Revised Outcome of Board Meeting
Price
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Awaiting price reaction for this filing.
Priya Limited reported Q1 FY26 (quarter ended June 30, 2025) results showing zero revenue from operations and a net loss of Rs. 93.77 lakhs, with EPS of Rs. (3.12). The statutory auditor (J M & Associates) issued an Adverse Opinion flagging nine serious issues, including: the company's accounts being classified as Non-Performing Assets by three banks (Indian Bank, Bank of Maharashtra, Union Bank of India) since October 2018, willful defaulter classification, auction of properties in Mumbai/Kolkata/Chennai, deeply negative net worth of Rs. (4,990.52) lakhs where liabilities exceed assets by Rs. 5,290.75 lakhs, DRT summons, and related parties VXL Instruments and VXL Software Solutions entering insolvency. The company has deposited Rs. 1.75 crore toward a one-time settlement of Rs. 22.81 crores. CFO position remains vacant since November 2022. The Board appointed Mr. Sushil Sakpal as Additional Independent Director and reconstituted the Audit, Nomination & Remuneration, and Stakeholders Relationship Committees.
This is a deeply distressed company with near-zero operations, negative net worth, multiple bank defaults and a pending one-time settlement. The Adverse Opinion from auditors, despite concluding going concern is appropriate, signals extreme financial fragility—shareholders face substantial risk of further value erosion, and the stock remains a high-risk, speculative holding.