Southern Infoconsultants Limited has announced significant changes to its board composition and outlined plans for its upcoming 31st Annual General Meeting (AGM). The company's Board of Directors approved these changes during a meeting held on September 4, 2025.

Key Highlights

• The 31st AGM is scheduled for September 29, 2025, to be conducted via video conferencing.
• Share transfer books will be closed from September 22-29, 2025.
• Multiple board appointments and changes have been proposed, subject to shareholder approval.
• A new statutory auditor has been recommended for a five-year term.

Board Restructuring

Southern Infoconsultants has proposed several changes to its board structure:

New Appointments

• Shivani Sharma: Proposed as Additional Non-Executive Non-Independent Director
• Vijaya Raje Singh: Nominated as Non-Executive Independent Director
• Anju Uppal: Nominated as Non-Executive Independent Director

Re-appointment

• Siddharth Sharma: Proposed for re-appointment as Whole-Time Director for a five-year term

Cessations

• Rajiv Mishra and Dharmendra Singh will conclude their terms as Independent Directors on September 29, 2025

Professional Backgrounds of New Appointees

Auditor Changes

• New Statutory Auditor: Mukesh Agrawal & Co, Chartered Accountants (FRN: 011393N), has been recommended for appointment for a five-year term, from the 31st to the 36th AGM.
• Outgoing Auditor: V Sahai Tripathi & Co will conclude their term at the end of the 31st AGM.
• Secretarial Auditor: Nitin Bhatia & Co, Practicing Company Secretaries, has been appointed for a five-year term from 2025-26 to 2029-30.

Additional AGM Agenda Items

• Adoption of new Articles and Memorandum of Association under the Companies Act, 2013.
• E-voting period set from September 26, 2025 (9:00 AM) to September 28, 2025 (5:00 PM).
• NSDL appointed to conduct the online voting procedure for the AGM.

The proposed board changes and AGM agenda items reflect Southern Infoconsultants' efforts to strengthen its governance structure and align with current regulatory requirements. Shareholders will have the opportunity to vote on these proposals during the upcoming AGM.

Southern Infoconsultants Limited, a company engaged in IT hardware, software, and related services trading, has reported a consolidated net loss of Rs 24.73 lakh for the quarter ended June 30, 2025. This marks a significant downturn from the profit of Rs 4.19 lakh recorded in the same quarter of the previous year.

Financial Performance

The company's financial results for Q1 FY26 paint a challenging picture:

The standalone results mirrored this trend, with Southern Infoconsultants reporting a net loss of Rs 25.69 lakh compared to a profit of Rs 3.46 lakh in the previous year's quarter.

Revenue Decline

The company experienced a substantial decline in its revenue from operations, which fell to Rs 87.67 lakh from Rs 173.80 lakh year-on-year, representing a decrease of 49.56%.

Auditor's Observations

The company's auditors, V Sahai Tripathi & Co., highlighted several points in their limited review report:

1. Gratuity Provision: The auditors noted a qualification regarding the non-provision of gratuity as required under accounting standards.

2. Unconfirmed Account Balances: The report emphasized matters related to unconfirmed account balances of trade receivables, trade payables, and loans and advances.

3. Work-in-Progress Inventory: The auditors pointed out a significant work-in-progress inventory of Rs 1,354.63 lakh without supporting contracts.

Management's Response

The company's management, in its board meeting held on August 4, 2025, approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2025. They also acknowledged the limited review report from the statutory auditors.

Outlook

The significant decline in revenue and the shift from profit to loss indicate challenging market conditions for Southern Infoconsultants. The company's performance in the coming quarters will be crucial to assess its ability to navigate these challenges and return to profitability.

Investors and stakeholders will likely be watching closely for any strategic initiatives or operational changes that the company might implement to address the current financial situation and improve its performance in the IT hardware, software, and related services trading sector.