Omkar Speciality Chemicals Limited has informed the Exchange regarding Outcome of Board Meeting held on May 27, 2026 regarding the appointment of Mr. Ruhini Kumar Chakraborty (DIN: 08124270), as an Independent Director of the Company.
Awaiting price reaction for this filing.
The company held a board meeting on May 27, 2026 to appoint Mr. Ruhini Kumar Chakraborty (DIN: 08124270) as an Independent Director. Separately, the auditor R.R. Tibrewala & Co. issued qualified limited review reports for Q1, Q2, and Q3 of FY 2025-26 (quarters ending June, September, and December 2025). The company was under Corporate Insolvency Resolution Process (CIRP) during these periods and failed to prepare financial results for the first three quarters of FY 2024-25. The auditor flagged that the company incurred losses and has negative net worth, raising going concern doubts. However, a Resolution Plan was approved by NCLT on July 31, 2025, allowing financials to be prepared on a going concern basis.
The appointment of an independent director may help strengthen governance post-CIRP. However, the ongoing qualified auditor opinions and negative net worth signal continued financial distress despite the resolution plan approval, which remains a concern for shareholders.