Glaam Up Jwel Limited has appointed Mr. Nirav Khatri as an additional non-executive director. The board also noted the resignation of Mr. Mayabhai Bhikhabhai Kotar from the same role, effective August 24, 2026.

The decisions were taken during a board meeting held on August 25, 2026, at the company’s registered office in New Delhi. The appointment of Mr. Khatri is subject to shareholder approval.

Appointment Details

Mr. Khatri brings over 10 years of professional experience in fashion retail, customer service, and store operations. He holds a Bachelor of Commerce degree. The Nomination and Remuneration Committee recommended his appointment based on his commercial understanding and people-management skills.

Resignation

Mr. Kotar resigned due to personal reasons. His cessation from the position was effective August 24, 2026. The company enclosed his resignation letter with the regulatory filing.

Glaam Up Jwel Limited reported a net profit of ₹11.87 lakh for the financial year ended March 31, 2026, a significant increase from ₹1.01 lakh in the previous year. However, the statutory auditors, Kapish Jain & Associates, issued a qualified opinion on the standalone financial results, citing a material uncertainty regarding the company's ability to continue as a going concern due to a substantial Goods and Services Tax (GST) penalty and outstanding bank dues.

Financial Performance

Revenue from operations for FY26 stood at ₹1,239.28 lakh, compared to ₹1,226.17 lakh in FY25. Total income for the year was ₹1,239.28 lakh, while total expenses were ₹1,222.95 lakh. The company reported a profit before tax of ₹16.33 lakh for the year ended March 31, 2026. For the half-year ended March 31, 2026, the company recorded a net profit of ₹8.01 lakh on revenue of ₹453.43 lakh.

Audit Qualifications

The auditors highlighted two major issues. First, the Joint Commissioner, Adjudication, CGST Delhi North, levied a penalty of ₹2,223.54 lakh on the company, alleging it is a non-genuine taxable entity involved in fraudulent Input Tax Credit (ITC) availment. The management has not recognized any provision for this liability, stating it intends to pursue legal remedies. The auditors disagreed with this stance, noting that if the provision were recognized, the profit for the year would be reduced by ₹2,223.54 lakh, turning the net profit into a substantial loss and casting significant doubt on the company's status as a going concern.

Second, the company defaulted on a credit facility of ₹2 crore with Axis Bank Limited, with an outstanding aggregate amount of ₹2.06 crore as of the balance sheet date. The bank has applied to the Debt Recovery Tribunal (DRT) for recovery, and the company is restrained from selling a mortgaged property. The next hearing is scheduled for July 28, 2026. The company has not made any provision for the interest payable on this outstanding amount.

Operational Details

The board meeting to approve these results was held on May 30, 2026. The auditors also noted that stock worth ₹304.44 lakh is located at premises sealed by Axis Bank, preventing physical verification. Additionally, the company's GST registration in Delhi was cancelled in August 2021, and it has since established operations in Gujarat.