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 24, 2026.
Awaiting price reaction for this filing.
Melstar Information Technologies Limited held a Board meeting on May 25, 2026, approving multiple key items. Mr. Rajnikant Patel resigned as Non-Executive Independent Director effective May 24, 2026, citing pre-occupation and professional commitments, with confirmation of no other material reasons. Ms. Ayushi Singh Bais was appointed as Additional Director (Non-Executive & Independent), subject to shareholder approval for a 5-year term, bringing expertise in strategic finance, corporate governance, and compliance. All board committees (Audit, NRC, Stakeholders Relationship, and Risk Management) were reconstituted to include the new director. The company also saw a change in Internal Auditors — M/s M. N. Kholiya & Associates resigned citing fee disagreements, and M/s Saini & Saini was appointed for FY 2026-27. Financially, standalone revenue stood at Rs. 75 lakhs with net profit of Rs. 44.72 lakhs (EPS Rs. 1.60), while consolidated net profit was Rs. 10.29 lakhs (EPS Rs. 0.37). Auditors issued a Qualified Opinion citing the ongoing IBC insolvency proceedings admitted by NCLT Mumbai in October 2019, with the company awaiting business licenses to commence operations — financial statements continue to be prepared on going concern basis.
The resignation of an Independent Director followed immediately by appointment of another signals routine board transition with no immediate governance red flags. The Qualified Opinion from auditors reflecting ongoing insolvency proceedings remains a significant concern for investors as the company is still awaiting operational licenses to start business activities. The change in internal auditors due to fee disputes may indicate internal cost management pressures.