Outcome of Board Meeting held on August 12, 2025
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Board approved unaudited financial results for Q1 FY26 (quarter ended June 30, 2025), reporting revenue from operations of Rs. 5,440.62 lakhs (down from Rs. 6,309.92 lakhs in Q1 FY25) and a net loss of Rs. 1,372.68 lakhs, taking accumulated losses to Rs. 2,92,856.63 lakhs with net worth fully eroded. The Board noted a penalty paid for late filing of the Annual Secretarial Compliance Report for FY25. The 78th Annual General Meeting was fixed for September 25, 2025 via video conferencing, with book closure from September 18-25, 2025. The Board also approved the Directors' Report and Management Discussion & Analysis for FY25. The auditor issued a qualified review report flagging material going-concern uncertainty due to an ongoing IBC application by IDBI Trusteeship (claiming Rs. 364.86 crore default, order reserved on Aug 7, 2025), SARFAESI proceedings including fresh notices on Aug 4 and Aug 6, 2025, and unresolved legacy GSM business balances.
Highly negative for shareholders — the company is loss-making with fully eroded net worth, faces pending insolvency proceedings and SARFAESI-driven asset sale threats, and the auditor has questioned the going-concern assumption. Stock likely to remain under severe pressure; investors should brace for possible CIRP initiation or asset liquidation.