Sterling Green Woods Limited, a real estate and hospitality company, has announced its financial results for the first quarter, revealing a loss and several key appointments. The company's Board of Directors approved the unaudited financial results in a meeting held on August 14.

Financial Performance

Sterling Greenwoods reported a standalone loss of Rs. 48.05 lakhs for the quarter. On a consolidated basis, the loss stood at Rs. 48.12 lakhs. The company's performance was impacted by the absence of net sales from operations during the quarter. However, it recorded other operating income of Rs. 1.65 lakhs.

Key Financial Metrics

Appointment of Auditors

The Board made several key appointments during the meeting:

1. Statutory Auditors: M/s. Nahta Jain & Associates have been appointed as statutory auditors for a period of five years. The firm brings 35 years of experience in audits, taxation, and company law matters.

2. Secretarial Auditor: Mr. Kinjal Shah, a Practicing Company Secretary, has been appointed as the secretarial auditor. Mr. Shah specializes in corporate law matters and is based in Ahmedabad.

3. Internal Auditor: M/s. M.P. Sutaria & Co., Chartered Accountants, have been appointed as internal auditors. The firm is expected to enhance internal controls and strengthen financial oversight.

Business Transition

Sterling Greenwoods is currently undergoing a business model transition following a lease agreement with Pushpadevi Goenka Trust dated April 1, 2024. As a result of this transition, the company has not presented segment-wise revenue, results, and capital employed for the current period.

Auditor's Note

The company's auditors noted that Sterling Greenwoods has not charged lease income of Rs. 45 lakhs due for the quarter. If booked, this would have reduced the reported loss by the same amount. The company's management is expected to address this in future financial statements.

Sterling Greenwoods Limited continues to navigate its business transition while focusing on strengthening its financial and auditing processes through these new appointments.

Sterling Green Woods Limited, a company known for its real estate developments including townships, apartments, clubs, and resorts, has announced a significant change in its leadership. Bharatkumar Lekhi, the company's Managing Director and Key Managerial Personnel, has tendered his resignation, effective August 11, 2025.

Resignation Details

In a regulatory filing to the BSE Limited, Sterling Greenwoods Limited disclosed that Lekhi's decision to step down is primarily due to health issues. The company, acknowledging Lekhi's valuable contributions during his tenure, accepted his resignation from the positions of Managing Director and Key Managerial Personnel.

Health Concerns Prompt Decision

In his resignation letter, Bharatkumar Lekhi stated, "Last few months I am not keeping good health." This health concern appears to be the driving factor behind his decision to step away from his leadership role at Sterling Greenwoods Limited.

Additional Resignations

Lekhi has also requested the company to remove his name as Director from other associated companies of Sterling Greenwoods Limited, including Sterling Resorts Private Limited and Greenwoods Organisers, with immediate effect.

Company's Response

Sterling Greenwoods Limited expressed its appreciation for Lekhi's services during his time with the company. The regulatory notification to BSE Limited regarding this leadership change was signed by Narender Saini, the Whole-time Director of the company.

Regulatory Compliance

The company has made this announcement in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details of Lekhi's resignation were provided as per SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Looking Ahead

As Sterling Greenwoods Limited navigates this leadership transition, stakeholders will be keen to see how the company moves forward and who might step into the role vacated by Bharatkumar Lekhi. The company has not yet announced a successor for the position of Managing Director.

This development marks a significant change for Sterling Greenwoods Limited, and the market will be watching closely to see how this transition affects the company's operations and strategic direction in the coming months.