Virtual Global Education Limited (VGEL) has announced significant leadership changes and financial results for the quarter and half year ended September 30, 2025, along with addressing ongoing concerns raised in the auditor's review report.

Leadership Changes

The company's Board has approved several key management changes effective November 7, 2025:

• Ms. Shikha (DIN: 07013436) has resigned from her position as Managing Director.
• Mr. Sandeep Singh has stepped down as Company Secretary.
• Mr. Navneet Kumar Mishra has been appointed as the new Company Secretary and Compliance Officer.
• Mr. Prasanna Mohapatra (DIN: 09528267) has been appointed as Whole Time Executive Director.

Financial Results and Auditor's Concerns

The Board has approved the quarterly results for the period ending September 30, 2025. However, the auditor's review report highlighted several significant concerns:

1. Ongoing investigations into fraudulent activities by the former CFO, Mr. Ankit Sharma, involving:

   • Misappropriation of Rs 88.17 lakh through fictitious payments and unauthorized fund transfers during 2024-25.
   • The misappropriated amount remains unrecovered, and no provision has been made in the financial statements.

2. Insufficient documentation for:

   • Advances of Rs 5.32 crore for land purchase in Gurugram
   • Loan advances of Rs 4.21 crore
   • Training expenses of Rs 6.05 crore

IPO Proceeds Utilization

Despite the concerns raised, the company has confirmed that there were no deviations in the use of IPO proceeds. Virtual Global Education Limited stated that the funds were utilized as per the prospectus.

Conclusion

While Virtual Global Education Limited is undergoing significant leadership changes, the company faces challenges related to financial irregularities and documentation issues. Stakeholders and investors may closely monitor how the new management addresses these concerns and steers the company forward.

The company's ability to resolve the highlighted issues and maintain transparent financial practices will be crucial for rebuilding trust and ensuring long-term stability.

Virtual Global Education Limited has announced a crucial board meeting scheduled for July 30th, 2025, to address several important matters, including the review of quarterly financial results and strategic corporate decisions.

Key Agenda Items

The board meeting, set to take place at the company's registered office in Delhi at 3:00 PM, will cover a wide range of topics:

1. Financial Results Review: The board will consider and approve the un-audited standalone and consolidated financial results for the quarter ended June 30th, 2025, along with the limited review report.

2. Annual General Meeting (AGM) Preparations:

   • Approval of the draft notice and finalization of the date, time, and other arrangements for the AGM for the financial year ended March 31st, 2025.
   • Approval of the draft Director's Report and related items.
   • Appointment of NSDL for conducting remote e-voting.
   • Appointment of a scrutinizer for e-voting at the AGM.

3. Board Composition and Management:

   • Consideration of re-appointing Mrs. Anubha Chauhan as an Independent Director for a second term.
   • Appointment of a new Company Secretary and Compliance Officer, who will also serve as a Key Managerial Personnel (KMP).

4. Potential Rights Issue: The board will discuss and potentially approve a proposal for issuing equity shares to existing shareholders on a rights basis, subject to necessary regulatory and statutory approvals.

5. Registered Office Relocation: Plans to shift the company's registered office within the same city will be considered.

Trading Window Closure

In compliance with SEBI regulations, the trading window for the company's securities is currently closed and will remain so until 48 hours after the declaration of the un-audited financial results.

Investor Implications

This board meeting holds significant importance for investors and stakeholders of Virtual Global Education Limited. The potential rights issue, if approved, could provide existing shareholders with an opportunity to increase their stake in the company. Additionally, the re-appointment of an independent director and the appointment of a new Company Secretary may influence the company's governance structure.

Investors should keep a close watch on the outcomes of this meeting, particularly the quarterly financial results and any decisions regarding the proposed rights issue, as these could potentially impact the company's stock performance and future direction.

The company has demonstrated its commitment to transparency by providing detailed information about the upcoming board meeting through its LODR (Listing Obligations and Disclosure Requirements) filing, ensuring that all stakeholders are well-informed about the agenda and potential outcomes.