Appointment of M/s. G M C S & Co as an Internal Auditor of the Company for the Financial year 2026-27
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Tusaldah Ltd (formerly High Street Filatex Ltd) announced the appointment of M/s. G M C S & Co, a specialist audit firm established in 2007, as Internal Auditor for FY 2026-27 effective May 28, 2026. The firm specializes in forensic audits, bank audits, stock audits, and IBC transaction reviews. Simultaneously, the company reported standalone audited financial results showing a net loss of Rs. 61.60 Lakhs for FY2026 compared to a loss of Rs. 10.39 Lakhs in FY2025. Total income declined to Rs. 303.47 Lakhs from Rs. 423.99 Lakhs. The company's negative reserves deepened to Rs. (189.35) Lakhs. Cash position deteriorated significantly from Rs. 298.87 Lakhs to Rs. 74.96 Lakhs. Statutory auditors N.D. Kapur & Co. issued an unmodified opinion on the financial statements.
The appointment of a specialist internal auditor with forensic and credit monitoring expertise may indicate heightened focus on governance and risk controls amid worsening financial performance. However, the substantial increase in losses, declining revenues, and depleted cash reserves suggest continued operational challenges that could pressure the stock negatively.