Ansal Properties & Infrastructure Ltd appointed SLO Technologies Private Limited (AdvaRisk) as forensic auditor to investigate corporate transactions spanning from April 1, 2016, to March 31, 2026. The board initiated the audit effective August 19, 2026, after identifying irregularities during a preliminary review of the company’s affairs following its reconstitution in February 2026.

The current board noted that the erstwhile board had represented the company’s affairs as a "clean slate" without material transactions requiring investigation. However, the preliminary review uncovered transactions involving possible undervaluation, illegal dealings with related or connected parties, and lack of adequate documentary support or requisite approvals.

Key Findings and Audit Scope

The review highlighted several specific concerns regarding financial governance:

• Utilisation of borrowed funds for purposes other than those sanctioned.
• Possible diversion or misapplication of funds.
• Issues concerning customer receipts and amounts required to be deposited in designated or project-specific accounts, including Real Estate Regulatory Authority (RERA) accounts.

AdvaRisk, a division of SLO Technologies Private Limited, was selected for its experience in conducting third-party investigations for financial institutions, banks, NBFCs, and private equity investors.

Project Authorizations and Governance Changes

In addition to the forensic audit, the board cancelled earlier resolutions passed by the erstwhile directors on November 3, 2021, which authorized Shri Dhirendra Singh, Shri Devendra Kumar Agrawal, and Shri Inder Goel to sign sale and conveyance deeds for the Sushant Taj City project in Agra.

The board authorized Shri Shreesh Asthana and Shri Sandeep Mishra to execute all necessary acts, deeds, and documents for signing and presenting sale and conveyance deeds for the same Agra project.

Ongoing Insolvency Proceedings

The company disclosed that the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, is currently confined to projects in Lucknow and Rajasthan, as per a settlement agreement dated March 3, 2022, between IL&FS Financial Services Limited and Ansal Properties & Infrastructure Ltd. These projects are managed by Resolution Professional Shri Navneet Kumar Gupta.

Shri Navneet Kumar Gupta also manages the Serene Residency Group Housing Project in Greater Noida, whose resolution plan was approved by the National Company Law Tribunal (NCLT), New Delhi Bench II, on October 6, 2025. The Fernhill Project in Gurugram is managed by Resolution Professional Shri Jalesh Kumar Grover.

Ansal Properties & Infrastructure reported a net loss of ₹162,933 lakh for the financial year ended March 31, 2025, widening from a loss of ₹492 lakh in the previous year. Revenue from operations for the year stood at ₹64,644 lakh, compared to ₹47,894 lakh in FY24. The company’s Board approved the audited standalone financial results for FY25 and the unaudited standalone results for the first three quarters of FY26 during a meeting on June 17, 2026.

The Board did not recommend any dividend for FY25. The company stated that consolidated results for the quarters ended June 30, 2025, September 30, 2025, and December 31, 2025, could not be provided due to difficulties in obtaining financial data from subsidiaries required to be consolidated under IND-AS 110. The audited FY25 results and unaudited quarterly results were previously disseminated to stock exchanges without Board approval due to the Corporate Insolvency Resolution Process (CIRP). The company confirmed there are no modifications to the previously disseminated figures.

In regulatory disclosures, the Board noted a fine received from stock exchanges on March 17, 2026, for non-compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding the delayed submission of financial results for the quarter ended December 31, 2025. The Directors assured compliance with timelines for future result declarations.

The Board approved the appointment of M/s MRKS & Associates, Chartered Accountants, as statutory auditors for the term from the conclusion of the 58th Annual General Meeting (AGM) until the conclusion of the 63rd AGM to be held in 2030. Additionally, M/s J.D. Associates, Cost Accountants, were appointed as cost auditors for FY26, and M/s Roni & Associates, Company Secretaries, were appointed as secretarial auditors for the financial year 2025-30. All appointments are subject to shareholder approval.

Regarding corporate governance, the Board approved a change in the status of Non-Executive Woman Director Smt. Kanta Devi from “not liable to retire by rotation” to “liable to retire by rotation” effective June 17, 2026. The company provided updates on its insolvency proceedings, noting that the CIRP has been confined to its Lucknow and Rajasthan projects. The Serene Residency project in Greater Noida and the Fernhill project in Gurgaon are currently managed by the Resolution Professional, Shri Navneet Kumar Gupta.

Financial Performance Summary