Pursuant to Regulation 30(6) of SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, we hereby inform you that the Board of Directors of the Company, in their meeting ....
Awaiting price reaction for this filing.
The Board met on 27th May 2025 and approved the audited standalone financial results for Q4 and FY ended 31st March 2025. Headline numbers show a massive jump – revenue from operations rose to ₹3,740.11 lakh from ₹176.07 lakh, and profit after tax climbed to ₹508.34 lakh from ₹2.58 lakh in FY24. However, the statutory auditor A.K. Ostwal & Co. issued a Disclaimer of Opinion, citing the absence of essential books and accounting records, unconfirmed trade receivables/payables, unverified bank transactions, missing inventory records, unfiled GST returns (Jul-24 to Mar-25), unsecured loans without agreements, and unconfirmed supplier advances of ₹4,325.60 lakh and customer advances of ₹1,317.51 lakh. The Board also appointed M/s. Jay Pandya & Associates as Secretarial Auditor for FY25, and accepted the resignation of Company Secretary Ms. Pooja Haribhai Gadhavi effective the same day. Paid-up share capital jumped sharply from ₹1,200.02 lakh to ₹5,940.33 lakh, indicating a sizeable equity issuance during the year.
Strong reported growth figures cannot be relied upon because the auditor has refused to give an opinion on the accounts – investors should treat the financials as effectively unverified. Combined with the Company Secretary's resignation and the auditor flagging missing records and unreconciled balances, this raises serious corporate governance and going-concern concerns that could weigh on the stock and future trading activity.