Please find enclosed herewith Board Meeting Outcome with Regard to approval of Un-Audited Financial Results for the Quarter and Nine Months Ended 31st December 2025
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The board of Sudal Industries approved unaudited financial results for the quarter and nine months ended December 31, 2025. Statutory auditors Bagaria & Co LLP issued a Limited Review Report with a Qualified Conclusion and explicitly flagged a Material Uncertainty related to Going Concern. The qualification stems from an ongoing legal dispute: the NCLAT set aside the NCLT order approving the company's Pre-packaged Insolvency Resolution Plan (PIRP), and the matter is now before the Supreme Court, which granted a stay in October 2024. Auditors said they cannot quantify the impact on profit, liabilities, or equity because the case is sub-judice. Management, relying on expert legal opinion, expects a favourable outcome and continues to prepare accounts on a going concern basis. The company had already disbursed about Rs 12.97 lakhs to secured and unsecured creditors under the original NCLT order.
This is a significant red flag for shareholders — both the qualified audit opinion and the explicit going concern warning point to material uncertainty about the company's future. The pending Supreme Court ruling on the PIRP could materially affect liabilities and equity, making this stock high-risk until the legal matter is resolved.