MT Educare Limited has informed the Exchange about change in Management-Re-appointment of Internal Auditor
MTEDUCARE · price
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MT Educare's board (actually run by Resolution Professional Mr. Arihant Nenawati since the company is under CIRP from December 16, 2022) approved the unaudited Q1 FY26 results. Standalone revenue fell to Rs 378.58 lakhs from Rs 616.83 lakhs a year ago, with a net loss of Rs 150.35 lakhs (vs Rs 358.75 lakhs loss in Q1 FY25). Consolidated revenue was Rs 690.50 lakhs with a net loss of Rs 1,368.03 lakhs attributable to shareholders. Statutory auditor MGB & Co. LLP issued a disclaimer of conclusion, citing going concern doubts, negative net worth, unverified receivables of Rs 7,550.62 lakhs, and pending creditor claims of Rs 22,919.13 lakhs. The board also approved the 19th AGM on September 24, 2025, and re-appointed MGB & Co. LLP (statutory auditor), BDO India LLP (internal auditor), Joshi Apte & Associates (cost auditor), and Shravan Gupta & Associates (secretarial auditor), along with the re-appointment of Non-Executive Director Mr. Surender Singh.
For shareholders, the continued losses, negative net worth, and disclaimer of opinion from auditors signal serious financial distress. The company is awaiting NCLT approval of its resolution plan, which will determine the future of the business and equity value. The headline re-appointment of BDO India LLP as internal auditor is routine and does not change the company's situation.