Submission of Outcome of Board Meeting held on 6th May 2025
Awaiting price reaction for this filing.
The Board of Wisec Global Ltd approved audited financial results for Q4 and FY ended 31st March 2025, reporting zero revenue from operations and a net loss of Rs 25.70 lakhs for the year (versus a Rs 285.91 lakh loss in the previous year). The Board also approved provisional financial statements and decided to file an application for a Pre-Packaged Insolvency Resolution Process (PPIRP) with the National Company Law Tribunal (NCLT). Additionally, the company appointed Shailendra Roy & Associates as Secretarial Auditor for FY 2024-25, changed its Registrar and Share Transfer Agent from Alankit Assignments to Skyline Financial Services, and discussed shifting its registered office. The statutory auditor issued an unmodified opinion but flagged a material uncertainty about the company's ability to meet liabilities over the next 12 months.
This is a highly negative development for shareholders. With no revenue, negative reserves of Rs 1,187 lakhs (exceeding share capital of Rs 1,165 lakhs), and the decision to initiate a Pre-Packaged Insolvency Resolution Process, the company is effectively entering insolvency proceedings, which typically leads to significant equity dilution or loss for existing shareholders.