Velox Shipping and Logistics Limited , formerly known as Velox Industries Limited, has announced its unaudited financial results for the quarter and half-year ended September 30, 2025, along with plans for a significant international acquisition. The company's board of directors approved these developments in a meeting held on November 14, 2025.

Acquisition Plans

In a strategic move to expand its international presence, Velox Shipping and Logistics has signed a term sheet to acquire a 98% stake in International Logistics Associates LLC (ILA), a US-based logistics company. The acquisition, valued at USD 4,47,860, is expected to be completed by December 2026.

Key Details of the Acquisition:

ILA, incorporated on October 15, 2013, specializes in freight contracting, shipping agency services, and other logistics-related activities. This acquisition aligns with Velox's strategy to establish and expand its operations in international markets.

Financial Results

While specific figures from the Q2 results were not provided in the available data, the company has submitted its unaudited financial results for the quarter and half-year ended September 30, 2025, to the stock exchange. These results have been reviewed by the company's statutory auditors, Bilimoria Mehta & Co.

Other Board Decisions

In addition to approving the quarterly results and the acquisition plan, the board also decided to waive off penal interest on inter-corporate deposits given by the company. This decision may impact the company's financial statements, although the extent of this impact is not specified in the available information.

Regulatory Compliance

Velox Shipping and Logistics has affirmed its compliance with regulatory requirements, including those under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also submitted a statement on the utilization of funds raised through a preferential allotment, confirming that there has been no deviation from the stated objectives as of September 30, 2025.

Investors and stakeholders are advised to monitor further announcements from the company for more detailed financial information and updates on the progress of the acquisition.

Velox Shipping and Logistics Limited , formerly known as Velox Industries Limited, held a crucial board meeting on August 12, 2025, addressing several key matters. The meeting, which lasted for 35 minutes from 5:20 PM to 5:55 PM, saw the board approving the unaudited financial results for the quarter ended June 30, 2025.

Financial Results and Audit Review

The board reviewed and approved the standalone unaudited financial results for Q2 2025. These results were subject to a limited review by the company's statutory auditors, Bilimoria Mehta & Co, Chartered Accountants. The auditors, in their report, stated that nothing came to their attention that would cause them to believe that the financial results were not prepared in accordance with applicable accounting standards and regulations.

New Secretarial Auditor Appointment

In a move to strengthen its corporate governance, Velox Shipping and Logistics appointed M/s. Hiren Gediya & Associates, Practising Company Secretaries, as the Secretarial Auditor for the financial year 2024-25. This appointment underscores the company's commitment to maintaining robust compliance and secretarial practices.

Preferential Allotment Funds Update

The board also provided an update on the utilization of funds raised through a preferential allotment. Velox Shipping and Logistics had raised Rs. 762.50 million through a preferential issue of equity shares on August 26, 2022. Notably, as of June 30, 2025, these funds remain completely unutilized. The company confirmed that there has been no deviation or variation in the use of these proceeds from the objects stated in the original offer document.

Compliance with Regulatory Requirements

In line with SEBI regulations, the company filed a 'Nil Statement' on deviation or variation in the utilization of funds raised through the preferential allotment. This statement was reviewed by the Audit Committee of the company, ensuring transparency and adherence to regulatory norms.

The board meeting and its outcomes reflect Velox Shipping and Logistics' commitment to financial transparency, regulatory compliance, and corporate governance. As the company moves forward, stakeholders will be keen to observe how it utilizes the raised funds and its performance in the coming quarters.