GB Global Ltd has clarified that the audit qualifications issued for the financial year ended March 31, 2025, have no financial impact on its standalone or consolidated results. The company submitted the Statement of Impact of Audit Qualifications to the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited in response to queries regarding the modified opinion issued by its statutory auditors, M/s. Bhuta Shah & Co. LLP.

The auditors issued a qualified opinion due to complete details regarding inventory (quantity and valuation) not being made available, and balances of trade payables, trade receivables, advances received and given, and GST balances being subject to confirmation and reconciliation. Management stated that these qualifications are qualitative in nature, and the impact is unascertainable. Consequently, the adjusted figures for the financial year remained identical to the audited figures reported earlier.

Financial Impact

The company disclosed that the adjusted figures for the financial year remained identical to the audited figures reported earlier. The key financial metrics for the standalone and consolidated financial statements for the year ended March 31, 2025, are detailed below.

Board Approvals

The Board of Directors of GB Global Ltd, in its meeting held on May 29, 2025, approved the audited financial statements for the quarter and year ended March 31, 2025. The statutory auditors carried out the audit of the results in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

GB Global Limited has received a confirmation from its promoter, Dev Land & Housing Private Limited, stating that no encumbrance has been created directly or indirectly on the shares held by the entity for the financial year ended March 31, 2026. The disclosure was submitted to the stock exchanges in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Dev Land & Housing Private Limited holds 5,00,00,000 equity shares in GB Global Limited as of the specified date. The promoter entity clarified that these shares remain free from any charge or lien. This confirmation is part of the yearly disclosure requirements mandated by the market regulator for substantial shareholders.

The 5,00,00,000 equity shares held by Dev Land & Housing Private Limited were allotted to the entity as it was the successful resolution applicant. The allotment followed a resolution plan approved by the Hon'ble National Company Law Tribunal, Mumbai Bench, via an order dated May 19, 2021. The company noted that these shares are currently under process for listing and trading on the stock exchanges.

The disclosures were addressed to the listing departments of the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. The letters were signed by authorized signatories, including Vijay Thakordas Thakkar, Chairman & Managing Director of GB Global Limited, and Raghunath Vyankat Chavan, Director of Dev Land & Housing Private Limited.

Shareholding Details

The confirmation ensures transparency regarding the holding status of the promoter's shares during the financial year. The listing of the allotted shares remains pending procedural completion.