Resignation of CFO - Mr. N.M. Ranganathan
Awaiting price reaction for this filing.
The board approved the resignation of Mr. N.M. Ranganathan as Chief Financial Officer (effective May 28, 2025, citing personal reasons) and appointed Mr. Natesan Kameswaron, a professional with 35+ years of experience in civil contracts, real estate and stock broking, as the new CFO and Key Managerial Personnel. Mr. Kameswaron was also appointed as an Additional Executive Director, subject to shareholder approval, while Mr. Ranganathan was redesignated from Whole-time Director to Non-Executive Director. The board also cleared audited FY25 results showing a net loss of Rs. 29.10 lakhs and accumulated losses of Rs. 529.03 lakhs, which have fully eroded the company's net worth. The auditor issued an unmodified opinion but flagged a material going-concern uncertainty, noting the company's listing remains suspended following the IBC/CIRP takeover and several BSE applications (listing, revocation, waivers) are still pending.
For shareholders, this is largely a routine leadership reshuffle, but the underlying financials remain weak — the company is loss-making with a negative net worth and its stock is still suspended from trading. Until the BSE listing-related applications are resolved and commercial operations actually begin, the stock remains illiquid and high-risk.