Virtual Global Education Limited (VGEL) has announced the resignation of its Company Secretary, Compliance Officer, and Key Managerial Personnel, Navneet Kumar Mishra, effective November 10, 2025. The company disclosed this information in a regulatory filing to the BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details of the Resignation

Implications and Next Steps

The resignation of Mishra will have several implications for VGEL:

1. Cessation of KMP Status: Mishra will cease to be a Key Managerial Personnel under Section 203 and other applicable provisions of the Companies Act 2013.

2. Regulatory Compliance: He will no longer be responsible for determining the materiality of events or transactions for disclosures to the stock exchange under Regulation 30(5) of the SEBI LODR Regulations.

3. Appointment Process: VGEL has stated that it is in the process of appointing a new Company Secretary and Compliance Officer. The company has committed to communicating this appointment to the stock exchange in due course.

Company's Response

Prasanna Kumar Mohapatra, Director of Virtual Global Education Limited, signed the regulatory filing, assuring stakeholders that the company is taking steps to fill the vacant position. This prompt disclosure aligns with VGEL's commitment to transparency and regulatory compliance.

The resignation, attributed to personal reasons, comes at a time when companies are increasingly focusing on strong corporate governance practices. The role of a Company Secretary is crucial in ensuring compliance with various regulatory requirements and maintaining effective communication between the company and its stakeholders.

Investors and market observers will likely keep a close watch on VGEL's appointment of a new Company Secretary, as this position plays a vital role in the company's corporate governance framework.

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.