SecUR Credentials Limited accepted the resignation of its Chief Financial Officer, Soni Radheymohan Agarwal, effective September 1, 2026. The departure follows a formal letter submitted by Agarwal to the Board of Directors citing pre-occupation in other professional engagements.

The company notified the BSE and NSE on September 3, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was signed by Director Yogesh Kumar.

Resignation Details

Agarwal’s resignation took effect at the close of business hours on September 1, 2026. In his resignation letter dated September 1, 2026, Agarwal confirmed he had no disagreements with the Board, management, or any stakeholder of the company. He also stated he held no claims against the company except for legitimate dues outstanding in the ordinary course and payable under applicable laws.

Regulatory Compliance

The filing references SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The company enclosed Annexure A with the exchange notification, detailing the cessation of Agarwal’s role as Key Managerial Personnel. No appointment of a successor was disclosed in this filing.

SecUR Credentials Limited reported a standalone net loss of ₹804.13 lakh for FY25, significantly widening from a loss of ₹245.50 lakh in FY24, as revenue from operations collapsed to ₹55.25 lakh from ₹2,812.89 lakh in the prior year. The deterioration in financial performance is compounded by a qualified audit opinion from statutory auditors JPMD & Associates, who cited critical deficiencies in documentation, unverified receivables, and regulatory scrutiny regarding past transactions.

The Board of Directors approved the audited financial results for Q4FY25 and FY25 on August 05, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board also approved the notice for the 24th Annual General Meeting (AGM) to be held via Video Conferencing/Other Audio Visual Means (VC/OAVM) and appointed Ms. Prachi Bansal as the scrutinizer for remote e-voting. Additionally, the Board approved shifting the company’s registered office within Maharashtra to Raikar Chambers, Govandi East, effective August 05, 2026.

Financial Performance

Revenue from operations plummeted to ₹59.14 lakh in Q4FY25 compared to ₹407.34 lakh in Q4FY24, while other income dropped sharply to ₹5.35 lakh from ₹435.67 lakh. Total income for the quarter stood at ₹64.49 lakh against total expenses of ₹137.05 lakh, resulting in a pre-tax loss of ₹72.56 lakh. For the full year, total expenses reached ₹885.40 lakh, driven primarily by employee benefits of ₹177.14 lakh, finance costs of ₹155.97 lakh, and other expenses of ₹317.86 lakh.

Cash and cash equivalents at the end of FY25 stood at ₹206.74 lakh, down from ₹273.36 lakh in FY24. Total assets decreased to ₹6,590.77 lakh from ₹7,663.14 lakh, while total equity declined to ₹3,461.18 lakh from ₹4,265.30 lakh.

Basis for Qualified Opinion

JPMD & Associates, the statutory auditors, issued a qualified opinion due to multiple material uncertainties. Key issues include:

• Director’s Ledger: A debit balance of ₹116.12 lakh in the director’s ledger account lacks supporting invoices or vouchers, raising questions about recoverability and compliance with Ind AS 37.
• Unbilled Revenue: No invoices have been raised for unbilled revenue balances, preventing verification under Ind AS 115.
• SEBI Interim Order: The company received an interim order from SEBI regarding alleged fictitious transactions involving Varanium Cloud Ltd. and its director Harshvardhan Samble. Sales reversed via credit notes amounting to an undisclosed value were attributed to project cancellations, but no correspondence beyond a representation letter was provided.
• Missing Documentation: The auditors could not verify statutory dues, major expenditures, or third-party confirmations for trade payables and receivables. Additionally, no Expected Credit Loss provision was made on advances, violating Ind AS 109.
• Long-standing Advances: An advance payment of ₹559.70 lakh for acquiring immovable property remains outstanding since previous years without any acquisition having taken place.

Management stated that the financial impact of these qualifications cannot be reasonably quantified at this stage due to pending reconciliations and missing documents. The auditors confirmed that sufficient appropriate evidence was unavailable to determine the consequential impact on the financial statements.