IFL Enterprises Limited (ISIN: INE714U01024) has announced significant changes in its auditing structure and released its financial results for the quarter ended September 30, 2025, accompanied by a disclaimer opinion from the auditors.

New Statutory Auditor Appointment

The company has appointed M/s. Chandabhoy & Jassoobhoy, Chartered Accountants (Firm Reg. No 101648W), as its new statutory auditors. This change comes following CA Parin Patwari's transition to a partnership role within Chandabhoy & Jassoobhoy, effective August 1, 2025. The Board has resolved to seek necessary shareholder approval for this appointment.

Financial Results and Auditor's Disclaimer

IFL Enterprises reported the following key financial figures for Q2 2025:

However, the statutory auditors issued a disclaimer of opinion, citing several concerns:

1. Lack of satisfactory supporting documents for sales, purchases, inventory valuation, and trade receivables confirmation.
2. Absence of a fixed assets register, affecting the verification of depreciation and deferred tax liabilities/assets.
3. Unsecured loans without charged interest and missing loan agreements.
4. Non-disclosure of MSME classification for trade payables.
5. Unconfirmed trade receivables and advances to suppliers.

Management's Response

The company's management has acknowledged these issues and stated their commitment to addressing them. They are taking steps to ensure full cooperation with auditors and to provide all necessary information for future verification processes.

Balance Sheet Highlights

As of September 30, 2025, IFL Enterprises reported:

Cash Flow and Operations

The cash flow statement reveals significant activities in operating, investing, and financing areas. However, the disclaimer opinion raises questions about the reliability of these figures.

Conclusion

While IFL Enterprises shows growth in revenue and profitability compared to the previous year, the disclaimer opinion from auditors highlights significant concerns about the company's financial reporting and internal controls. Investors and stakeholders should exercise caution and seek further clarification on these issues before making any investment decisions.

The company's ability to address these audit concerns in the coming quarters will be crucial for restoring confidence in its financial reporting and corporate governance practices.

IFL Enterprises Limited has announced significant changes to its leadership and corporate governance structure following a board meeting held on September 8, 2025. The company, which specializes in trading paper products and securities, has made key appointments and set the stage for its upcoming Annual General Meeting (AGM).

New Leadership Appointments

The Board of Directors has appointed Mr. Didawala Akshay Kumar Shailendra as an Additional Director in the capacity of Managing Director and Chief Financial Officer (CFO) of the company. Mr. Shailendra brings over three years of experience as a Commission Agent at the Agriculture Produce Market Committee (APMC), with expertise in agricultural commodity trading and market operations.

Annual General Meeting Preparations

IFL Enterprises has approved the notice for its 16th AGM, along with the Director's Report and accompanying annexures for the financial year ended March 31, 2025. The company has also appointed M/s. Amit Saxena & Associates, Practicing Company Secretaries, as the scrutinizer for the remote e-voting process to be conducted for the upcoming AGM.

Corporate Governance Enhancement

In a move to strengthen its corporate governance practices, the Board has approved the appointment of M/s. Divya Mohta & Associates as the Secretarial Auditor for a term of five consecutive years, subject to shareholder approval at the AGM. This appointment covers the financial years from 2025-26 to 2029-30.

AGM Details

The 16th Annual General Meeting of IFL Enterprises Limited is scheduled to be held on Tuesday, September 30, 2025, at 1:30 P.M. (IST) through Video Conferencing (VC) or Other Audio-Visual Means (OAVM). The company has set September 23, 2025, as the cut-off date for determining shareholder eligibility for e-voting.

E-Voting Information

Shareholders will have the opportunity to cast their votes electronically, with the remote e-voting period commencing on September 27, 2025, at 9:00 A.M. and concluding on September 29, 2025, at 5:00 P.M. The e-voting facility will be provided by Central Depository Services (India) Limited (CDSL).