Visa Steel Limited has informed the Exchange regarding Change in Auditors of the company.
VISACHROME · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
VISA Steel's board, at its 29 May 2025 meeting, approved audited standalone and consolidated results for FY25 with a qualified opinion from statutory auditor Singhi & Co. The qualification relates to non-recognition of interest expense on borrowings, with accumulated unprovided interest of Rs. 1,326 crore as of 31 March 2025. The company reported a net loss of Rs. 516.55 crore for FY25 (vs Rs. 71.89 crore loss in FY24), including exceptional items of Rs. 469.32 crore mainly from impairment of manufacturing assets. Revenue fell to Rs. 566.49 crore from Rs. 669.90 crore. The board also appointed MKB & Associates as Secretarial Auditor (5 years), DGM & Associates as Cost Auditor (FY26), and L.B. Jha & Co. as Internal Auditor (FY26). Statutory auditor Singhi & Co. continues. Auditors flagged material uncertainty on going concern, noting net worth is fully eroded, current liabilities far exceed current assets, and over 95% of debt has been assigned to ACRE for restructuring.
Negative for shareholders — the qualified audit opinion, fully eroded net worth, ongoing insolvency proceedings (stayed), and continued losses signal serious financial distress. The stock is high-risk; recovery depends entirely on the debt resolution with ACRE. New auditor appointments are routine and do not change the underlying picture.