Recommendation of appointment of directors of the company subject to the approval of members of the company in the ensuing AGM.
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Awaiting price reaction for this filing.
Mayur Leather Products' board approved the unaudited Q1 FY26 results (quarter ended June 30, 2025), showing zero revenue from operations and a standalone loss of Rs. 10.28 lakhs (consolidated loss of Rs. 11.13 lakhs), with no manufacturing or sales activity. The statutory auditor issued an adverse review report flagging material uncertainties on going concern — the company's land was attached and sold by Canara Bank through auction, it was declared an NPA, and income tax returns have not been filed since FY 2022-23. The board recommended appointing five new directors (Ms. Anjali Sharma, Mr. Manish Bihani as independents, and Mr. Vitthal Nawandhar, Ms. Poonam Khetan, Mr. Raj Gopal Sharda as non-independent), re-appointing Mrs. Amita Poddar, and appointing M/s ATCS & Associates as secretarial auditors for 5 years. The registered office will shift to Jagatpura, Jaipur from October 1, 2025, and the 40th AGM is set for September 27, 2025.
Shareholders should view this filing as a serious red flag — the company has no operating business, faces going-concern doubts, and has multiple unresolved regulatory and audit qualifications, which could weigh heavily on the stock. The board expansion and continued promoter-family control (Poddars as CEO, CFO, and Chairperson) raises governance concerns at a time when independent oversight is most needed.