ENCLSOED HERWITH BOARD MEETING OUTCOME DATED 29/05/2025
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The board approved audited financial results for Q4 and FY ended March 31, 2025. Revenue from operations fell sharply to Rs 26.01 lakhs from Rs 58.87 lakhs the previous year, while total expenses more than doubled to Rs 83.55 lakhs, pushing the net loss to Rs 31.95 lakhs versus Rs 14.25 lakhs in FY24. The auditor (Jain Jagawat Kamdar & Co) issued a Qualified Opinion, flagging that the company did not make expected credit loss provisions on certain deposits and receivables, and raised an Emphasis of Matter on non-constitution of Audit/Nomination committees, unpaid preference share dividends, lapsed redemption, and weak balance-confirmation processes. The board also appointed a new secretarial auditor for FY26-FY30 and a new internal auditor for FY26, while separately declaring to BSE that the auditor opinion was 'unmodified', which contradicts the actual qualified report.
Shareholders should note deteriorating fundamentals — revenue is shrinking, losses are widening, and the auditor has qualified the results with multiple governance and compliance red flags. The contradictory 'unmodified opinion' declaration by the company versus the actually qualified auditor report may attract regulatory scrutiny and shake investor confidence.