Ms. Bhargavi Gupta and Mr. Akash Patel have been appointed as additional Independent Director on the board w.e.f 06-08-2025.
Awaiting price reaction for this filing.
PAE Limited's board, at its meeting on 06 August 2025, approved standalone unaudited financial results for Q1 FY26 (quarter ended 30 June 2025) showing zero revenue from operations and a net loss of ₹21.51 lakh (EPS of -2.15). The auditor (J M Patel & Bros) issued a modified 'Disclaimer of Opinion' citing inability to verify bank balances, fixed assets, revenue authority balances, and cash balances. The board appointed CS Bhargavi Gupta and CS Akash Patel as Additional Independent Directors for 5 years each and reconstituted all three board committees with them as chairpersons. PSG and Associates was appointed as Internal Auditor for FY25-26 to FY29-30, while J M Patel & Bros was reappointed as Tax Auditor for FY25-26. The Company Secretary was also appointed as Nodal Officer for IEPF coordination.
This is a post-CIRP governance restructuring filing — PAE recently emerged from insolvency with a new promoter and is rebuilding its board with new independent directors and auditors. The Q1 results show the company is essentially not generating operating revenue yet, and the auditor's disclaimer on multiple balance confirmations is a governance red flag worth monitoring. Existing public shareholders, whose stakes were diluted to 5% under the resolution plan, should watch for resolution plan implementation updates.