Milestone furniture Limited has successfully concluded its board meeting on March 18, 2026, approving the unaudited financial results for the half year ended September 30, 2023. The meeting took place at the company's registered office in Mumbai, with directors transacting key agenda items focusing primarily on financial results approval and regulatory compliance.

Board Meeting Outcome

The board meeting commenced at 11:00 AM and concluded at 3:00 PM on Wednesday, March 18, 2026. The directors approved the unaudited financial results pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015, along with the limited review report for the half year ended September 30, 2023.

Financial Performance Highlights

The company reported a net loss of ₹28.47 lakh for the half year ended September 30, 2023, with basic earnings per share of ₹(0.31). The financial results show operational challenges during the reporting period, with total expenses of ₹28.47 lakh primarily comprising depreciation of ₹24.09 lakh and other expenses of ₹4.37 lakh.

Balance Sheet Position

As of September 30, 2023, the company maintained total assets of ₹2,580.38 lakh compared to ₹2,604.47 lakh as of March 31, 2023. The equity base stood at ₹2,530.02 lakh, reflecting the impact of the reported loss.

Regulatory Compliance and Exemptions

The company informed BSE Limited about the non-applicability of Regulation 23(9) disclosure requirements for related party transactions. This exemption applies as the company's paid-up equity share capital and net worth do not exceed the prescribed threshold limits of ₹10 crores and ₹25 crores respectively.

Auditor's Review Report

R. Daga & Company, Chartered Accountants, served as the statutory auditors for the limited review. However, the auditors noted significant challenges in their review report, citing a standoff between new and old management. The new management has been unable to provide complete evidence and information on all assets and liabilities recorded in the financial statements, as they are still seeking clarity on the company's financial position from the previous management.

Mayank Rasiklal Kotadia, Whole Time Director with DIN 07484438, signed the outcome documents on behalf of Milestone Furniture Limited, ensuring compliance with BSE listing requirements.

Milestone Furniture Limited has announced the resignation of its Executive Director Mr. Vivek Yogeshwar Sonar, effective from the closing of business hours on 16/03/2026. The company has informed the Bombay Stock Exchange about this key management change in compliance with regulatory requirements.

Executive Director Departure Details

Mr. Vivek Yogeshwar Sonar (DIN: 07735643) has tendered his resignation from the position of Executive Director due to personal reasons. The resignation becomes effective from the closing of business hours on 16/03/2026.

Regulatory Filing and Documentation

The company has filed a formal intimation with the Bombay Stock Exchange under Regulation 30 of SEBI (LODR) Regulations, 2015. The filing includes comprehensive documentation including the resignation letter and required disclosures under Schedule III of the regulations.

The announcement was signed by Mayank Rasiklal Kotadia, Whole Time Director (DIN: 07484438), on behalf of Milestone Furniture Limited. The company operates under CIN: L36912MH2014PLC254131 with its registered office located at Level 4, DYNASTY Business Park, A wing, Andheri-Kurla Road, J.B. Nagar, Mumbai.

Resignation Letter and Confirmation

In his resignation letter dated 16/03/2026, Mr. Sonar expressed sincere gratitude to the Board of Directors and management for their support and cooperation during his tenure with the company. He confirmed that there are no material reasons for his resignation other than the personal reasons cited.

The company has acknowledged Mr. Sonar's valuable services during his tenure as Executive Director and confirmed that there are no other material reasons for the resignation beyond those mentioned in the resignation letter.

Company Response and Next Steps

Milestone Furniture Limited has requested the stock exchange to acknowledge receipt of the intimation and take the same on record. The company has also indicated that necessary forms will be filed with the Ministry of Corporate Affairs as required under applicable regulations.

The resignation filing demonstrates the company's commitment to maintaining transparency and regulatory compliance in its corporate governance practices.