Zicom Electronic Security Systems FY24 results filed; auditor flags adverse opinion under CIRP

Zicom Electronic Security Systems filed audited FY24 standalone results under CIRP since July 2022. New auditor Shah and Jhalawadia issued an adverse opinion citing unconfirmed balances, no actuarial valuation for gratuity, and missing impairment assessments. Company has had no business operations for 5 years, no employees, and significantly eroded net worth. NCLT sent the resolution plan back to CoC for reconsideration. Current RP replaced previous audit firm SMPP for delays. Going concern is critically dependent on CIRP outcome.