Mcleod Russel India Limited has informed the Exchange about re-appointment of Independent Director
MCLEODRUSS · price
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Awaiting price reaction for this filing.
McLeod Russel India's board approved unaudited financial results for Q1 FY26 (quarter ended June 30, 2025), reporting revenue from operations of Rs. 16,803 lakhs and a net loss of Rs. 4,013 lakhs (EPS of Rs. -3.84). Other equity is deeply negative at Rs. -34,174 lakhs. The statutory auditor (Lodha & Co LLP) issued an adverse conclusion, flagging that Inter-Corporate Deposits of Rs. 2,86,050 lakhs given to promoter group entities remain doubtful of recovery, and raised a material uncertainty over the going concern assumption, noting current liabilities exceed current assets. The board recommended re-appointment of Ms. Rupanjana De as Independent Director for a second 3-year term, appointed M/s A.K. Labh & Co as Secretarial Auditors for 5 years, and approved voluntary delisting from the Calcutta Stock Exchange (CSE), while retaining listing on BSE and NSE. Debt of Rs. 1,46,107 lakhs has largely been assigned to NARCL, with a resolution plan under active consideration.
For shareholders, this is a deeply negative filing. The auditor's adverse opinion, unresolved promoter-related ICDs of nearly Rs. 2,860 crore, negative net worth, statutory dues of Rs. 18,838 lakhs unpaid, and going concern uncertainty point to severe financial distress. The CSE delisting is administrative and won't affect liquidity since shares remain on BSE/NSE. The stock is likely to remain under pressure until the debt resolution plan with NARCL is concluded.