Resignation of CFO approved by Board at their meeting held today i.e. August 14, 2025
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Nilachal Refractories' board, at its August 14, 2025 meeting, approved the resignation of CFO Mr. Dukhabandhu Prusty (resignation letter dated June 18, 2025, cited personal reasons) and appointed Mr. Jugal Kumar Sharma as the new CFO with effect from August 14, 2025. The Company Secretary Mr. Sukomal Kanti Guha also resigned effective August 1, 2025, and Mr. Vijay Kumar Gupta was appointed in his place. The board also took on record unaudited Q1 FY26 results showing total income of Rs. 19.96 lakhs and a net loss of Rs. 42.10 lakhs. The auditor highlighted that the company's total liabilities exceed total assets, leaving negative net worth of Rs. 2,836.01 lakhs, creating material uncertainty about going concern. Unpaid cumulative preference share dividends (Rs. 73.38 lakhs) and a massive unredeemed 0% preference share premium of Rs. 32,665.97 lakhs were also flagged.
Two key managerial personnel (CFO and Company Secretary) have stepped down in quick succession, raising governance concerns at a time when the company is already loss-making with negative net worth. Shareholders should view this as a red flag given the weak financials and the auditor's going concern warning, though replacements have been appointed.