Appointment of Ms. Biswashree Pati as Company Secretary and Compliance Officer of the Company with effect from June 1, 2026 under Regulation 30 of SEBI(LODR) Regulations, 2015
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Shashank Traders reported FY26 audited results showing a widened net loss of Rs. 92.39 lakhs versus Rs. 23.49 lakhs in FY25, with zero revenue from operations. The statutory auditor flagged serious red flags: both bank accounts have been inoperative for a long time, all business receipts and payments were routed through the Managing Director's personal loan account, and there has been no business revenue generated for an extended period. The Board accepted the resignation of Chairman-cum-Managing Director Praveen Jaswant Rai Jain, CFO Nipun Praveen Jain, and Company Secretary Renu Lahoti, citing a change in management and control. New appointments effective June 1, 2026 include Mr. Pramod Kumar Shah as Independent Director, Mr. Om Prakash Lohia as CFO, Ms. Biswashree Pati as Company Secretary & Compliance Officer, and Mr. Pranay Ganeriwala as Chief Experience Officer. The Board also proposed a change in the company's name, set up a new corporate office in Kolkata, and appointed new secretarial and internal auditors.
This is effectively a change-of-control event with a wholesale management swap. Shareholders should note the company has been loss-making with no operating revenue and serious governance concerns raised by the auditor. The new management brings in fresh leadership, but the underlying business remains inactive — investors should watch closely for the new team's strategic direction and any capital infusion plans.