SEL Manufacturing Company Limited has informed the Exchange regarding Appointment of Mr Jatin Sharma as Cost Auditor of the company w.e.f. August 14, 2025.
SELMC · price
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SEL Manufacturing reported a net loss of Rs. 4,104.62 lakhs for Q1 FY26 (vs. loss of Rs. 3,159.55 lakhs in Q1 FY25), with revenue collapsing 72% YoY to just Rs. 575.07 lakhs from Rs. 2,061.88 lakhs. The auditor issued a qualified opinion (no impairment testing done on plant and machinery) and explicitly flagged 'Material Uncertainty Related to Going Concern,' noting cumulative losses of Rs. 68,195 lakhs, defaulted loan installments of Rs. 16,815 lakhs, and unpaid interest of Rs. 13,128 lakhs. The board appointed M/s Jatin Sharma & Co. as Cost Auditor for FY26 and M/s Lal Ghai & Associates as Secretarial Auditor for a 5-year term. In a concerning development, multiple key personnel resigned effective July-August 2025, including the CFO, Company Secretary, two Independent Directors (one of whom was the Chairperson), and a Non-Executive Director. The 25th AGM is scheduled for September 30, 2025.
This is a deeply negative filing for shareholders. The company is in severe financial distress with negative book value (other equity of Rs. -24,224 lakhs), mounting defaults, and a formal going-concern warning from auditors. Combined with mass resignations at the top (CFO, CS, Chairperson, two Independent Directors) and a prior shareholder-approved CIRP resolution from October 2023, the stock carries significant risk of another insolvency proceeding or sharp value erosion.