Appointment of Mr. Pranay Ganeriwala as Chief Experience Officer (CXO) of the Company with effect from June 1 ,2026 under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) ....
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The board approved audited FY26 results showing a net loss of Rs. 19.03 lakhs (wider than Rs. 13.48 lakh loss in FY25) with zero revenue from operations. The auditor issued an unmodified opinion but flagged serious concerns: no business revenue for a long time, both bank accounts inoperative, all business receipts/payments routed through the previous MD's personal loan account, and investments worth Rs. 241.40 lakhs not marked to fair value. A major management overhaul followed: MD Praveen Jaswant Rai Jain resigned, along with CFO Nipun Praveen Jain and Company Secretary Renu Lahoti, all citing change in management and control. New appointments include Mr. Pramod Kumar Shah as Independent Director, Mr. Om Prakash Lohia as CFO, Ms. Biswashree Pati as CS & Compliance Officer, and Mr. Pranay Ganeriwala as CXO, all effective June 1, 2026.
This is a complete change-of-control event at a company with no operating business, persistent losses, and serious auditor red flags about how transactions were previously routed. Shareholders should watch closely for clarity on the new management's business strategy and revival plan, as the company has been non-operational for a long time and carries significant governance concerns.