Outcome of Board Meeting, Appointment of Secretarial Auditor and Internal Auditor, Resignation of Director
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Risa International's board met on May 29, 2025 and approved audited results for FY25 showing a net loss of Rs. 900.22 lakhs, slightly improved from Rs. 1,477.24 lakhs loss in FY24, but the company wrote off Rs. 858.78 lakhs as bad debts. Revenue from operations was negligible, and other equity is deeply negative at Rs. (3,554.67) lakhs versus paid-up capital of Rs. 3,190.01 lakhs, meaning net worth is fully eroded. The statutory auditor (AMS & Co LLP) gave an unmodified opinion but flagged a material going concern uncertainty due to losses, no business income, and pending income tax demands. The board appointed Suprabhat Chakraborty as Secretarial Auditor for 5 years and M/s Abhishek R Jain & Co as Internal Auditor for FY26. Whole-time Director Arihant Jain (DIN: 03288261) resigned effective June 2, 2025 citing pre-occupation elsewhere.
Shareholders should note the company is in serious financial distress with completely eroded net worth, no operating revenue, and an auditor-flagged going concern issue. The exit of a Whole-time Director along with the weak financials could weigh negatively on sentiment and the stock price in the near term.