Re-appointment of M/s. Tolia and Associates, Chartered Accountants as statutory auditor of the Company.
Awaiting price reaction for this filing.
The company remains under liquidation under the IBC process, with Mr. Uliyar Balakrishna Bhat acting as Liquidator (Board powers are suspended). The Liquidator approved audited financial results for Q4 and FY ended March 31, 2025, with an unmodified audit opinion from M/s. Tolia & Associates. On a standalone basis, the company swung to a net profit of Rs. 292.84 lakhs in FY25 versus a Rs. 644.47 lakh loss in FY24, though Q4 FY25 revenue was negative Rs. 450.23 lakhs due to reversal of sales booked earlier. Consolidated FY25 net profit was Rs. 219.87 lakhs (vs. Rs. 638.57 lakh loss in FY24). The company was sold as a going concern in October 2024, but the final NCLT liquidation closure order is still awaited.
For shareholders, this filing confirms continuity of financial reporting under liquidation and a turnaround to profit, but the negative Q4 revenue (from sales reversals) and pending NCLT closure order mean uncertainty remains around final share cancellation and fresh issuance. Investors should monitor the NCLT closure order and the interlocutory application for share extinguishment before making decisions.