Velox Shipping and Logistics Approves Q2 2025 Financial Results, Appoints New Secretarial Auditor

Velox Shipping and Logistics Limited , formerly known as Velox Industries Limited, held a crucial board meeting on August 12, 2025, addressing several key matters. The meeting, which lasted for 35 minutes from 5:20 PM to 5:55 PM, saw the board approving the unaudited financial results for the quarter ended June 30, 2025.

Financial Results and Audit Review

The board reviewed and approved the standalone unaudited financial results for Q2 2025. These results were subject to a limited review by the company's statutory auditors, Bilimoria Mehta & Co, Chartered Accountants. The auditors, in their report, stated that nothing came to their attention that would cause them to believe that the financial results were not prepared in accordance with applicable accounting standards and regulations.

New Secretarial Auditor Appointment

In a move to strengthen its corporate governance, Velox Shipping and Logistics appointed M/s. Hiren Gediya & Associates, Practising Company Secretaries, as the Secretarial Auditor for the financial year 2024-25. This appointment underscores the company's commitment to maintaining robust compliance and secretarial practices.

Preferential Allotment Funds Update

The board also provided an update on the utilization of funds raised through a preferential allotment. Velox Shipping and Logistics had raised Rs. 762.50 million through a preferential issue of equity shares on August 26, 2022. Notably, as of June 30, 2025, these funds remain completely unutilized. The company confirmed that there has been no deviation or variation in the use of these proceeds from the objects stated in the original offer document.

Compliance with Regulatory Requirements

In line with SEBI regulations, the company filed a 'Nil Statement' on deviation or variation in the utilization of funds raised through the preferential allotment. This statement was reviewed by the Audit Committee of the company, ensuring transparency and adherence to regulatory norms.

The board meeting and its outcomes reflect Velox Shipping and Logistics' commitment to financial transparency, regulatory compliance, and corporate governance. As the company moves forward, stakeholders will be keen to observe how it utilizes the raised funds and its performance in the coming quarters.