Melstar Information Technologies Limited has informed the Exchange regarding 'Re-Constitution Of Stakeholders Relationship Committee Of The Board'.
Awaiting price reaction for this filing.
Melstar Information Technologies Limited held a board meeting on May 25, 2026, approving several key items. The company reported standalone net profit of Rs. 44.72 lakh with EPS of Rs. 1.60, while consolidated net profit stood at Rs. 10.29 lakh with EPS of Rs. 0.37 for FY 2025-26. Mr. Rajnikant Patel resigned as Non-Executive Independent Director effective May 24, 2026, citing pre-occupation and professional commitments. Ms. Ayushi Singh Bais was appointed as Additional Director (Non-Executive & Independent) effective May 25, 2026, subject to shareholder approval. All four board committees (Audit, Nomination & Remuneration, Stakeholders Relationship, and Risk Management) were re-constituted to include the new director. The internal auditor was changed from M/s M. N. Kholiya & Associate to M/s Saini & Saini. Auditors issued Qualified Opinion on both standalone and consolidated results due to ongoing Corporate Insolvency Resolution Process (CIRP) admitted by NCLT Mumbai since October 2019, raising going concern uncertainty.
The resignation of an independent director and subsequent appointment of a new one, along with committee re-constitution, represents normal board renewal. However, the Qualified Opinion from auditors due to the ongoing CIRP and going concern uncertainty remains a significant risk factor for investors. The company continues to await business licenses and clearances to start operations.