Miven Machine Tools Approves Q1 FY2025-26 Results, Appoints New Secretarial Auditor

Miven Machine Tools Limited , a prominent player in the machine tools industry, held its 203rd Board meeting on August 6, 2025, making several key decisions and approving the unaudited financial results for the first quarter ended June 30, 2025.

Q1 FY2025-26 Financial Results

The Board of Directors approved the unaudited financial results for the first quarter of the financial year 2025-26. While specific financial figures were not disclosed, the company's independent auditor, V. Rao & Gopi Chartered Accountants, provided a qualified review report on the standalone unaudited quarterly financial results.

Auditor's Observations

The auditors highlighted a significant concern regarding the company's financial health. They noted that Miven Machine Tools is incurring losses, with total outside liabilities amounting to ₹584.69 crore exceeding total assets of ₹16.30 crore, resulting in a complete erosion of the company's net worth. Additionally, the company has no tangible Plant, Property and Equipment, and no inventory as of the reporting date.

The auditors expressed material uncertainty relating to the company's ability to continue as a going concern. However, they mentioned that the company has plans for continuing its business, as stated in Note 5 of the unaudited financial results.

Key Board Decisions

Appointment of Secretarial Auditor

The Board appointed M/s. SPP & Associates, Company Secretaries, Hyderabad, as the Secretarial Auditor for five consecutive financial years from 2025-26 to 2029-30.

Internal Audit and Compliance

The Board took note of the Internal Audit Report, regulatory submissions, and statutory compliances for the quarter ended June 30, 2025.

40th Annual General Meeting Preparations

The Board approved various measures for the upcoming 40th Annual General Meeting, including:

• Fixing the record date and/or book closure date
• Appointing a scrutinizer for conducting the AGM
• Setting the cut-off date for voting
• Appointing Central Depository Services (India) Limited (CDSL) for providing e-voting facilities

Corporate Governance

The Board evaluated the performance of its Directors and committees, and took note of the certificate of non-disqualification of Directors.

Financial Reporting

The Director's Report, including the management discussion and analysis report, was approved for the financial year ended March 31, 2025.

Constitutional Changes

The Board noted decisions to seek members' approval for changes to the Memorandum of Association's main object clause and the adoption of a new set of Articles of Association in line with the Companies Act, 2013.

Looking Ahead

Despite the auditor's concerns about the company's financial health, Miven Machine Tools Limited appears to be taking steps to address its challenges and maintain transparency with its stakeholders. The upcoming Annual General Meeting will likely be a crucial event for shareholders to gain more insights into the company's plans for financial recovery and future growth strategies.

Investors and stakeholders will be keenly watching how Miven Machine Tools navigates its current financial situation and implements strategies to improve its business performance in the coming quarters.