Pursuant to the provision of Regulation 33 and Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, The Board of Directors ....
Awaiting price reaction for this filing.
Harig Crankshafts Limited announced the outcome of its board meeting held on May 29, 2025, where the board approved the audited standalone financial results for the quarter and year ended March 31, 2025, along with the audit report from statutory auditor M/s M.B. Gupta & Co. The auditor issued a Qualified Opinion, citing serious compliance failures: the company has not filed income tax returns for 12 assessment years (AY 2012-13 to AY 2023-24), has not filed quarterly results with the stock exchange for FY 23-24 and prior periods, and has not filed annual financial statements with the Registrar of Companies for years prior to FY22-23. The auditor also flagged an Emphasis of Matter regarding a resolution plan approved by the NCLT (insolvency tribunal) on April 17, 2024, and the classification of certain assets as held for sale. The auditor noted a net loss for the period.
This is a significant red flag for shareholders. The qualified audit opinion, combined with multi-year non-compliance in tax filings, stock exchange disclosures, and ROC filings, points to severe governance and compliance issues. The reference to an NCLT-approved resolution plan indicates the company previously underwent insolvency proceedings. The reported net loss and weak compliance track record are likely negative for the stock and may attract regulatory scrutiny.