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Awaiting price reaction for this filing.
Ushdev International filed audited standalone and consolidated results for FY25, reporting a net loss of Rs. 1,662.24 lakhs and a deeply negative net worth of Rs. 3,20,759.83 lakhs. The company has been under Corporate Insolvency Resolution Process since May 2018, with the Board of Directors' powers suspended and an Implementation and Monitoring Agency (IMA) currently in control. The Resolution Applicant, Taguda Pte Ltd, failed to deposit the resolution amount, leading to forfeiture of Rs. 1,813.46 lakhs in bid bonds, and secured lenders led by SBI have filed for liquidation, which is pending before NCLT Mumbai. The statutory auditor SGN & Co. issued a Disclaimer of Opinion on both standalone and consolidated results, citing inability to verify multiple balances, non-compliance with Ind AS foreign currency revaluation, and serious doubts about the going concern assumption. Revenue declined from Rs. 1,503.28 lakhs to Rs. 1,232.79 lakhs year-on-year.
This is a severely distressed filing. Shareholders face high risk of further value erosion as liquidation proceedings are pending and the resolution plan remains unimplemented. The auditor's disclaimer signals a near-total breakdown in audit assurance, and the company's negative net worth of over Rs. 3,207 crore makes equity recovery highly unlikely under current circumstances.