Melstar Information Technologies Limited has informed the Exchange regarding 'Re-Constitution Of Risk Management Committee Of The Board'.
Awaiting price reaction for this filing.
Melstar Information Technologies Limited held a Board meeting on May 25, 2026, which covered multiple significant items. The company reported audited standalone financial results showing total income of Rs 75 lakh and net profit of Rs 44.72 lakh for FY 2025-26, with consolidated net profit of Rs 10.29 lakh. The statutory auditor issued a qualified opinion citing ongoing insolvency proceedings admitted by NCLT Mumbai in October 2019, though the financials are prepared on a going concern basis. Mr. Rajnikant Patel resigned as Independent Director effective May 24, 2026, citing pre-occupation and professional commitments. Ms. Ayushi Singh Bais was appointed as Additional Director (Non-Executive & Independent). The Internal Auditors, M/s M. N. Kholiya & Associates, resigned citing non-finalisation of professional fee terms. New Internal Auditors M/s Saini & Saini and Secretarial Auditor M/s S. Talwar & Associates were appointed. All four board committees (Audit, NRC, SRC, Risk Management) were re-constituted to include the new director.
The resignation of an independent director and internal auditors mid-term could raise governance concerns. The ongoing insolvency proceedings and qualified auditor opinion continue to flag financial risk. The reconstitution of all committees maintains board functionality with the new appointee.