Outcome of Board Meeting
Awaiting price reaction for this filing.
Geetanjali Credit and Capital Ltd, an NBFC listed on BSE, reported audited financial results for FY ended March 2026 with total income of Rs. 9 lakhs and net profit of Rs. 1.50 lakhs, compared to a loss of Rs. 3.44 lakhs in the previous year. The auditor issued a QUALIFIED OPINION citing two main concerns: (1) Loans and Advances of Rs. 256.27 lakhs with no balance confirmations and non-compliance with RBI NPA norms, and (2) Outstanding income tax demand of Rs. 529.75 lakhs without documentary evidence of appeal proceedings. The company also failed to appoint an Internal Auditor for FY 2025-26, violating the Companies Act. Two new Independent Directors were appointed. Negative operating cash flow of Rs. 5.76 lakhs was recorded for the year.
The qualified audit opinion and regulatory non-compliances (no internal auditor, NPA norm violations) indicate weak governance and financial controls. The Rs. 529.75 lakh tax demand and unconfirmed loan recoverability pose material financial risks. Shareholders should be cautious given the small company size, minimal revenue, and significant auditor concerns.