehensive income for the year stood at ₹29,675 lakhs. The board appointed M/S V R S K & Associates (FRN: 011199N) as the new statutory auditor to fill a casual vacancy effective the same day, after accepting the resignation of M/S H K Chhabra & Co on May 7, 2025 due to the auditor's unavailability. The company is classified as a Core Investment Company (CIC), and during the year it converted about ₹285,350 lakhs of unsecured loans extended to group companies into equity shares after those borrowers faced financial difficulties. The auditor flagged that the company has invested in group companies beyond Section 186 limits and that its accounting software does not maintain an audit trail of transactions.
Shareholders should note the auditor mid-year change and persistent quarterly losses, which raise governance and earnings quality concerns. The large-scale conversion of stressed loans into equity means the company is now exposed to the underlying businesses of those borrowers, increasing risk for future asset values and dividends.