The Board in its meeting held on 14.08.2025 has appointed the internal auditor of the company.
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Mayur Leather Products reported zero revenue from operations in Q1 FY26 (quarter ended June 30, 2025), posting a standalone loss of Rs. 10.28 lakh and a consolidated loss of Rs. 11.13 lakh. The statutory auditor (M/s Jain Paras Bilala & Company) issued an adverse review report flagging a going concern uncertainty, noting the company has no manufacturing or sales activity, was declared NPA by Canara Bank, had its factory land auctioned off, and has not filed income tax returns since FY 2022-23. The Board re-appointed M/s Jain Kamal K & Associates as internal auditor for FY 2025-26 and recommended M/s ATCS & Associates as secretarial auditor for a 5-year term. It also approved shifting the registered office to Jagatpura, Jaipur effective October 1, 2025, and recommended appointing five new directors (three independent and two non-independent), besides re-appointing Amita Poddar. The 40th AGM is scheduled for September 27, 2025.
This is a significant red flag for shareholders — zero operating revenue, ongoing losses, and an explicit going-concern warning from the auditor point to severe financial distress. With the company already declared an NPA and its core land asset auctioned by Canara Bank, the stock carries very high risk; investors should review the full auditor qualifications carefully before taking any position.