Melstar Information Technologies Limited has informed the Exchange regarding Cessation of Mr Rajnikant Patel as Non- Executive Independent Director of the company w.e.f. May 25, 2026.
Awaiting price reaction for this filing.
Melstar Information Technologies held a Board meeting on May 25, 2026 where multiple key decisions were made. Independent Director Mr. Rajnikant Patel resigned effective May 24, 2026 citing pre-occupation and professional commitments, with confirmation no material reasons exist. The Board appointed Ms. Ayushi Singh Bais as Additional Independent Director (subject to shareholder approval for a 5-year term). All four board committees (Audit, NRC, SRC, and Risk Management) were re-constituted to include the new director. The company also changed its internal auditors from M/s M. N. Kholiya & Associates (who resigned citing fee disputes) to M/s Saini & Saini. Financially, the company reported audited standalone net profit of Rs. 44.72 lakhs on revenue of Rs. 75 lakhs for FY 2025-26. However, auditors issued a Qualified Opinion due to ongoing going concern uncertainty stemming from the 2019 NCLT insolvency proceedings. The company states it is awaiting business licenses and clearances to commence operations.
The resignation and appointment of an independent director represents normal board transition, though the timing coincides with ongoing insolvency proceedings. The auditors' qualified opinion highlights continued going concern risk, which may concern investors. The change in internal auditors due to fee disputes could indicate management-auditor tensions.