Outcome of Board Meeting for approval of audited Financial Results for the quarter and year ended 31st March 2025
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The Board of Omkar Overseas Ltd approved audited financial results for the quarter and year ended 31 March 2025. The company reported virtually no business activity, with revenue from operations at nil and only Rs. 1.59 lakh in other income for the full year. Net loss for FY25 narrowed to Rs. 15.05 lakh from Rs. 103.45 lakh in FY24 (which included a Rs. 90.25 lakh exceptional item). Total assets stood at just Rs. 11.66 lakh against paid-up capital of Rs. 492.36 lakh and negative other equity of Rs. 513.21 lakh, resulting in a negative net worth of about Rs. 20.85 lakh. The statutory auditor issued an unmodified opinion but flagged serious concerns in the 'Other Matters' section about the going concern assumption, citing negative net worth, no business activity, and a proposed capital reduction scheme.
Shareholders should note the company has effectively ceased operations, is loss-making, and has negative net worth. The auditor has explicitly raised a going concern doubt, and management is pursuing a capital reduction scheme — this signals significant financial distress and risk to existing shareholders.