Re-appointment of the statutory auditor of the company commencing from the FY 2026-27 till FY 2029-30.
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The Board of Directors approved the re-appointment of M/s J. Jain & Co. as Statutory Auditor for a second term of four years (FY 2026-27 to FY 2029-30). They also re-appointed M/s YG Advisors as Internal Auditor and M/s S. Chhaparia & Associates as Cost Auditor for FY 2026-27. The audited standalone financial results show revenue from operations at INR 6,745 Lakh (down from INR 8,486 Lakh), with profit before tax at INR 910 Lakh versus INR 5,851 Lakh in the previous year. The auditors issued qualified opinions on consolidated results due to issues in subsidiary companies, including NPA accounts, abandoned projects, and unresolved arbitration claims. Key emphasis includes ongoing NCLT resolution plan settlement of Rs 2,100 Lacs and a subsidiary admitted to CIR process.
The significant drop in profit and auditor qualifications on subsidiary issues may raise concerns for investors. The routine auditor reappointment is standard practice but comes amid financial stress indicated by the qualified audit opinions.