Corrigendum /Clarification Regarding Outcome of the Board Meeting Dated May 30, 2025
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Awaiting price reaction for this filing.
Western Ministil filed a corrigendum clarifying that its auditor (Maark & Associates) issued an Unmodified Opinion on the FY25 results, not a qualified one as mistakenly mentioned earlier. The FY25 audited results show essentially nil revenue from operations and a net loss of Rs 32.23 lakhs, nearly doubling the Rs 16.16 lakhs loss in FY24. The company's net worth is deeply negative at Rs (482.65) lakhs, with current liabilities (Rs 387.21 lakhs) far exceeding current assets (Rs 0.12 lakhs). The auditor explicitly flagged that accumulated losses exceed share capital, the company has no ongoing activity, and a material uncertainty exists about its ability to continue as a going concern. The auditor also highlighted Rs 274.71 lakhs in unprovided interest on related party loans dating back to April 2001, and noted the company changed its statutory auditor from Paresh Rakesh & Associates LLP to Maark & Associates this year.
This is a highly concerning filing for shareholders — the company is essentially non-operational with negative net worth, widening losses, and the auditor has formally questioned its ability to continue as a going concern, signaling serious solvency and viability risk. The stock is likely to see negative pressure and existing investors face substantial risk of further value erosion.