Please find enclosed
Awaiting price reaction for this filing.
Ushdev International, under Corporate Insolvency Resolution Process (CIRP) since May 2018, announced audited standalone and consolidated results for FY25. The statutory auditor SGN & Co. issued a 'Disclaimer of Opinion' — the most severe form of audit qualification — citing inability to verify balances and concerns over the company's survival. The company reported a net loss of Rs. 1,662.24 lakhs, with a deeply negative net worth of Rs. 3,20,759.83 lakhs and net current liabilities of Rs. 3,26,951.46 lakhs. Total income for FY25 stood at Rs. 1,476.88 lakhs (standalone). The Resolution Applicant (Taguda Pte Ltd) failed to make payments, leading to forfeiture of Rs. 1,813.46 lakhs in bid bonds and security deposits. RBI approval for the resolution plan remains pending, and secured lenders led by SBI have filed a liquidation application before NCLT Mumbai, which is awaiting hearing.
Extremely negative for shareholders. The auditor has explicitly stated it cannot confirm the company's ability to continue as a going concern, and liquidation proceedings are actively pending in court. The stock faces severe risk of total loss; existing shareholders are likely to be wiped out if liquidation is ordered.