Unitech Limited's Chief Financial Officer, Tajinder Pal Singh Madan, has resigned from his position effective the close of working hours on May 29, 2026. The company's board of directors accepted the resignation during a meeting held on May 28, 2026. Madan stated that he is moving out of Gurugram due to personal reasons, which necessitated his departure from the firm.

The resignation was submitted in compliance with Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board confirmed there are no other material reasons for the resignation beyond the personal relocation cited by the executive.

Board Meeting Details

The board meeting to approve the resignation commenced at 12:00 Noon and concluded at 2:00 p.m. on May 28, 2026. The proceedings were formally recorded, and the resignation letter was enclosed as an annexure to the regulatory filing.

Resignation Timeline

The company confirmed that the disclosure was made to adhere to the applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Anuradha Mishra, Company Secretary & Compliance Officer, signed off on the regulatory intimation sent to the exchanges.

Unitech Limited reported a net loss of ₹1,790.05 crore for the fiscal year ended March 31, 2026, narrowing from the previous year's loss of ₹1,850.18 crore. The Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on May 28, 2026. The company's total income for the year stood at ₹3,802.84 crore, while total expenses amounted to ₹18,523.87 crore.

Financial Performance

The standalone financial results for the year ended March 31, 2026, reflect the company's ongoing financial challenges. Revenue from operations was ₹3,409.88 crore, while other income contributed ₹392.96 crore. The company reported a basic and diluted earnings per share (EPS) of ₹(6.84) for the year.

Auditor's Report

G S A & Associates LLP, the statutory auditors, issued a disclaimer of opinion on the standalone financial results. The report cites material uncertainty related to the company's ability to continue as a going concern, citing eroded net worth, incurred losses, and challenges in meeting obligations. The auditors also noted significant legacy issues inherited from the erstwhile management, including the absence of impairment assessments for investments and loans, and the non-recognition of fair value of estimated loss allowances on financial instruments.

The auditors highlighted that the Resolution Framework (RF) for the Unitech group, filed with the Hon’ble Supreme Court, has not yet been approved. Consequently, the impact of proposed reliefs and concessions has not been considered in the books of accounts. Additionally, the company faces 2,431 pending litigations, the financial impact of which is indeterminable.

Operational and Regulatory Updates

The Board noted that the Hon’ble Supreme Court has directed the company and secured creditors to engage in dialogue to explore the possibility of a One Time Settlement (OTS). The Board has held meetings with creditors and placed recommendations before the Court. Furthermore, the Court has directed NOIDA to approve revised layout plans for specific projects, which have been granted.

The company continues to face delays in the payment of dues to lenders, with total outstanding borrowings amounting to ₹10,95,453.02 lakh as on March 31, 2026. The management stated that it is in the process of reconciling balances, conducting physical verification of assets, and assessing the net realizable value of inventories to address the legacy issues.

In compliance with Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Unitech Limited disclosed that the financial results were published in all editions of 'Mint' and 'Veer Arjun' (Delhi edition) on May 29, 2026.