The Company has cut down irs operations and let go majority of its employees due to issues arising from payment gateway providers after the enanctment of promotion and regulation of online ....
Awaiting price reaction for this filing.
Vasudhagama Enterprises Ltd has drastically scaled down operations and laid off most of its employees because payment gateway providers stopped servicing the company following the enactment of the Promotion and Regulation of Online Gaming Act, 2025 (effective 01 October 2025). The company clarifies it was not in the gaming business, but gateways pulled support due to regulatory uncertainty. The firm is now looking to pivot the business of VEL and its subsidiaries Digipymes Pvt. Ltd. and Decrom Enterprises Pvt. Ltd. Separately, it appointed Parth R Shah And Co as the new statutory auditor for 5 years, accepted the resignation of Company Secretary Riti Jain effective 01 October 2025, and announced plans to recover business advances that have been outstanding for over 2 years.
This is a severe negative development — the company has effectively halted core operations, lost its payment processing capability, and shed most staff, raising serious concerns about revenue continuity and solvency. Shareholders should expect significant operational disruption, a likely sharp drop in income, and heightened risk until a viable business pivot is executed and the recovery of old advances materialises.