prag bosimi synthetics has appointed Megha Nidhi Dahal as its Chairman and Nominee Director, effective August 10, 2026. The appointment marks a leadership transition at the state-owned textile firm, driven by administrative directives from the Government of Assam rather than internal corporate strategy shifts. This change ensures continuity in government oversight while introducing an administrator with extensive experience in industrial development and municipal governance to the Board.

The company disclosed the change on August 11, 2026, citing Notification no. ECF no. 780232/23 dated July 16, 2026, from the Government of Assam. The notification was received by the company on August 10, 2026. Dahal succeeds Shri Hivare Nisarg Gautam as Chairman. The filing was submitted under Regulation 30 of the SEBI (LODR) Regulations, 2015, to the Bombay Stock Exchange Limited.

Megha Nidhi Dahal is an Indian Administrative Service (IAS) officer of the 2015 batch. He currently serves as the Managing Director of Assam Industrial Development Corporation Limited (AIDC). His professional background includes significant roles in public administration, including serving as the Commissioner for Guwahati Municipal Corporation and the Transport Commissioner for the Government of Assam. Dahal holds a DIN number of 09767989.

Director Profile Details

Dahal currently holds directorships in eight entities, including limited companies, private limited firms, and foundations. He also serves as a Chairman or member of the Board Committee in two other companies. The filing confirms that he holds no shares in Prag Bosimi Synthetics Limited and has no inter-se relationship with other directors or key managerial personnel of the company.

Governance Implications

The appointment reflects the standard governance structure of state-owned enterprises where key board positions are filled by government nominees. Dahal’s extensive portfolio, including his role as MD of AIDC and his previous tenure as Transport Commissioner, suggests a focus on regulatory compliance and industrial policy alignment. With eight outside directorships, his availability for board duties will be managed alongside his primary government responsibilities. The company stated that further brief details regarding the Chairman would be shared once received from the Government of Assam.

Prag Bosimi Synthetics Limited has reported its audited standalone and consolidated financial results for the year ended March 31, 2026. The company's Board of Directors approved the results during a meeting held on May 29, 2026. The filing reveals significant financial stress, with the auditor flagging a material uncertainty related to the company's ability to continue as a going concern due to negative net worth.

The statutory auditor, Rama K Gupta & Co., stated that the net worth of the company stands negative as on March 31, 2026, and has been negative since FY 2024-25. This situation arose primarily due to accumulated losses over past financial years and continued operational deficits. The report indicates that the company may experience working capital constraints, reduced vendor credit terms, and difficulties in meeting statutory obligations and external borrowings. Despite these challenges, the auditor's opinion remains unmodified.

Key Audit Matters and Emphasis

The auditor identified several key matters and areas of emphasis requiring management's attention. These include the non-payment of interest on Optionally Convertible Cumulative Debentures (OCCD) and dividend on Redeemable Cumulative Preference Shares (RCPS), which have been provided for but not paid. Additionally, the auditor pointed out unreconciled GST input ledger balances and a call-in arrear amounting to Rs.312 thousand pending realization from shareholders.

Further emphasis was placed on trade receivables where provisions for bad and doubtful debts have not been reviewed despite nil recovery, and advances receivable under non-current long-term loans carried at the same balance for several years without review. The auditor also noted that trade payables and their MSME classifications were carried forward from the previous year without confirmation from creditors.

Financial Adjustments and Compliance

During the year, the company made an adjustment to its Property, Plant and Equipment, writing off Rs. 18,352 thousand. This write-off was necessary because the carrying amount of certain assets exceeded their estimated residual value even after the expiry of their useful lives as prescribed under Schedule II of the Companies Act, 2013.

The company reported cash losses amounting to Rs. 58,448 thousand for the financial year ended March 31, 2026, compared to Rs. 73,611 thousand in the previous year. The Board also appointed M/s Bharat Sharoff and Co. as internal auditors for the F.Y 2026-2027. The results were published in newspapers including Financial Express and Dainadin Barta on May 30, 2026, as per Regulation 47(1)(b) of SEBI (LODR) Regulations 2015.