The Monitoring Committee in its meeting held on May 27, 2026 has appointed M/s R.R. Tibrewala & Co., Chartered Accountant (Firm Registration No. 112387W) as Statutory Auditors of the Company.
Awaiting price reaction for this filing.
The Monitoring Committee appointed M/s R.R. Tibrewala & Co. as the new Statutory Auditors of the company. The audit reports (Q1 June 2025, Q2 September 2025, Q3 December 2025) carry qualified conclusions due to multiple issues: the company was under Corporate Insolvency Resolution Process (CIRP) during the review period, missed preparing financial results for the first three quarters of FY 2024-25, and has incurred losses with negative net worth. A Resolution Plan was approved by Hon'ble NCLT on 31 July 2025, after the quarter end, and financial statements continue to be prepared on a going concern basis.
The company has emerged from insolvency proceedings following NCLT approval of the Resolution Plan, which is a positive development. However, auditors continue to flag going concern risks and the company has not filed quarterly results for most of FY25, which may concern investors.