Outcome of the Board Meeting Held on 30.05.2025
Awaiting price reaction for this filing.
Advance Syntex Ltd's board approved audited financial results for the year ended March 31, 2025 and appointed Neha Sharma (ICSI Membership No. A74907) as the new Company Secretary and Compliance Officer effective May 30, 2025. The financials reveal a sharp deterioration — total assets nearly halved to Rs 1,342 lakhs, equity turned deeply negative at Rs -1,242 lakhs (vs Rs 600 lakhs positive a year ago), and net loss before tax widened to Rs -1,844 lakhs from Rs -630 lakhs. The statutory auditor (VRAJM & Associates) issued an Adverse Opinion, stating that business activities are closed and 'going concern' is no longer sustainable. Lender banks have classified the company as a Non-Performing Asset (NPA), sold its fixed assets and stock under the SARFAESI Act, and stopped charging interest on outstanding dues.
Highly negative for shareholders — the company is in severe financial distress with negative net worth, NPA status, an adverse audit opinion flagging going concern doubts, and partial provisions for bad debts. This signals a high risk of further value erosion or potential delisting, and the stock should be treated with extreme caution.