The Board has considered and approved provisional Financial Statements as at 6th May 2025 for pre packaged insolvency resolution process
Awaiting price reaction for this filing.
The Board of Wisec Global Ltd met on 6th May 2025 and approved audited financial results for Q4 and FY ended 31st March 2025. The company reported zero revenue from operations for the full year and a net loss of Rs. 25.70 lakhs for FY25 (compared to a Rs. 285.91 lakh loss in FY24). Total equity is negative at Rs. 22.05 lakhs and reserves stand at negative Rs. 1,187.06 lakhs. Most importantly, the Board approved provisional financial statements as at 6th May 2025 and decided to file an application for initiating a Pre-Packaged Insolvency Resolution Process (PIRP) with the National Company Law Tribunal (NCLT). The Board also approved appointing Shailendra Roy & Associates as Secretarial Auditor, shifting the RTA from Alankit Assignments to Skyline Financial Services, and considering a shift in the registered office.
This is a major negative event for shareholders. The company has essentially no revenue, deeply negative reserves, and is voluntarily initiating insolvency proceedings through the NCLT pre-packaged route. Shareholders face significant risk of dilution or value erosion under any resolution plan, and the stock is likely to see heightened volatility and negative price action on this news.