We hereby submit the revised Statement on Impact of Audit Qualifications for Audit Report with modified opinion on Audited (Standalone) Financial Statements for the quarter and financial ....
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Vikas WSP Limited, which is under Corporate Insolvency Resolution Process (CIRP) since February 2, 2022, has submitted its revised Statement on Impact of Audit Qualification along with audited standalone financial results for FY ended March 31, 2025. The auditor (A.K. Chadda & Co.) issued a Qualified Opinion, citing 8 unresolved issues including no impairment assessment of fixed assets, missing Fixed Asset Register, unreconciled creditor claims under CIRP, and Rs. 850 lacs in share application money pending allotment. The company reported nil revenue from operations, total income of just Rs. 26.94 lacs, and a net loss of Rs. 2,661.07 lacs (vs Rs. 2,661.92 lacs prior year). Total equity dropped to Rs. 78,717 lacs from Rs. 81,366 lacs. The auditor also added an Emphasis of Matter flagging going concern uncertainty, noting defaults in loan repayments totalling Rs. 17,504.53 lacs (principal + interest) to PNB, Bank of India, and Union Bank of India, and large unpaid statutory dues. The approved resolution plan from M/s Arcbolt Space and Foods Private Limited is still awaiting NCLT approval.
This filing reinforces that the company remains in deep financial distress with no operating revenue, continuous losses, massive bank defaults, and unresolved statutory liabilities. For shareholders, the outcome of the CIRP and pending NCLT approval of the resolution plan will determine any recovery; equity value remains highly uncertain and a material going concern doubt has been formally flagged.