Board Meeting for considering resignation of Statutory Auditor M/s K S Rao & Associates and appointment of new Statutory Auditor M/s B N Pai& Co., Chartered Accountants
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The Board of Skyline Ventures India Ltd met on 1 June 2026 and noted multiple significant developments. Statutory Auditor M/s K S Rao & Associates resigned effective 27 May 2026, creating a casual vacancy, with M/s B N Pai & Co. appointed as the new auditor (subject to shareholder approval). The company also completed the acquisition of 100% equity in SPVO Two Point O Ventures Tech Pvt Ltd for Rs. 1,00,000, making it a wholly owned subsidiary in the IT & ITES space. The Board reviewed pending financial results for multiple quarters of FY25 and FY26, which remain unfinalised. Notably, the company is facing NCLT proceedings under Sections 241/242 of the Companies Act, an insolvency petition under Section 7 of the IBC filed by Raj Breeders and Hatcheries Pvt Ltd, and has received Interim Forensic Audit Reports.
This is a high-risk filing for shareholders. The auditor change mid-term, pending financial results, ongoing insolvency proceedings against the company, and forensic audit findings collectively signal serious governance and financial distress concerns. Investors should exercise extreme caution as the stock faces potential adverse outcomes from the NCLT/IBC cases.