Outcome of Board Meeting - 10.05.2025
Awaiting price reaction for this filing.
Leel Electricals' board, meeting on 10th May 2025, approved multiple key items. Company Secretary Komal Phulwani and Executive Director & CFO Ankit Sharma resigned; Bhoopendra Gaur (20+ years in sales) was appointed as new Additional Executive Director and CFO. G Aakash & Associates was appointed as Secretarial Auditor (5-year term) and Deepak Ingle as Internal Auditor. The board approved the commencement of factory operations from 10th May 2025, with a planned investment of about Rs. 20 crore and expected turnover of about Rs. 75 crore for FY26. Audited standalone FY25 results show total income of Rs. 36.72 lakhs against expenses of Rs. 89.73 lakhs, leading to a net loss of Rs. 86.86 lakhs, with negative equity of Rs. 86.86 lakhs. The auditor issued a modified opinion, noting the company is under NCLT liquidation proceedings (initiated December 2021) and has been acquired as a going concern by Krishna Ventures Limited via Sale Certificate dated 12.06.2024, with takeover still in progress.
Shareholders should note this is a transition phase under a new acquirer (Krishna Ventures). The leadership churn and fresh factory operations signal an attempt to restart the business, but the FY25 standalone numbers still show a loss and negative equity, and the auditor flagged that results remain subject to final adjustments until the takeover is complete.