Board approves FY26 results with qualified audit opinion; two directors resign
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Board approved audited FY26 (ending March 2026) results and noted resignations of Independent Director Pooja Pravin Keer and Non-Executive Director Rakesh Guda. FY26 net loss narrowed to Rs 117.60 lakhs vs Rs 2,541.98 lakhs prior year. Auditor issued a QUALIFIED OPINION citing lack of independent valuation for OCD investment of Rs 75.10 lakhs in Ultravolt Power. Also flagged weak internal financial controls (no internal auditor), legacy CIRP assets, audit trail gaps, and governance delays.
Qualified audit opinion and director resignations raise governance concerns. Loss continues but narrowed sharply. Watch recovery of investments.