Williamson Financial Services Limited has released its unaudited financial results for the quarter ended September 30, 2025, revealing significant financial challenges and raising concerns about the company's future operations.

Key Financial Highlights

• The company's net worth has been fully eroded as of September 30, 2025.
• Management remains committed to revival and continuity, preparing accounts on a going concern basis despite the financial situation.
• Auditors have issued a qualified conclusion, citing material uncertainty related to the company's status as a going concern.

Financial Position and Ongoing Negotiations

Williamson Financial Services is currently in negotiations with secured lenders, including Aditya Birla Finance Limited and InCred Financial Services Limited. As a result of these ongoing discussions, the company has not recognized interest expenses on borrowings.

Auditors' Concerns

The auditors have raised several issues in their qualified conclusion:

1. Material uncertainty related to the company's status as a going concern.
2. Non-recognition of interest expenses on borrowings.
3. Inadequate provisions on loans and advances.

The company has made provisions of Rs. 3,89,981.00 thousand against outstanding unsecured loans and accrued interest totaling Rs. 16,52,729.00 thousand. This significant shortfall in provisions has been highlighted as a concern by the auditors.

Management's Stance

Despite the fully eroded net worth, the company's management remains committed to the revival and continuity of operations. The accounts have been prepared on a going concern basis, indicating management's belief in the company's ability to overcome its current financial challenges.

The Board of Directors approved these unaudited financial results at a meeting held on November 12, 2025, which lasted from 1:15 PM to 5:15 PM (IST).

As Williamson Financial Services navigates through these financial difficulties, stakeholders will be closely watching the outcome of ongoing negotiations with lenders and the company's efforts to address the concerns raised by auditors. The company's ability to secure favorable terms in its negotiations and improve its financial position will be crucial for its future prospects.

Williamson Financial Services Limited has initiated a postal ballot process to seek shareholder approval for the appointment of Mrs. Jacqueline Audrey Monnier as a Non-Executive & Non-Independent Director. The company, which operates in the financial services sector, is taking this step to comply with regulatory requirements and strengthen its board composition.

Key Details of the Appointment

Mrs. Jacqueline Audrey Monnier, aged 63, was appointed as an Additional Director by the Board of Directors of Williamson Financial Services with effect from May 27, 2025. Her appointment requires shareholder approval within three months, as per listing regulations. Mrs. Monnier holds the Director Identification Number (DIN) 09497868 and brings with her a wealth of experience in the corporate sector.

Professional Background

Mrs. Monnier has an impressive 35 years of experience with the Williamson Magor Group, including significant involvement in the Tea Division. Her educational background includes:

• Schooling from Loreto Convent Entally
• Completion of the Pitman's Commercial Course (London)

Before joining the Williamson Magor Group in May 1990, she worked in the Accounts Department for the Financial Controller at the Oberoi Grand.

Voting Process and Timeline

The e-voting period for this postal ballot will run from July 24, 2025 (9:00 AM IST) to August 22, 2025 (5:00 PM IST). Shareholders who are eligible to vote as of the cut-off date of July 18, 2025, can participate in this process. The National Securities Depository Limited (NSDL) will provide the remote e-voting facility for this purpose.

Scrutinizer Appointment

To ensure a fair and transparent voting process, the company has appointed Mr. Atul Kumar Labh, a Practicing Company Secretary, as the Scrutinizer for the postal ballot process.

Result Announcement

The results of the postal ballot will be announced by August 26, 2025. These results, along with the Scrutinizer's report, will be made available on:

• The company's website
• The NSDL website
• The BSE Limited website, where the company's shares are listed

Board's Recommendation

The Board of Directors of Williamson Financial Services Limited has recommended the appointment of Mrs. Monnier, citing her appropriate skills, experience, and knowledge that would benefit the company. They believe her association as a Board member would be in the interest of the company.

This move by Williamson Financial Services to appoint Mrs. Jacqueline Audrey Monnier reflects the company's commitment to enhancing its board diversity and leveraging experienced professionals to guide its business strategies. Shareholders now have the opportunity to participate in this important corporate decision through the e-voting process.