Appointment of Chief Financial Officer of the Company
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Awaiting price reaction for this filing.
Prime Urban Development India Ltd announced the appointment of Mr. Kishor Khandelwal as the new Chief Financial Officer with effect from February 11, 2026. Mr. Khandelwal is an internal candidate, having been with the company for about 6 years, and holds B.Com and M.Com degrees from the University of Mumbai; he is not related to any director on the board. The board also approved the standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025. The company reported nil revenue from operations for the quarter and 9-month period, with a standalone net loss of Rs. 15.89 lakhs for the quarter (vs. a profit of Rs. 33.49 lakhs in the previous quarter). The auditors have flagged a material going concern uncertainty, noting that the net worth is eroded as of December 31, 2025.
A routine internal CFO change is unlikely to move the stock on its own, but the weak Q3 results with zero operating revenue and the auditor's going concern warning are significant red flags for shareholders. The ongoing arbitration over Rs. 13.30 crores from Prime Mall Developers and the pending subsidiary amalgamation scheme add further uncertainty.