SEL Manufacturing Company Limited has informed the Exchange regarding Outcome of Board Meeting held on August 14, 2025.1. Appointment of Cost Auditor2. Recommendation for Appointment of Secretarial Auditor
SELMC · price
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Awaiting price reaction for this filing.
SEL Manufacturing's board on August 14, 2025 approved weak Q1 FY26 results with net revenue of just Rs. 575 lakhs (down sharply from Rs. 2,062 lakhs a year ago) and a net loss of Rs. 4,105 lakhs (EPS of negative Rs. 12.39). The independent auditor flagged a 'material uncertainty related to going concern,' noting cumulative losses of Rs. 68,195 lakhs, debt obligations of Rs. 18,743 lakhs for FY26, and loan/interest defaults totalling nearly Rs. 30,000 lakhs. The board also approved the appointment of new Secretarial Auditors (M/s Lal Ghai & Associates for 5 years) and Cost Auditors (M/s Jatin Sharma & Co. for FY26). The 25th AGM is set for September 30, 2025 via video conferencing.
This is a deeply negative filing for shareholders — the company is in severe financial distress with massive losses, loan defaults, and an explicit going-concern warning from auditors. Adding to the concern, two independent directors, one non-executive director, the CFO, and the Company Secretary all resigned in quick succession, signaling major governance instability that is likely to weigh heavily on the stock.