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 has announced its quarterly results for Q3FY26 ended December 31, 2025, showing a turnaround to profitability despite ongoing auditor concerns and documentation issues that continue to affect the company's financial reporting.

Q3FY26 Financial Performance

The company reported a significant improvement in its financial performance for the quarter:

For the nine months ended December 31, 2025, the company reported a net loss of ₹10.84 lakh compared to ₹35.78 lakh loss in the corresponding period last year.

Board Meeting Outcomes and Major Warrant Conversion

The Board of Directors meeting held on January 14, 2026, approved several key decisions including a significant warrant conversion:

The newly allotted equity shares rank pari-passu with existing equity shares, with remaining convertible warrants to be considered for conversion within 15 days of receiving balance amounts.

Persistent Auditor Concerns

The auditor's review report highlighted continuing issues that have affected the company since previous quarters:

Financial Irregularities

The auditor reiterated concerns about fraudulent activities by former CFO Mr. Ankit Sharma, involving misappropriation of ₹88.17 lakh through fictitious payments and unauthorized fund transfers. The amount remains unrecovered with no provision made in financial statements.

Documentation Issues

Several transactions lack adequate supporting documentation:

IPO Proceeds Compliance

Despite the ongoing concerns, Virtual Global Education confirmed no deviations in IPO proceeds utilization, stating funds were used as per the prospectus requirements under Regulation 32 of SEBI Listing Regulations.

Leadership Structure

The company continues to operate under the leadership changes implemented in November 2025, with Mr. Prasanna Mohapatra serving as Whole Time Executive Director and Mr. Navneet Kumar Mishra as Company Secretary and Compliance Officer.

While the company has achieved a quarterly profit turnaround and completed a major warrant conversion, the persistent auditor concerns regarding financial irregularities and documentation issues continue to pose challenges for stakeholder confidence and regulatory compliance.