MT Educare Limited has informed the Exchange about change in Management-Reappointment of Statutory Auditor
MTEDUCARE · price
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MT Educare, which has been under the Corporate Insolvency Resolution Process (CIRP) since December 2022, held a board meeting on August 13, 2025, chaired by Resolution Professional Mr. Arihant Nenawati. The company reported Q1 FY26 standalone revenue of Rs. 378.58 lakhs, down sharply from Rs. 616.83 lakhs in the same quarter last year, and a standalone net loss of Rs. 190.38 lakhs. On a consolidated basis, the loss attributable to owners was Rs. 1,368 lakhs, with negative net worth of Rs. 7,402 lakhs. The statutory auditor, MGB & Co. LLP, issued a disclaimer of conclusion on both sets of results, citing concerns around non-performing loan status, unverified receivables of over Rs. 7,550 lakhs, and material uncertainty about the company's ability to continue as a going concern. The board re-appointed MGB & Co. LLP as statutory auditor until 2030, along with re-appointments of the cost auditor, secretarial auditor, and internal auditor, and fixed September 24, 2025 for the 19th AGM.
The auditor's disclaimer and continued losses reinforce serious financial distress — the company is under insolvency resolution with its future dependent on the NCLT's approval of a resolution plan. The auditor re-appointment is a routine compliance step and not a governance red flag, but shareholders should watch the CIRP outcome closely as it will determine any recovery for equity holders.