Appointment of Company Secretary cum compliance officer.
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Awaiting price reaction for this filing.
Milestone Furniture Ltd's board, meeting on November 17, 2025, approved the appointment of Mr. Abhishek Pokharna (ICSI membership A52100) as Company Secretary and Compliance Officer effective November 1, 2025. The same board meeting approved audited financial results for FY 2024-25, where the company reported zero revenue from operations and showed total expenses of ₹48.37 lakhs. The statutory auditor, R Daga & Co., issued a Disclaimer of Opinion citing an unresolved standoff between new management and old owners, with the new management unable to verify assets and liabilities. Despite the disclaimer, the company submitted a separate declaration claiming the auditors gave an 'unmodified opinion', which directly contradicts the actual audit report. The company also confirmed it falls below SEBI thresholds for mandatory related-party transaction disclosures.
Shareholders should be alarmed: the auditor has refused to sign off on the financials due to a management ownership dispute, yet the company has publicly claimed an unmodified audit opinion — a serious misrepresentation. This is a major governance red flag that could invite regulatory action from SEBI and erode investor confidence. The appointment of a new Company Secretary does not offset these fundamental concerns about financial reliability and corporate governance.