Williamson Magor & Co. Limited has appointed Mr. Arup Pal and Mr. Subhajit Majumdar as Additional Directors (Non-Executive & Non-Independent) of the company effective July 22, 2026. The decision was taken by the Board of Directors pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that both individuals are not debarred from holding the office of director by virtue of any SEBI order or any other such authority.

Mr. Arup Pal holds a DIN of 11807824. Aged about 32 years, he holds a B.Com (Hons.) degree and possesses more than eight years of experience in Accounts and Purchase Department functions. His previous professional engagements include stints at reputed organizations such as Assam Company India Ltd. and Travelaids India.

Mr. Subhajit Majumdar holds a DIN of 11807464. He is a Bachelor of Science aged about 47 years with over twenty years of experience in the Accounts and Commercial Department. His professional background includes working with reputed organizations like McLeod Russel India Ltd. There is no disclosed relationship between the directors and other board members.

Director Profiles

Williamson Magor & Co. Limited reported a net loss of ₹12,541 thousand for the quarter ended March 31, 2026, compared to a net loss of ₹22,98,696 thousand in the same period of the previous year. Total revenue from operations for the quarter stood at ₹1,967 thousand, while total income was ₹4,669 thousand. For the full financial year ended March 31, 2026, the company reported a net loss of ₹15,14,104 thousand on a total income of ₹15,27,479 thousand.

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 26, 2026. The results were reviewed by the Audit Committee and Statutory Auditors. The company has published the extract of the audited standalone and consolidated financial results in newspapers on May 28, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Auditor's Qualified Opinion

M/s. V. Singhi & Associates, Statutory Auditors, issued a qualified opinion on the standalone financial results. The report highlights a material uncertainty related to the company's ability to continue as a going concern. The auditors noted that the net worth has been fully eroded, and the company's ability to continue depends upon the availability of finance and future profitability. The financial statements do not adequately disclose this matter, and the use of the going concern assumption is not adequately supported as per Indian Accounting Standard 1.

Non-Recognition of Interest Expense

The auditors drew attention to the non-recognition of interest expenses on secured borrowings from financial institutions and unsecured inter-corporate borrowings. Interest expense on inter-corporate borrowings amounting to ₹1,05,962 thousand for the quarter and ₹4,29,251 thousand for the year ended March 31, 2026, has not been recognised. Consequently, finance cost, total comprehensive loss, and liability on account of interest are understated.

Other Qualifications and Disclosures

The audit report also noted defaults in the repayment of principal and interest on debt securities and borrowings. Certain balances of receivables, loans, and liabilities lack reconciliation and confirmation, making adjustments not ascertainable. Additionally, deferred tax assets of ₹12,65,137 thousand have been recognised, but the auditors stated that the threshold of reasonable certainty has not been met, leading to an overstatement of these assets and total comprehensive income.

The Reserve Bank of India cancelled the company's registration as a Non-Banking Financial Company due to the erosion of net worth. The company has filed a writ petition before the Calcutta High Court for restoration of the licence, which is sub judice.