Zicom FY26 audit gets adverse opinion; going concern doubt flagged

Zicom submitted audited FY26 results while under CIRP since July 2022. Auditor gave an Adverse Opinion citing unaccounted physical verification gaps, no asset impairment assessment, GST revenue understatement of about Rs 41 lakh, lease Ind AS issues, and pending party confirmations. Company has had no operations or employees for 5 years with eroded net worth. Auditor flagged material uncertainty on going concern as the 330-day CIRP limit nears expiry. Previous auditor SMPP was replaced. Large loan defaults to multiple banks and disputed tax liabilities noted.