The Board at its meeting has recommended appointment of Secretarial Auditors for a term of five consecutive years commencing from 1 April 2025 for approval of the Shareholders at their ensuing AGM.
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Awaiting price reaction for this filing.
Vikas WSP Limited's Board (powers currently suspended and exercised by Resolution Professional Mr. Darshan Singh Anand) approved the audited standalone financial results for Q4 and FY ended March 31, 2025, with the statutory auditor (A.K. Chadda & Co.) issuing a qualified opinion. The Board re-appointed M/s. Gambhir Khurana & Associates as Internal Auditor for FY26 and recommended Ms. Seema Sharma of M/s. Seema Sharma & Associates as Secretarial Auditor for a term of five consecutive years from April 1, 2025, subject to shareholder approval at the AGM. The company has been under Corporate Insolvency Resolution Process (CIRP) since February 2, 2022, with a resolution plan submitted by M/s Arcbolt Space and Foods Pvt Ltd approved by the CoC on August 25, 2022 but still pending NCLT approval. The auditor flagged multiple serious issues, including non-availability of records due to a ransomware attack, absence of a Fixed Asset Register, unassessed impairment of tangible assets, share application money of Rs. 850 lakhs pending since long, and material uncertainty about the company's ability to continue as a going concern.
Shareholders should note this is essentially a procedural update from a company in deep insolvency — no operational improvement is visible, the auditor has flagged a qualified opinion, and the future of the business remains tied to NCLT's approval of the resolution plan. The stock remains a high-risk situation with no clear near-term recovery catalyst for equity holders.