Re-appointment of M/s S.R.Padhye & Co., PCS as a Secretarial Auditor of the Company for the Financial Year 2025-26.
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Awaiting price reaction for this filing.
The Ravalgaon Sugar Farm's board approved unaudited results for Q1FY26 showing revenue from operations of Rs 115.81 lakhs and a net loss of Rs 50.79 lakhs, widening from a Rs 9.16 lakh loss in Q1FY25. The company has been operationally inactive since selling its confectionery trademarks and IP to Reliance Consumer Products in FY24. The board re-appointed M/s S.R. Padhye & Co as secretarial auditor for FY25-26 and appointed M/s Patkar and Pendse as statutory auditor for a five-year term (90th to 95th AGM, i.e., till 2030), subject to shareholder approval. The statutory auditor's review flagged a going concern note and an adverse May 2025 labour court ruling awarding Rs 28.22 lakh in gratuity plus Rs 33.87 lakh in interest to 21 former seasonal workers, which the company is appealing.
Widening losses, operational dormancy, and an unresolved labour court liability make this a risky situation for shareholders; the new statutory auditor appointment brings fresh scrutiny, but no immediate positive catalyst is visible for the stock price.