Milestone Furniture Limited, a BIFMA certified company, has announced significant corporate developments following its board meeting held on November 17, 2025. The company has approved its audited standalone financial results for the year ended March 31, 2025, and made a key appointment to its leadership team.

Financial Results Approval and Auditor's Opinion

The board of directors approved the audited standalone financial results for the half-year and year ended March 31, 2025. However, the company's auditors, M/s R Daga and Company, Chartered Accountants, have issued a disclaimer of opinion on these financial statements. This step was taken due to ongoing disputes between the new and old management, which prevented adequate verification of the company's assets and liabilities.

Despite this disclaimer, Milestone Furniture has stated that the auditors have expressed an unmodified opinion on the standalone financial statements for the 2024-2025 financial year. This apparent contradiction may require further clarification from the company.

New Company Secretary Appointment

In a move to strengthen its corporate governance, Milestone Furniture has appointed Mr. Abhishek Pokharna as the new Company Secretary and Compliance Officer. Mr. Pokharna, who holds the membership number A52100 from the Institute of Company Secretaries of India (ICSI), will assume his role effective November 1, 2025.

Mr. Pokharna brings eight years of experience in corporate secretarial and compliance functions across various industries. His appointment is in accordance with Section 203 of the Companies Act, 2013, and he will serve as a Key Managerial Personnel (KMP) of the company.

Other Board Meeting Outcomes

The board meeting, which lasted from 3:00 PM to 5:30 PM, also addressed several other matters:

1. The company took on record the Statement of Related Party Transactions as of March 31, 2025.
2. The board noted that the company is not required to submit a "Disclosure of Related Party Transactions" under Regulation 23(9) of SEBI (LODR) Regulations, 2015, due to its current paid-up equity share capital and net worth falling below the specified thresholds.
3. Several items, including the approval of the Director's Report, fixing the date for the 11th Annual General Meeting, and appointing a scrutinizer for the AGM, were deferred for discussion in future board meetings.

Looking Ahead

While Milestone Furniture has taken steps to address its corporate governance with the new appointment, the disclaimer of opinion from the auditors raises concerns about the company's financial transparency. The ongoing management disputes and their impact on financial reporting will likely be a key focus for investors and regulators in the coming months.

As the company prepares for its 11th Annual General Meeting, stakeholders will be watching closely for any resolutions to the current management issues and for more clarity on the company's financial position.

Milestone Furniture Limited is listed on the BSE Limited.

Milestone Furniture Limited , a company listed on the Bombay Stock Exchange (BSE: 541337), has announced its financial results for the first half of the fiscal year 2024-2025, revealing challenges in its operations. The company's Board of Directors approved the unaudited financial results during a meeting held on August 11, 2025.

Financial Performance

For the half-year ended September 30, 2024, Milestone Furniture reported:

• Zero income from operations
• A net loss of Rs 27.55 lakh
• Negative earnings per share (EPS) of Rs 0.30

The company's financial situation shows a slight improvement compared to the previous year. For context, in the fiscal year ended March 31, 2024, Milestone Furniture had reported:

• A net loss of Rs 63.14 lakh
• Negative EPS of Rs 0.68

Key Financial Metrics

Operational Highlights

The company's statement of assets and liabilities, as well as the cash flow statement, were also presented during the board meeting. However, the lack of operational income suggests that Milestone Furniture is currently facing significant challenges in its core business activities.

Corporate Governance

In addition to financial matters, the Board made several key decisions:

1. Appointment of Secretarial Auditor: Mr. Brajesh Gupta, Proprietor of M/s. Brajesh Gupta & Co, Practicing Company Secretary, was appointed as the Secretarial Auditor for the financial year 2024-2025.

2. Related Party Transactions: The company disclosed related party transactions for the period from April 1, 2024, to September 30, 2024, totaling Rs 6.40 lakh. These transactions included:

   • Reimbursement expenses of Rs 5.74 lakh to Whole Time Director Mayank Rasiklal Kotadia
   • Salary payments of Rs 0.66 lakh to Company Secretary Dheeraj Pandey

3. Management Changes: It was noted that Mr. Tanmay Singh, previously serving as Managing Director, resigned effective June 16, 2024.

Looking Ahead

While Milestone Furniture Limited continues to face operational challenges, as evidenced by the lack of income from operations, the reduced net loss compared to the previous fiscal year might indicate some level of cost control or operational efficiency improvements. However, the company will need to focus on generating revenue and returning to profitability in the coming quarters.

Investors and stakeholders will be watching closely to see how Milestone Furniture's management addresses these challenges and works towards revitalizing the company's operations in the furniture sector.