The stakeholders are hereby informed that the Monitoring Agency Report for the quarter ended as on 31 March 2026 regarding the Right issue of equity shares is issued by Careedge Ratings ....
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings Limited, the monitoring agency for Mehai Technology's Rs. 74.11 crore rights issue (September-October 2025), has raised serious concerns about lack of transparency. The company has not provided requisite information including CA certificates, supporting documents for issue-related expenditure, and clarifications despite repeated follow-ups. CARE Ratings states it is unable to comment on deviation in utilization of proceeds. The report notes that the share price has dropped significantly from Rs. 6.22 (October 24, 2025 listing) to Rs. 1.41 (May 13, 2026). The registered office has been changed 4 times in 7 years and 2 times in the last 2 years. Additionally, Rs. 31.25 crore was utilized towards working capital against the stated objects. Management claims entire proceeds have been deployed but the MA cannot independently verify this.
The company's non-cooperation with the monitoring agency, significant share price decline (77%), and repeated office address changes are serious red flags for investors. There is no independent verification of how the Rs. 74.11 crore raised was utilized, raising concerns about potential misuse of funds.