Melstar Information Technologies Limited has informed the Exchange regarding Appointment of Ms Ayushi Singh Bais as Non- Executive Independent Director of the company w.e.f. May 25, 2026.
Awaiting price reaction for this filing.
Melstar Information Technologies Limited held its Board meeting on May 25, 2026, approving audited standalone and consolidated financial results for FY 2025-26. The company reported standalone net profit of Rs. 44.72 lakhs (EPS Rs. 1.60) on total income of Rs. 75 lakhs, and consolidated net profit of Rs. 10.29 lakhs (EPS Rs. 0.37). Both standalone and consolidated results received qualified audit opinions due to going concern uncertainty stemming from corporate insolvency proceedings initiated in 2019 under IBC. Mr. Rajnikant Patel resigned as Non-Executive Independent Director effective May 24, 2026, citing pre-occupation and professional commitments, with no other material reasons stated. Ms. Ayushi Singh Bais was appointed as Additional Director (Non-Executive & Independent) effective May 25, 2026, subject to shareholder approval, for a term up to 5 years. She is a strategic finance professional with expertise in corporate governance. The internal auditor was changed from M/s M. N. Kholiya & Associates to M/s Saini & Saini, Chartered Accountants, citing non-finalization of professional fee terms.
The appointment of a new independent director with finance and governance expertise and reconstitution of four board committees may be viewed positively for governance. However, the ongoing going concern qualification in audit reports and history of IBC proceedings signal continued financial risk. The resignation of an independent director and auditor change warrants monitoring for any underlying issues.