IFL Enterprises Limited accepted the resignation of Gurdeep Singh from the post of Company Secretary and Compliance Officer effective June 17, 2026. The Board of Directors noted the resignation, which is effective from the close of business hours on the specified date, and placed on record its appreciation for his contributions during his tenure. This development impacts the company's compliance and secretarial functions as it transitions to new leadership for these roles.

Singh cited personal reasons and other professional commitments for stepping down from his position as Key Managerial Personnel. In his resignation letter, he confirmed there are no other material reasons for his departure and requested the company to complete all necessary formalities, including the filing of required forms with the Ministry of Corporate Affairs and intimating relevant authorities. The company disclosed that there are no other material reasons for the departure beyond those stated by Singh.

The disclosure was submitted to BSE Limited pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The filing also referenced SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, regarding the details of the cessation. The intimation was signed by Akshaykumar Shaiendra Didawala, Managing Director & CFO.

Details of Cessation

IF Enterprises Limited reported a net loss of ₹342.79 lakh for the financial year ended March 31, 2026, reversing the net profit of ₹288.43 lakh recorded in FY25. Revenue from operations rose to ₹7110.14 lakh from ₹6848.16 lakh in the previous year. The board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on May 27, 2026. The company's statutory auditors, Chandabhoj & Jassoobhoy Chartered Accountants, issued a disclaimer of opinion on the standalone financial results due to the inability to obtain sufficient appropriate audit evidence regarding sales, purchases, inventory valuation, and trade receivables.

Financial Performance

For the quarter ended March 31, 2026, the company reported a net loss of ₹919.40 lakh on a total revenue of ₹2917.43 lakh. In comparison, the corresponding quarter in the previous year saw a net profit of ₹259.52 lakh on revenue of ₹2227.49 lakh. Total expenses for the quarter increased significantly to ₹4030.76 lakh from ₹1879.93 lakh in the prior year quarter. The full-year figures show a widening of losses compared to the net profit of ₹288.43 lakh recorded in FY25.

Audit Qualifications and Key Observations

The auditors highlighted several material issues preventing them from expressing an opinion on the financial results. Key disclaimers include the absence of satisfactory supporting documents for the completeness of sales and purchase transactions, unavailability of a fixed assets register, and unsecured loans without charged interest or relevant agreements. Additionally, the company failed to provide bifurcation of trade payables under the MSMED Act, and trade receivables remained unconfirmed by debtors. The auditors noted that advances to suppliers were also unconfirmed, raising concerns about the reliability of liabilities and assets.

Consolidated Results

On a consolidated basis, the company reported a net loss of ₹367.56 lakh for FY26, with total revenue at ₹7332.78 lakh. The auditors similarly issued a disclaimer of opinion on the consolidated financial results, citing issues such as the lack of GST reconciliation, absence of warehouse facilities or goods inward reports, and unconfirmed sales transactions lacking E-Way Bills. The consolidated results include the financials of subsidiary Yamunashtakam Tradeventures Private Limited, for which updated audited information was not provided.