Internal Auditors have been appointed in Vikas WSP Limited (the Company) for financial year 2025-26 at the Meeting of the Suspended Board of the Company that was concluded on 29 May 2025 ....
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Vikas WSP Limited announced audited standalone financial results for Q4 and FY ended 31 March 2025, along with a statutory auditor's report carrying a qualified opinion. Auditors flagged several issues: no impairment assessment of tangible assets, unconfirmed carrying values of assets and liabilities, no Fixed Asset Register being produced, and Rs. 850 lakhs in share application money that has neither been refunded nor allotted in line with the Companies Act. An Emphasis of Matter was also drawn, stating that continuous losses, current liabilities exceeding current assets, and defaults on borrowings and statutory dues cast material uncertainty on the company's ability to continue as a going concern. The board re-appointed M/s Gambhir Khurana & Associates as internal auditors for FY26 and recommended Ms. Seema Sharma as the secretarial auditor. The company remains under the Corporate Insolvency Resolution Process (CIRP) since 2 February 2022, with the resolution plan (from M/s Archbolt Space and Foods Pvt Ltd) approved by the CoC in August 2022 still awaiting NCLT clearance over 2.5 years later.
Shareholders remain in prolonged limbo — CIRP is dragging into a fourth year with no NCLT clearance of the resolution plan, while auditor qualifications and going-concern doubts suggest significant uncertainty over asset values and realisable amounts. With the stock suspended and the board superseded by the Resolution Professional, any recovery for shareholders hinges entirely on eventual NCLT approval of the plan and the value it delivers.