Mr. Rajnikant Patel (DIN: 00003135) has resigned from the post of Non-Executive & Independent Director of the Company with effect from May 24, 2026
Awaiting price reaction for this filing.
Melstar Information Technologies held a board meeting on May 25, 2026, approving audited financial results for FY 2025-26. Standalone net profit was Rs. 44.72 lakhs (EPS Rs. 1.60) and consolidated net profit was Rs. 10.29 lakhs (EPS Rs. 0.37). Mr. Rajnikant Patel resigned as Non-Executive & Independent Director effective May 24, 2026, citing pre-occupation and professional commitments, with confirmation no material reasons exist. Ms. Ayushi Singh Bais was appointed as Additional Director (Non-Executive & Independent), subject to shareholder approval for a 5-year term. All board committees (Audit, NRC, SRC, RMC) were re-constituted to include the new director. Internal auditors M/s M. N. Kholiya & Associates also resigned effective May 25, 2026 due to fee disputes, replaced by M/s Saini & Saini. The statutory auditor issued a qualified opinion due to ongoing IBC insolvency proceedings initiated in 2019, though financials are prepared on a going concern basis.
The resignation of one independent director and immediate appointment of another suggests a planned board transition rather than governance concern. The ongoing insolvency proceedings under IBC and qualified audit opinion remain significant risk factors for investors, though the company reported a profit this year.