Outcome of Board Meeting
Awaiting price reaction for this filing.
The Board approved the audited financial results for the quarter and full year ended March 31, 2025. The company, which operates as an NBFC, reported total income of just Rs. 0.86 lakhs (unchanged from last year) and a net loss of Rs. 3.44 lakhs for FY25, compared to a marginal profit of Rs. 0.09 lakhs in FY24. Total expenses jumped sharply to Rs. 3.44 lakhs from Rs. 0.78 lakhs. The auditor (S K Bhavsar & Co.) issued a Qualified Opinion on the results. Key concerns flagged by the auditor include: (1) Rs. 256.27 lakhs in Loans & Advances given long ago with no balance confirmations and no provisioning as per RBI NPA norms, and (2) an outstanding Income Tax demand of Rs. 529.75 lakhs with no clear evidence of appeal proceedings. Reserves are deeply negative at Rs. (132.72) lakhs, indicating accumulated losses.
Negative for shareholders — the company swung to a loss, the auditor flagged serious qualification issues around loan recoverability and a large tax demand, and reserves are significantly negative. This raises red flags about asset quality, NBFC compliance, and the company's overall financial health.