Appointment of Secretarial Auditor
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The Board of Directors of Shree Precoated Steels Ltd, at its meeting on May 14, 2025, approved the audited standalone financial results for the quarter and full year ended March 31, 2025, and appointed Ms. Shreya Shah, a Practicing Company Secretary, as the Secretarial Auditor for a five-year term (FY 2025-26 to FY 2029-30), subject to shareholder approval at the upcoming AGM. The financial results show zero revenue from operations, a net loss of Rs. 60 lakhs for FY25 (wider than Rs. 58 lakhs loss in FY24), and a negative net worth of Rs. 216 lakhs. The statutory auditor (V. Parekh & Associates) issued an unmodified opinion but flagged a material uncertainty about the company's ability to continue as a going concern, citing negative net worth and pending indirect tax refund litigation.
The secretarial auditor appointment is a routine compliance matter and unlikely to move the stock. However, the FY25 results are concerning for shareholders — the company has no operating revenue, is loss-making, and its net worth is fully eroded, with the auditor raising a going concern doubt. This raises questions about the company's long-term viability and may concern investors.