Appointment and reappointment of Secretarial and Cost Auditors and Director.
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Awaiting price reaction for this filing.
SBEC Sugar reported a standalone loss of Rs. 2,338.35 lakhs for Q1 FY26 (quarter ended June 30, 2025) on revenue from operations of Rs. 9,532.18 lakhs; consolidated loss was wider at Rs. 2,604.91 lakhs with Basic EPS of Rs. (5.47). The statutory auditor gave a qualified review, flagging that the company has not provided for Rs. 1,263.31 lakhs of interest on overdue cane dues for sugar season 2024-25, and pointed to a July 21, 2025 High Court order directing recovery of those cane dues. The auditor also flagged a Rs. 14,685.98 lakhs exposure to Modi Industries Limited, whose net worth is fully eroded. Separately, the board approved reappointment of Mrs. Kumkum Modi (promoter family member, turning 75) as Non-Executive Director, appointed M/s Soniya Gupta & Associates as Secretarial Auditors for five years, and reappointed M/s M.K. Singhal & Co. as Cost Auditors for FY 2025-26, all subject to shareholder approval at the 31st AGM.
The widening quarterly losses, unresolved cane dues litigation, and large doubtful exposure to a related-party entity (Modi Industries) are clear negatives for shareholders. The continued reappointment of a promoter family director, while routine given the age-75 rule, reinforces family control of the board.