The Board of Directors took the following transaction 1. Unaudited financial results for the quarter ended 30th June 2025 2. Re-appointment of Mr.M.R.Gautham as Executive Director 3. ....
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Velan Hotels' Board, meeting on 9 August 2025, approved standalone unaudited results for Q1 FY26 (quarter ended 30 June 2025), re-appointed Mr. M.R. Gautham as Executive Director for one year without managerial remuneration, and adopted a succession planning policy. Q1 FY26 revenue from operations was Rs. 2.83 lakhs vs Rs. 0.18 lakhs a year ago, but the loss before tax widened sharply to Rs. 44.22 lakhs (from Rs. 22.20 lakhs YoY) on Rs. 24.96 lakhs of finance costs. The auditor (Krishaan & Co.) flagged material concerns: all hotel operations have been suspended since 24 March 2020, the company is selling assets to settle bank/ARC debt, and statutory dues (GST, VAT, Service Tax) are overdue by over 12 months.
Highly negative for shareholders. The company is a non-operating, loss-making shell dependent on asset sales to service its Rs. 108.89 crore ARC debt (Rs. 82.52 crore paid so far), with negative reserves of Rs. 4,532 lakhs and an active going-concern doubt highlighted by the auditor. Re-appointing the Executive Director without remuneration signals cost-cutting rather than turnaround hopes.