Outcome of Board Meeting dated 11th November, 2025
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The board approved the unaudited standalone financial results for the quarter and half year ended 30 September 2025, along with the notice of an Extra-Ordinary General Meeting. Statutory auditor M/s Shah Khandelwal Jain & Associates resigned mid-year citing pre-occupation, and M/s Arvind Baid & Associates (FRN: 137526W) was appointed to fill the casual vacancy, subject to shareholder approval. The financial position is deeply concerning: 'Other Equity' stands at a negative Rs. (1,041.73) lakhs against Equity Share Capital of Rs. 699.50 lakhs, indicating complete erosion of net worth. Total assets are only Rs. 161.25 lakhs, with non-current borrowings of Rs. 197.77 lakhs. Operating cash flow for the period was negative.
This is a red-flag filing for retail investors. The mid-year auditor resignation and replacement, combined with negative net worth (shareholders' funds fully eroded), raises serious going-concern and solvency risks. The stock is likely to face negative sentiment, and shareholders should scrutinize the upcoming EGM outcome and the company's revival plan closely.