Outcome of Board Meeting for Audited Financial Results for the year ended 31st March, 2026
Awaiting price reaction for this filing.
Amit International Ltd's Board approved audited financial results for FY 2025-26 on May 29, 2026. The company's total assets stood at Rs. 1,991.24 Lakhs (down from Rs. 2,003.55 Lakhs in prior year) and total equity at Rs. 1,958.57 Lakhs (down from Rs. 1,973.82 Lakhs), indicating a marginal decline. The statutory auditor, M/s. Vinod S. Mehta & Co., issued a Qualified Opinion citing multiple material concerns: non-provision for doubtful advances of Rs. 232.26 Lakhs to Topson Iron Ore India Private Limited, failure to obtain RBI registration required under Section 45-IA of RBI Act, non-compliance with Ind AS 19 (employee retirement benefits booked on cash basis), valuation of investments based on stale 2021 data, and non-compliance with Ind AS 109 initial measurement requirements for loans. The company also failed to charge interest on certain loans, understating income by Rs. 24.91 Lakhs. The Board also appointed Ms. Payal Maheshwari as Whole Time Company Secretary and Mr. Ravi Gupta as CFO and Executive Director.
The qualified auditor opinion highlights significant accounting non-compliances and governance issues, which could raise concerns among investors about the reliability of financial statements and the company's ability to meet liabilities.