pursuant to your query email dated August 16, 2025 and further to our earlier submission dated August 14, 2025, please find the resignation letter of Chief Financial Officer
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Nilachal Refractories held a board meeting on August 14, 2025 and reported Q1 FY26 (quarter ended June 30, 2025) results with revenue from operations of Rs. 968 lakhs, up from Rs. 797 lakhs in the same quarter last year. However, the company posted a net loss of Rs. 42.10 lakhs for the quarter. The board accepted the resignation of CFO Mr. Dukhabandhu Prusty (effective August 14, 2025) for personal reasons and appointed Mr. Jugal Kumar Sharma as the new CFO on the same date. Separately, Company Secretary Mr. Sukomal Kanti Guha also resigned effective August 1, 2025, and was replaced by Mr. Vijay Kumar Gupta. The statutory auditor Jain Saraogi & Co LLP issued a limited review report flagging a 'Material Uncertainty Related to Going Concern', noting that the company has negative net worth of Rs. 2,836.01 lakhs with total liabilities exceeding total assets. The auditor also highlighted unredeemed preference shares, unpaid cumulative dividends of Rs. 273.38 lakhs, and an impairment loss of Rs. 1,933.88 lakhs based on a valuer not registered with IBBI.
This is a deeply negative filing for shareholders — the auditor has flagged serious going concern doubts due to negative net worth, continuous losses, and unredeemed preference shares. Combined with simultaneous resignations of two KMPs (CFO and Company Secretary) citing personal reasons, the stock faces significant governance and solvency risk. Retail investors should treat this as a high-risk, distressed small-cap situation.