FY2024 audited results carry a disclaimer of opinion
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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CMI and Co issued a disclaimer of opinion on FY2024 consolidated results due to insufficient evidence. It cited doubt about continued operation at 27 entities, with net worth fully eroded at 18 subsidiaries, six joint ventures and one associate. It entered insolvency resolution on March 28, 2024. Holding-company borrowings of INR 20,288.35 lakh were in default; estimated claims, bank guarantees and corporate guarantees totaled INR 8,88,052.33 lakh.
Disclaimer and insolvency create uncertainty over asset values and debt recovery, pointing to severe downside and volatility risk for shareholders.