1. Based on the recommendation of Nomination and Remuneration Committe, the Board has approved the Change of Designation of Mr. Narain P.Belani from Manging Director to Joint Managing Director. 2. ....
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Awaiting price reaction for this filing.
PBA Infrastructure's board, at its 13th November 2025 meeting, approved unaudited results for Q2/H1 FY26 (ended 30th September 2025) and reshuffled top management: Mr. Narain P. Belani was redesignated from Managing Director to Joint Managing Director, while Mr. Suresh Kumar Bothra was elevated from Executive Director to Managing Director for a 2-year term focused on banking work. Separately, Non-Executive Director Mrs. Monica M. Talwar resigned effective 12th November 2025. The statutory auditor issued a qualified limited review report flagging that Rs. 286.47 Crores (down from Rs. 315.15 Crores after partial OTS settlements) is overdue to consortium lenders, the company is classified as a Non-Performing Asset by banks since January 2018, and interest has not been provided in books since then. The auditor explicitly raised a material going concern uncertainty, noting total outstanding dues of Rs. 353.41 Crore and that liabilities exceed current assets, with the company showing negative equity of Rs. 13,801.91 lakhs.
This is a deeply negative filing for shareholders — the company is in severe financial distress with massive loan defaults, SARFASEI proceedings on its assets, and a qualified audit opinion questioning its ability to continue as a going concern. The management reshuffle and director resignation, combined with these red flags, signal heightened insolvency risk and likely continued stock price weakness.