Pursuant to Regulation 33 of the SEBI (LODR), we wish to submit the unaudited financial results and Limited review report issued by the statutory auditor for the half year ended 30.09.2024
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Rajeswari Infrastructure Ltd has submitted financial results for Q2 and H1 FY25 ending September 30, 2024. The company reported negligible revenue of Rs. 0.01 lakh (Q2) and Rs. 0.05 lakh (H1), with net losses of Rs. 3.08 lakh and Rs. 6.12 lakh respectively. The auditor KMKU & Associates issued a 'Disclaimer of Opinion' — the most severe audit response — citing inability to obtain sufficient appropriate evidence. Key concerns include: predecessor auditor's qualified opinion for FY24, inability to verify opening balances, non-completion of physical verification for assets and inventories, Rs. 35.34 crore of CIRP claims incorrectly classified as contingent liabilities (if properly recognized, net loss would be Rs. 22.87 crore), and potential non-recoverability of Rs. 1.21 crore in loans. The company is under Corporate Insolvency Resolution Process (CIRP) since May 2023, with resolution plan approved by NCLT in January 2026.
The disclaimer of opinion indicates fundamental reliability concerns with the financial statements. Shareholders should be extremely cautious as the company is essentially non-operational, has negative equity of Rs. 75 lakh, and the financial data lacks audit verification. The resolution plan implementation remains ongoing.