Neueon Towers Limited has informed the Exchange regarding Change in Auditors of the company.
Awaiting price reaction for this filing.
Neueon Towers Limited held a board meeting on July 15, 2025 with multiple significant decisions. The company approved Q1 FY26 standalone results showing revenue from operations of Rs 445.54 lakhs (vs Rs 3.52 lakhs YoY) but a net loss of Rs 2,208.35 lakhs. Statutory auditor M/s RPSV & Co. resigned and ASKM & Co. was appointed to fill the casual vacancy for FY 2025-30, subject to shareholder approval. The board approved changing the company name to 'Neueon Corporation Limited' and expanding business objectives to include EPC, data centers, interior design, advertising, blockchain, and eVTOL/air mobility businesses. The company also proposed selling three properties/undertakings in Telangana's Sangareddy district by end of December 2025. The outgoing auditor flagged that the company has not conducted mandatory impairment testing on its assets despite negative net worth.
The auditor change is framed as a casual vacancy fill following RPSV & Co.'s resignation, which warrants close scrutiny as the outgoing auditor issued a qualified review report citing non-conduct of impairment tests. The name change and broad expansion into data centers, blockchain, and eVTOL ventures signal a major strategic pivot post-CIRP resolution, but selling core tower-making assets while accumulating heavy losses raises concerns about the company's direction. Shareholders should watch for the AGM outcome on these proposals and the next installment of resolution plan payments due in August 2025.