MT Educare Limited has informed the Exchange about change in Management-Re-appointment of Secretarial Auditor
MTEDUCARE · price
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MT Educare Limited's Board, chaired by Resolution Professional Mr. Arihant Nenawati (as the company remains under CIRP since December 2022), approved unaudited financial results for Q1 FY26 ended June 30, 2025. Standalone revenue fell to Rs. 378.58 lakhs (from Rs. 616.83 lakhs YoY), with a net loss of Rs. 190.38 lakhs; consolidated revenue dropped sharply to Rs. 690.50 lakhs with a net loss of Rs. 1,368.03 lakhs. The 19th AGM was scheduled for September 24, 2025 via video conferencing. The Board approved re-appointment of Mr. Surender Singh (Non-Executive Director, retiring by rotation) and re-appointments of multiple auditors – MGB & Co. LLP as statutory auditor, Shravan Gupta & Associates as secretarial auditor for 5 years, BDO India LLP as internal auditor, and Joshi Apte & Associates as cost auditor. The statutory auditors issued a disclaimer of conclusion citing going concern doubts, unrecognized deferred tax assets of Rs. 6,218 lakhs, overdue receivables of Rs. 7,550 lakhs, NPA-classified loans, and multiple unresolved claims under the CIRP process.
The sharp revenue decline and continued losses underscore the company's distressed state under insolvency resolution. Shareholders should note the auditor's disclaimer of conclusion and pending CIRP outcome as key risks; the e-auction of subsidiary Labh's Mangalore property by SVC Co-op Bank for a Rs. 4,973 lakh default adds to resolution uncertainty.