HDIL Appoints M/s. Dayal Lohia as Statutory Auditors for Five-Year Term

Housing Development and Infrastructure Limited (HDIL) has announced the appointment of new statutory auditors as part of its ongoing corporate restructuring process. The appointment comes as the company continues to operate under the Corporate Insolvency Resolution Process.

Auditor Appointment Details

The Committee of Creditors (CoC) has approved the appointment of M/s. Dayal Lohia, Chartered Accountants, as the company's statutory auditors. The decision was made during the 42nd CoC meeting held on October 9, 2025, with the e-voting results officially declared on December 15, 2025.

Parameter	Details
Auditing Firm	M/s. Dayal Lohia, Chartered Accountants
Firm Registration No.	102200W
Appointment Period	5 years
Term Duration	FY2025-26 to FY2029-30
Approval Date	October 9, 2025
E-voting Result Date	December 15, 2025

Corporate Insolvency Status

HDIL is currently operating under the Corporate Insolvency Resolution Process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. The company's affairs, business, and assets are being managed by Resolution Professional Mr. Abhay N Manudhane, who was appointed by the Honourable National Company Law Tribunal, Mumbai Bench, through an order dated August 20, 2019.

Regulatory Compliance

The appointment disclosure was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has informed both the National Stock Exchange of India Limited and BSE Limited about this statutory requirement.

Exchange	Trading Details
CIN Number	L70100MH1996PLC101379

The appointment of statutory auditors represents a significant step in the company's ongoing insolvency resolution process, ensuring continued compliance with regulatory requirements during this restructuring phase.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.42%	-0.42%	-10.86%	-32.39%	-37.86%	-66.24%

Housing Development and Infra (HDIL), a company currently undergoing Corporate Insolvency Resolution Process (CIRP), has reported its financial results for the quarter and year ended March 31, revealing a mixed financial performance.

Q4 Performance

HDIL reported a net loss of ₹259.69 lakh in the fourth quarter, a significant decline from the ₹659.81 lakh profit recorded in the previous quarter. The company's net sales dropped dramatically to ₹40.62 lakh from ₹1,440.64 lakh in Q3, indicating a severe contraction in business activities.

Annual Performance

Despite the quarterly setback, HDIL showed some signs of improvement on an annual basis:

Particulars	FY2025	FY2024	Change
Net Sales	3,395.61	204.59	+1559%
Net Loss	1.13	1,031.65	-99.89%

The company's net sales for the full year rose significantly to ₹3,395.61 lakh from ₹204.59 lakh in the previous year, marking a substantial increase of over 1500%. Simultaneously, HDIL managed to reduce its annual net loss to ₹1.13 lakh from ₹1,031.65 lakh in the previous year, representing a 99.89% reduction in losses.

Financial Position

HDIL continues to face financial challenges, maintaining a negative net worth with total liabilities of ₹6,24,249.88 lakh against total assets of ₹3,94,756.39 lakh as of March 31.

Ongoing CIRP and Resolution Plans

The company has been under Corporate Insolvency Resolution Process since August 20, 2019, with Resolution Professional Mr. Abhay Narayan Manudhane managing its affairs. Significant progress has been made in the resolution process:

Resolution plans have been approved for 6 verticals of the company.
The National Company Law Tribunal (NCLT) has approved plans for 2 verticals.
On June 27, NCLT approved resolution plans for Vertical V - BKC Inspire and Vertical IX - Shahad Maharal land.
Appeals against the NCLT order have been filed by erstwhile promoters and others before the National Company Law Appellate Tribunal (NCLAT), New Delhi.

Audit Observations

The auditors have issued a disclaimer of opinion, citing insufficient evidence due to ongoing insolvency proceedings and various compliance issues. Key points from the audit report include:

Inability to prepare consolidated financial statements due to non-availability of audited financial statements of subsidiaries and associates.
Challenges in reconciling opening balances and assessing impairment of assets.
Non-compliance with certain Indian Accounting Standards due to lack of information.
Ongoing investigations by authorities such as ED, EOW, SFIO, and CBI.

Conclusion

While HDIL has shown some improvement in its annual performance, the company continues to face significant challenges amidst its ongoing insolvency resolution process. The approval of resolution plans for some verticals marks a step forward, but the company's future remains uncertain as it navigates through legal and financial hurdles.