News Stocks Mysore Paper Mills Limited Reports Delay in Q3FY26 Financial Results Submission to BSEMysore Paper Mills Limited Reports Delay in Q3FY26 Financial Results Submission to BSE
The Mysore Paper Mills Limited has notified BSE about delays in submitting Q3FY2025-26 unaudited financial results beyond the February 15, 2026 deadline. The company cites historical accounting difficulties from FY2014-15 audit complications and the absence of a CFO since the previous officer's Covid-19 related demise. External consultants M/s. Manian & Rao are preparing the results, with board approval expected at an upcoming meeting.
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The Mysore Paper Mills Limited, a Government of Karnataka undertaking, has officially notified BSE Limited regarding the delay in submitting its unaudited financial results for the quarter ended December 2025 (Q3FY2025-26). The company's disclosure, dated February 7, 2026, outlines several operational and administrative challenges that have prevented timely compliance with the February 15, 2026 deadline.
Historical Accounting Challenges
The company's current difficulties trace back to significant audit complications from FY2014-15. The statutory auditors appointed by the Comptroller and Auditor General of India (CAG) had declared the company as 'not an ongoing concern,' separate from its existing status as a 'Sick' company under BIFR case No. 601/2012. These auditors initially refused to sign the annual accounts and demanded a letter from the Government of Karnataka as a major stakeholder.
| Key Timeline: | Details |
|---|---|
| FY2014-15 Audit Completion: | End of 2021 with disclaimer |
| 80th AGM Date: | December 29, 2021 (virtual mode) |
| 81st AGM Date: | November 29, 2025 (virtual mode) |
| Current Quarter Due Date: | February 15, 2026 |
Operational Status and Current Challenges
The Mysore Paper Mills formally ceased its primary operations in October 2021 following approval from the Government of Karnataka. The company had stopped operational activities since 2015-16 due to substantial losses incurred over successive years since 2009. Currently, operations are restricted to forest plantation activities from 2017 onwards.
The company faces additional administrative challenges following the sudden demise of its Chief Finance Officer during the first wave of Covid-19. The CFO position has remained unfilled since then, creating significant disruptions in financial reporting processes.
External Consultant Engagement
To address the preparation of financial results, the company has engaged external financial consultants M/s. Manian & Rao, Chartered Accountants & Financial Consultants, who have previously served as statutory auditors for the company. The firm is currently working on the unaudited financial results for the quarter ended December 2025.
Compliance Timeline
The company has committed to submitting the Q3FY2025-26 unaudited financial results as expeditiously as possible once they are prepared and approved by the Board of Directors. A board meeting is being convened shortly for this purpose. The delay has been attributed to circumstances beyond the company's control, with the CAG office being aware of these special circumstances and having directed simultaneous auditing for multiple financial years.
Regulatory Communication
The disclosure letter, signed by Company Secretary Mohan D Kulkarni, emphasizes that the delay reasons are well within the knowledge of the CAG office. The company maintains that it will comply with BSE requirements once the financial results receive board approval at the upcoming directors' meeting.
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