Mega Nirman & Industries Limited (MNIL) announced the resignation of its statutory auditor, ANSK & Associates, Chartered Accountants, effective November 14, 2025. The company disclosed this information in a regulatory filing to the Bombay Stock Exchange (BSE) on November 15, 2025, in compliance with SEBI regulations.

Key Details of the Resignation

Implications and Next Steps

The departure of ANSK & Associates may temporarily impact MNIL's financial reporting processes. However, the company has assured stakeholders that it is actively working to address this situation:

1. Appointment Process: MNIL is currently in the process of identifying and appointing a new statutory auditor.
2. Disclosure Commitment: The company has committed to informing the stock exchanges about the new appointment in due course.
3. Regulatory Compliance: The resignation announcement adheres to SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, and the recent SEBI circular dated November 11, 2024.

Corporate Governance Implications

This change in statutory auditor highlights the importance of robust corporate governance practices:

1. Transparency: MNIL's prompt disclosure of the auditor's resignation demonstrates commitment to transparency.
2. Continuity Planning: The situation underscores the need for companies to have contingency plans for key roles like statutory auditors.
3. Regulatory Adherence: The company's adherence to SEBI regulations in this matter reflects positively on its compliance practices.

Investors and stakeholders will likely be watching closely for announcements regarding the appointment of a new statutory auditor and any potential impact on the company's financial reporting timeline.

As the situation develops, Mega Nirman & Industries is expected to provide further updates to ensure continued transparency and compliance with regulatory requirements.

Mega Nirman & Industries Limited , a company involved in industrial and residential development projects, has reported a net loss for the quarter ended September 30, 2025, and announced plans for a rights issue. The company's board has also approved a significant investment in a township development project.

Financial Performance

Mega Nirman & Industries Limited reported a net loss of Rs 27.12 lakh for the quarter ended September 30, 2025, compared to a loss of Rs 7.60 lakh in the corresponding quarter of the previous year. The company's financial results show an increase in revenue from operations, which rose to Rs 456.12 lakh from Rs 0.00 lakh year-over-year.

The financial performance for the quarter and half-year ended September 30, 2025, is summarized in the table below:

Rights Issue and Strategic Decisions

The Board of Directors has approved a proposed rights issue of equity shares up to Rs 50 crore. To oversee and implement this process, the company has constituted a Rights Issue Committee.

Mega Nirman & Industries received Rs 25.09 crore from share warrant conversions during July-August 2025. Of this amount, Rs 23.30 crore has been utilized as project advances to Rudraveerya Developers Limited for an Industrial/Residential Township development project in Tehsil Badli, District Jhajjar, Haryana.

Investment in Township Development

The company's total capital commitment for the township development project with Rudraveerya Developers Limited aggregates to Rs 220 crore. This investment aligns with Mega Nirman & Industries' focus on industrial and residential development projects.

The Board has noted a proposal for further investment in Rudraveerya Developers Limited, pursuant to a collaboration agreement. However, details of this proposal have not been disclosed in the current financial report.

Auditor's Review

A N S K & Associates, the company's auditors, have conducted a review of the financial results. They have drawn attention to the utilization of funds from the share warrant conversions, emphasizing that the recoverability of the advances made to Rudraveerya Developers Limited is contingent upon the satisfactory progress and completion of the township project.

Outlook

While Mega Nirman & Industries faces challenges reflected in its current financial performance, the company's strategic investments and capital raising efforts suggest a focus on long-term growth in the industrial and residential development sector. The success of these initiatives will likely depend on the timely execution of ongoing projects and market conditions in the real estate sector.