Please find enclosed outcome of Board meeting dated 30/05/2025.
Awaiting price reaction for this filing.
The Board approved audited standalone financial results for Q4 and FY ended 31 March 2025, along with the auditor's report and a Statement of Impact of Audit Qualifications. Revenue from operations was nil across the year; the company earned only other income of roughly Rs. 578 lakh in FY25 and reported a net loss, with negative other equity of Rs. (856.28) lakh (FY24: Rs. (1,231.77) lakh). The statutory auditor Sagar & Associates issued a Qualified Opinion and flagged that networth is fully eroded, current liabilities exceed current assets, and a material uncertainty exists on the company's ability to continue as a going concern. The auditor also highlighted unreconciled receivables of Rs. 355.35 lakh (old over 3 years), unconfirmed sundry creditors of Rs. 396.93 lakh, slow-moving inventory of Rs. 158.06 lakh with no NRV assessment, an advance of Rs. 419.25 lakh to a related party (Ikon Associates) without documented terms, missing bank confirmations, and unconfirmed fixed deposits of Rs. 14.30 lakh with City Bank. The Board also appointed M/s Atluri Ramesh & Associates as Secretarial Auditor and Mr. Sayed Shahnawaz Nazir as Internal Auditor.
This is a significant red flag filing for shareholders. The qualified opinion combined with an explicit going-concern doubt and fully eroded networth means the company's survival as a going entity is uncertain, and the large unreconciled balances (especially the Rs. 419 lakh related-party advance) raise serious governance and recoverability concerns that are likely to weigh on the stock and investor confidence.