Outcome of the Board Meeting held on May 30, 2025
Price
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Awaiting price reaction for this filing.
The Board approved audited standalone financial results for the quarter and year ended March 31, 2025, along with several director-related changes. The auditor (AKGSR & Co.) issued a qualified opinion, flagging serious concerns: the company's net worth has turned negative (₹2,972.86 lakhs), all bank accounts have been frozen since November 2023, and lenders have initiated recovery proceedings under the SARFAESI Act through NCLT and DRT. A bank has already sold hypothecated property worth ₹9.81 crore against loan dues, and manufacturing operations ceased in the last quarter. The company reported a loss for the year (vs. profit in FY24) and is routing transactions through third parties/related entities due to the frozen accounts. The Board also noted the cessation of Mr. Atul Mehra as Whole Time Director and his re-appointment as Additional Executive Director, retirement of Mr. Narendra Sathe, and re-appointment of Mr. Aman Tiwari as Independent Director for a second term.
This is a deeply distressed filing — the qualified audit opinion citing 'material uncertainty on going concern', negative net worth, frozen bank accounts, SARFAESI/NCLT proceedings, and cessation of manufacturing paint a picture of a company fighting for survival. Shareholders face significant risk; the stock is likely to remain under heavy pressure and may face further regulatory scrutiny or trading restrictions.