SEL Manufacturing Company Limited has informed the Exchange regarding Appointment of M/s Lal Ghai and Associates as Secretarial Auditor of the company subject to the approval of shareholder in the ensuing AGM for a term of 5 years from 2025-26 to 2029-30
SELMC · price
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The Board approved Q1 FY26 unaudited results showing a net loss of Rs. 4,104.62 lakhs, wider than the Rs. 3,159.55 lakh loss in Q1 FY25. Revenue from operations collapsed to Rs. 575.07 lakhs from Rs. 2,061.88 lakhs a year ago, a roughly 72% drop. Finance costs remain heavy at Rs. 1,808.96 lakhs and depreciation at Rs. 2,315.72 lakhs. The statutory auditor (Kamboj Malhotra & Associates) issued a qualified opinion and explicitly flagged a 'Material Uncertainty Related to Going Concern', citing cumulative losses of Rs. 68,195 lakhs, debt obligations of Rs. 18,743 lakhs, and defaults in loan installments of Rs. 16,815 lakhs plus unpaid interest of Rs. 13,128 lakhs. The Board also accepted resignations of two Independent Directors (Mrs. Seema Singh, Mr. Manjit Singh Kochar), one Non-Executive Director (Mr. Dinesh Kumar Mehtani), the CFO (Mr. Navneet Gupta), and the Company Secretary (Mr. Sumit Sushil Jain), while appointing M/s Lal Ghai & Associates as Secretarial Auditor for five years and M/s Jatin Sharma & Co. as Cost Auditor for FY26.
This is a deeply negative filing for shareholders: the company is loss-making, revenue has collapsed, and the auditor has formally questioned whether the business can continue operating. The combination of going concern uncertainty, defaulting on bank loans, plants largely shut, and a mass exit of directors and KMPs signals serious financial distress and elevated risk of insolvency proceedings.