Intimation of Fraudulent conduct and unauthorised acts involving former authorised representative
OSWALGREEN · price
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Oswal Greentech Limited has disclosed that it identified alleged fraudulent and unauthorised acts by Mr. Vishnu Prasad Muddana, former CFO of group company Oswal Agro Mills Limited, in connection with a proposed property transaction involving the company's land at Rishra Village, West Bengal. The estimated financial impact is Rs. 14.58 crores. The company has filed a criminal complaint at Serampore Police Station and initiated legal proceedings. Separately, the company posted a net loss of Rs. 5,921.47 lakh for FY26 (vs profit of Rs. 982.16 lakh in FY25) after making exceptional provisions of Rs. 10,122.19 lakh for doubtful inter-corporate deposits and real estate advances totaling Rs. 1,22,676.83 lakh. Auditors issued a qualified opinion citing uncertainty over recoverability of these advances and an adverse arbitration award on an ICD dispute.
The fraud disclosure and qualified audit opinion are negative for shareholders as they highlight governance weaknesses and material financial uncertainty. The Rs. 14.58 crore fraud amount is significant relative to the company's revenue of Rs. 3,680.69 lakh, and the qualified auditor opinion on Rs. 1,226.77 crore of advances raises concerns about asset quality and potential further provisioning needs.