SecUR Credentials Limited has informed the Exchange about General Updates
Awaiting price reaction for this filing.
SecUR Credentials Limited has filed a statement disclosing 16 audit qualifications from its statutory auditor for FY 2023-24, including multiple Disclaimer of Opinion, Qualified Opinion, and Adverse Opinion. The company reported a net loss of Rs. 712.78 Lakhs against turnover of Rs. 843.01 Lakhs. Key concerns include Rs. 205.09 Lakhs in director's ledger receivables without supporting documentation, Rs. 599.70 Lakhs advance for property acquisition pending for years, and failure to provide Expected Credit Loss provisions on advances (Adverse Opinion). Most critically, the auditor noted the company received a SEBI Interim Order regarding alleged fictitious transactions involving Varanium Cloud Ltd and its director, which has been challenged in Bombay High Court. The auditor was unable to verify related party transactions, statutory dues, bank records, and contingent liabilities due to lack of documentation. Management attributed multiple failures to staff shortage.
This is a severely negative development for shareholders. The company has received a SEBI interim order for alleged fictitious transactions, has multiple disclaimer opinions indicating fundamental financial control failures, and cannot provide basic documentation to auditors. The stock should be treated with extreme caution given regulatory scrutiny and governance concerns.