Virgo Global Limited accepted the resignations of Ms. Payal Jain and Mr. Prabhaker Reddy Aedla as Independent Directors effective from the close of business hours on July 16, 2026. The resignations were submitted due to pre-occupation and personal commitments, as disclosed in a regulatory filing. The company confirmed that both directors provided detailed reasons and confirmed the absence of other material factors for their departure.

The intimation was made to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure included the specific reasons for the cessation of their roles and confirmation that no other material reasons existed beyond those stated in their resignation letters.

Ms. Payal Jain cited pre-occupation and other personal commitments as the reasons for her resignation. Mr. Prabhaker Reddy Aedla also cited pre-occupation as the primary reason for stepping down. Both individuals submitted their resignation letters dated July 15, 2026, to the Board of Directors.

The following table summarizes the details of the resignations:

The resignations were formally acknowledged by Rajesh Gandhi, Director of Virgo Global Limited, on behalf of the company. The filing confirmed that the necessary disclosures pursuant to Regulation 30 and Para A(7B) of Part A of Schedule III of SEBI Listing Regulations, 2015, have been enclosed.

The Board of Directors of Virgo Global Limited convened a meeting on Saturday, April 18, 2026, wherein it approved the audited standalone financial results for the quarter and year ended March 31, 2026, prepared in accordance with Indian Accounting Standards (Ind AS). The statutory audit was conducted by M/s. Sharad Chandra Toshniwal & Co., Chartered Accountants, who issued an audit report carrying an unmodified opinion on the financial results.

Financial Performance: Quarter and Year Ended March 31, 2026

The company's financial performance for the quarter and full year ended March 31, 2026 reflects a significant contraction in revenues and a swing to a net loss at the annual level. The following table summarises the key financial metrics:

For the full year ended March 31, 2026, Virgo Global reported revenue from operations of Rs. 91.84 lakhs, a sharp decline compared to Rs. 446.57 lakhs in the previous year. The company posted a net loss of Rs. 23.34 lakhs for FY26, reversing a net profit of Rs. 0.33 lakhs recorded in FY25. The paid-up equity share capital stood at Rs. 420.17 lakhs, while reserves (excluding revaluation reserves) stood at Rs. (362.51) lakhs as at March 31, 2026.

Statement of Assets and Liabilities

The company's balance sheet as at March 31, 2026 reflects total assets and total equity and liabilities of Rs. 840.54 lakhs, compared to Rs. 926.12 lakhs as at March 31, 2025. Key balance sheet items are presented below:

Net cash from operating activities for the year ended March 31, 2026 stood at Rs. (13.25) lakhs, compared to Rs. 252.83 lakhs in the previous year. Cash and cash equivalents at the end of the year were Rs. 5.69 lakhs, against Rs. 18.94 lakhs at the beginning of the year.

Scheme of Reduction of Capital

In a significant corporate action, the board approved a Scheme of Reduction of Capital between the company and its shareholders and creditors, under Section 66 and other applicable provisions of the Companies Act, 2013. The scheme is designed to extinguish the debit balance of accumulated losses by setting them off against the paid-up equity share capital, thereby restoring the balance sheet to reflect the true and fair financial position of the company.

The quantitative impact of the proposed scheme is as follows:

The board noted that the accumulated losses have eroded the company's net worth and created a structural impediment to accessing capital markets and institutional finance. The scheme is intended to present a clean balance sheet, restore the company's eligibility to approach capital markets, and facilitate future fundraising. The board's approval is subject to shareholder approval, confirmation by the Hyderabad Bench of the National Company Law Tribunal (NCLT), and such other statutory and regulatory approvals as may be required.

Extraordinary General Meeting and E-Voting

To seek shareholder approval for the capital reduction scheme, the board approved the convening of an Extraordinary General Meeting (EGM) on Friday, May 15, 2026 at 11:00 A.M. through video conferencing/other audio-visual means. Key dates related to the EGM process are summarised below:

The company also informed BSE Limited that the provisions of Regulation 23(9) of SEBI (LODR) Regulations, 2015 relating to disclosure of related party transactions are not applicable to it, as the paid-up equity share capital of the company is Rs. 4,20,17,200 (not exceeding rupees ten crore) and net worth is Rs. 57,65,855 (not exceeding rupees twenty five crore) as per the latest audited financial statements.