Melstar Information Technologies Limited has informed the Exchange about Resignation of Director/KMP/SMP
Awaiting price reaction for this filing.
Melstar Information Technologies Limited held a board meeting on May 25, 2026 approving multiple changes. Mr. Rajnikant Patel resigned as Non-Executive Independent Director effective May 24, 2026, citing pre-occupation and professional commitments. Ms. Ayushi Singh Bais was appointed as Additional Director (Independent) subject to shareholder approval for a 5-year term. All four board committees (Audit, NRC, SRC, RMC) were re-constituted to include the new director. The internal auditors changed from M/s M.N. Kholiya & Associates to M/s Saini & Saini due to fee disagreements. For FY2026, standalone net profit was Rs. 44.72 lakhs on revenue of Rs. 75 lakhs, while consolidated net profit was Rs. 10.29 lakhs. Auditors issued a Qualified Opinion citing ongoing insolvency proceedings admitted by NCLT in October 2019 under IBC.
The resignation of an independent director followed by immediate appointment of another indicates normal board transition, though the company remains under insolvency proceedings with auditors maintaining a qualified opinion. Shareholders should note the company is awaiting business licenses to start operations and has posted a net profit turnaround on standalone basis.