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The board of Varyaa Creations approved audited standalone financial results for Q4 and the year ended 31st March 2025, with statutory auditor Hiren Buch Associates issuing an unmodified (clean) opinion. However, the auditor's report includes an Emphasis of Matter flagging: a SEBI interim order dated 14th May 2025 raising prima facie observations on the utilisation of the Rs 2,010 lakh public issue proceeds (13.40 lakh shares at Rs 150), which the company has denied and is contesting; unreconciled balances of trade payables, receivables and advances; a non-compliance amounting to Rs 114.19 lakhs; and reliance on a registered valuer for inventory worth Rs 1,825.08 lakhs. Separately, the board appointed Ritesh Sharma & Associates as Secretarial Auditor for five years (FY26–FY30) and accepted the resignation of Independent Director Tathagata Sarkar, replacing him with Kinjal Darshit Parkhiya as Additional Non-Executive Independent Director. Board committees were also reconstituted.
Despite a clean audit opinion, the SEBI interim order on IPO fund utilisation and unreconciled balances are meaningful red flags that retail investors should monitor, as further regulatory action or unfavourable rulings could weigh on the stock and shareholder value.