the Board of Directors ('Board') of Mayur Leather Products Limited ('Company') at its meeting held today i.e. Thursday, May 28, 2026, has, inter-alia, considered and approved the following:- 1. ....

Mayur Leather Products Ltd has reported a net profit of Rs. 127.37 lakhs for FY 2025-26, but this profit comes entirely from other income (Rs. 97.24 lakhs) as the company has generated ZERO revenue from operations and conducted NO manufacturing activities during the year or the previous year. The company's accumulated losses stand at Rs. 616.41 lakhs. Statutory auditors Jain Paras Bilala & Co. have issued an ADVERSE OPINION, stating the financial statements do not give a true and fair view. Multiple material issues were flagged including: inability to verify bank statements, continued recognition of auctioned land worth Rs. 155.16 lakhs, non-transfer of unpaid dividends to IEPF, non-compliance with employee benefit accounting standards, no fair valuation of subsidiary investment, and no physical verification of inventory. The auditors also highlighted material uncertainty regarding the company's ability to continue as a going concern. The company has defaulted on Canara Bank loans (classified as NPA in Feb 2023), and land was auctioned by the bank. A DRT case is pending. The company disposed of substantially all fixed assets for Rs. 166.73 lakhs during the year.