Mr. PVS Santharam resigned a Wholetime Director from the Board of the company with effective from the closure of business hour w.e.f. Nov 07th 2025.
Awaiting price reaction for this filing.
Neueon Corporation (formerly Neueon Towers) held a board meeting on Nov 7, 2025 covering several major decisions. Wholetime Director Mr. Vijayendra Santharam Seranyan Pasumarthi resigned citing personal reasons, and Mr. Bolla Durga Vara Prasad was appointed as an Additional Non-Executive Director in his place. The board allotted 50.89 crore equity shares of Re. 1 each (representing 90% of reduced share capital) to Preca Structures Private Limited, the new promoter, as part of the NCLT-approved Resolution Plan for the company that emerged from CIRP in October 2024. The company also approved incorporation of three wholly-owned subsidiaries — Neueon Power, Neueon Enterprises, and Neueon Global — with planned investments of up to Rs. 100 crore each, and gave in-principle approval to raise around Rs. 1,000 crore via a mix of debt and equity for growth and expansion. Q2 FY26 standalone results showed revenue of Rs. 412.33 lakhs but a net loss of Rs. 8,890.55 lakhs, widening from Rs. 2,208.35 lakhs in Q1, taking H1 FY26 loss to Rs. 11,098.90 lakhs. The auditor issued a qualified conclusion flagging that impairment testing under Ind AS 36 was not conducted despite significant accumulated losses, negative net worth, and underutilized assets.
Shareholders should note the new promoter Preca Structures now holds 90% of equity, fundamentally changing ownership and control of the company. A Wholetime Director resignation combined with a qualified auditor report highlighting absence of impairment testing and going concern risks adds governance uncertainty, while the proposed Rs. 1,000 crore fund raise could lead to further dilution for existing minority shareholders.