USG Tech Solutions announced the cessation of Mr. Anshul Gupta as Additional Independent Director effective September 11, 2026. The departure follows a failure to regularize his appointment within the statutory timeline mandated by SEBI regulations.

Mr. Gupta was initially appointed as an Additional Director on May 28, 2026. However, the company disclosed that his tenure could not be regularized as per Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Consequently, his office stands vacated.

Regulatory Compliance

The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company intimated both the Bombay Stock Exchange and the Calcutta Stock Exchange regarding the vacancy.

Servesh Gupta, Managing Director of USG Tech Solutions, signed the disclosure dated September 11, 2026.

USG Tech Solutions reported a standalone net loss of ₹16.87 lakh for the financial year ended March 31, 2026 (FY26), a significant improvement from the ₹46.75 lakh loss recorded in FY25. The company generated zero revenue from operations during the period, relying entirely on other income sources to offset its operating expenses.

The firm's 27th Annual General Meeting (AGM) is scheduled for September 30, 2026. Shareholders will vote on the adoption of audited financial statements, the re-appointment of Executive Director Ms. Ashima Gupta, and the appointment of M/s MJRA & Associates as statutory auditors for five years.

Financial Performance

USG Tech Solutions recorded ₹0 in total turnover for both FY26 and FY25. Total revenue was derived solely from other income, which stood at ₹0.59 lakh in FY26, down from ₹0.80 lakh in the previous year.

Total expenses declined sharply to ₹17.46 lakh in FY26 from ₹47.55 lakh in FY25. This reduction was driven primarily by a drop in employee benefit expenses, which fell to ₹4.34 lakh from ₹10.33 lakh, and other expenses, which decreased to ₹12.75 lakh from ₹36.76 lakh. Depreciation charges remained relatively stable at ₹0.37 lakh compared to ₹0.46 lakh in FY25.

Consolidated Results

On a consolidated basis, the group reported a net loss of ₹37.02 lakh for FY26, improving from a loss of ₹64.42 lakh in FY25. Consolidated revenue remained at ₹0.59 lakh, matching the standalone figure as there were no inter-company eliminations affecting the top line. Finance costs contributed significantly to the consolidated loss, amounting to ₹17.31 lakh in FY26, up from ₹15.93 lakh in FY25.

Corporate Governance and Compliance

The Board of Directors decided not to recommend any dividend for FY26 due to the incurred losses. The entire loss for the year was transferred to reserves.

The secretarial audit report highlighted several compliance deviations. Independent Directors Mr. Venu Gopal Reddy and Mr. Ashish Gupta were found ineligible as they had not passed the mandatory self-assessment test conducted by the Indian Institute of Corporate Affairs (IICA). Consequently, the composition of the Board, Audit Committee, and Nomination and Remuneration Committee did not meet regulatory requirements regarding independent director majorities.

Additionally, the office of the Company Secretary remained vacant for three months from December 17, 2025, exceeding the timeline prescribed under SEBI Listing Regulations. Similarly, the Chief Financial Officer position was vacant for three months starting November 14, 2025.

What the Numbers Show

The divergence between the standalone and consolidated results highlights the cost of capital within the group structure. While the standalone entity reduced its operational burn rate significantly—cutting employee and other expenses by over 50%—the consolidated view reveals that finance costs of ₹17.31 lakh are a primary driver of the group's losses. This suggests that while the holding company is successfully minimizing direct operating expenditures, interest obligations on borrowings continue to exert substantial pressure on the group's bottom line.

The auditors also drew attention to an outstanding unsecured loan from IKF Technology Ltd., which is currently undergoing insolvency proceedings. While management stated there has been no demand for immediate repayment, the outcome of these insolvency proceedings could materially impact future settlement terms.