MT Educare Limited has informed the Exchange about change in Management-Reappointment of Cost Auditor
MTEDUCARE · price
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Awaiting price reaction for this filing.
MT Educare's Resolution Professional (Mr. Arihant Nenawati) held a board meeting on August 13, 2025, approving Q1 FY2025-26 unaudited financial results while the company remains under the Corporate Insolvency Resolution Process (CIRP), which began in December 2022. Standalone revenue dropped to Rs. 378.58 lakhs (down from Rs. 616.83 lakhs YoY) with a total comprehensive loss of Rs. 190.38 lakhs, while consolidated revenue was Rs. 690.50 lakhs with a loss of Rs. 1,389.93 lakhs. The board approved the 19th AGM for September 24, 2025 (via video conferencing) and re-appointed M/s Joshi Apte & Associates as Cost Auditor, MGB & Co. LLP as Statutory Auditor (till 2030), BDO India LLP as Internal Auditor, and M/s Shravan Gupta & Associates as Secretarial Auditor for five years. The statutory auditors issued a 'disclaimer of conclusion' on the results, flagging going concern doubts, pending CIRP resolution, non-recognition of interest income/expense, and multiple unresolved accounting issues. The company's resolution plan remains pending NCLT approval, with 683 creditor claims totalling Rs. 22,919.13 lakhs filed (Rs. 9,498.57 lakhs admitted).
For shareholders, this filing reinforces the highly uncertain outlook: ongoing losses, a disclaimer of conclusion from auditors, and a stock value entirely dependent on the NCLT's approval of a resolution plan under the insolvency process. The auditor re-appointments are procedural and do not change the fundamental risk profile of the company.