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 a Board meeting on May 25, 2026, approving audited financial results for Q4 and FY 2025-26. Standalone net profit was Rs. 44.72 lakh with revenue of Rs. 75 lakh, while consolidated net profit was Rs. 10.29 lakh. Both audit reports carry a qualified opinion due to going concern uncertainty — the company was admitted to NCLT insolvency proceedings in October 2019, and is awaiting business licenses to start operations. Key board changes include the resignation of Independent Director Mr. Rajnikant Patel (effective May 24, 2026) citing pre-occupation and professional commitments. Ms. Ayushi Singh Bais was appointed as Additional Independent Director (effective May 25, 2026), subject to shareholder approval. Internal auditors M/s M. N. Kholiya & Associate also resigned mid-term citing commercial considerations and fee disputes, and M/s Saini & Saini was appointed as replacement. All board committees were reconstituted accordingly.
The company continues to operate under a going concern flag due to its 2019 insolvency history, and the resignation of an Independent Director reduces board independence at a critical juncture. Shareholders should monitor the upcoming general meeting for Ms. Bais's formal appointment and watch for any further governance concerns.