Risa International Ltd. held its board meeting on August 13, announcing key financial results and corporate decisions. The company reported a widening net loss for the first quarter ended June 30 and made significant changes to its auditing team.

Financial Performance

The Mumbai-based company reported a net loss of Rs. 14.89 lakhs for the quarter ended June 30. This marks an increase in losses compared to the same period last year when the company reported a net loss of Rs. 11.92 lakhs. The financial results, which remain unaudited, were reviewed by the Audit Committee and approved by the Board of Directors.

Key Corporate Decisions

Annual General Meeting

The board has scheduled the 31st Annual General Meeting (AGM) for September 22, at 1:30 PM. The AGM will be conducted through Video Conferencing or Other Audio Visual Means (VC/OAVM).

Change in Statutory Auditors

In a significant move, Risa International has appointed M/s. Motilal & Associates LLP, Chartered Accountants (Registration No. 106584W/W100751), as the new Statutory Auditors of the company. The appointment is for a consecutive term of five years, subject to shareholder approval at the upcoming AGM.

This change comes as the term of the previous auditors, M/s AMS & Co, Chartered Accountants (Registration No. 130878W), concluded after completing their five-year tenure.

Director's Report Approval

The board has also approved the Director's Report for the financial year ended March 31, which will be presented to shareholders at the upcoming AGM.

Capital Structure

As of the latest report, Risa International's paid-up equity share capital stands at Rs. 3,190.01 lakhs, with shares having a face value of Rs. 2 each.

The board meeting, which commenced at 3:00 PM, concluded at 4:00 PM. The company has made these disclosures in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.