Melstar Information Technologies Limited has informed the Exchange regarding Change in Auditors of the company.
Awaiting price reaction for this filing.
Melstar Information Technologies Limited held its Board meeting on May 25, 2026, approving audited financial results for Q4 and FY 2025-26. Standalone net profit was Rs. 44.72 lakh (EPS Rs. 1.60) on revenue of Rs. 75 lakh, while consolidated net profit was Rs. 10.29 lakh (EPS Rs. 0.37). Both standalone and consolidated results received a Qualified Opinion from auditors CKSP & Co LLP due to going concern uncertainty stemming from the company's IBC insolvency proceedings initiated in October 2019. The company stated it is awaiting business licenses and clearances to commence operations. Key board changes include resignation of Mr. Rajnikant Patel as Independent Director (effective May 24, 2026) due to personal commitments, and appointment of Ms. Ayushi Singh Bais as an Additional Independent Director (effective May 25, 2026), subject to shareholder approval for a 5-year term. All four board committees were reconstituted to include the new director. Internal auditors were changed from M/s M. N. Kholiya & Associate (resigned due to fee disagreement) to M/s Saini & Saini for FY 2026-27.
The qualified audit opinion on going concern continues to be a risk factor for investors, though the company has returned to profitability in FY26 after prior losses. The board reconstitution with a new independent director restores compliance with committee composition requirements. The change in internal auditors due to fee disputes is not a governance concern.