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's Board meeting on May 25, 2026 approved several governance changes. Mr. Rajnikant Patel resigned as Non-Executive Independent Director citing pre-occupation and professional commitments, effective May 24, 2026. Ms. Ayushi Singh Bais was appointed as Additional Director (Independent) subject to shareholder approval for a 5-year term—she is a strategic finance professional with expertise in corporate governance. The Internal Auditors, M/s M. N. Kholiya & Associate, resigned effective May 25, 2026 citing commercial considerations and unresolved professional fee terms, and were replaced by M/s Saini & Saini for FY 2026-27. All board committees (Audit, NRC, SRC, Risk Management) were reconstituted to include the new director. The company also reported audited FY2025-26 results with standalone net profit of Rs. 44.72 lakh on revenue of Rs. 75 lakh. Both standalone and consolidated audit reports carry a QUALIFIED OPINION due to ongoing insolvency proceedings admitted by NCLT Mumbai in October 2019 under IBC, with the auditors noting material uncertainty on going concern basis.
The resignation of an independent director and mid-term change of internal auditors (due to fee disputes) signal governance concerns. The ongoing insolvency proceedings and qualified audit opinion with going concern uncertainty remain key risks for investors, though the company reported a net profit for FY2025-26.