This disclosure from Ashiana Ispat Limited details the outcome of a Board of Directors meeting held on 30th June, 2026, convened to address the delayed approval of its financial statements.

The Board meeting commenced at 05:00 P.M. and concluded at 09:00 P.M.

Key Outcomes of the Board Meeting:

1. Approval of Audited Financial Results: The Board approved the Standalone Audited Financial Results for the quarter and financial year ended 31st March, 2026, pursuant to Regulation 33 of the SEBI (LODR) Regulations, 2015.

2. Adoption of Annual Financial Statements: The Board approved and adopted the Audited Standalone Financial Statements, which comprise the Balance Sheet as at 31st March, 2026; the Statement of Profit and Loss for the year; the Cash Flow Statement; the Statement of Changes in Equity; and the accompanying Notes.

3. Statutory Auditors' Report: The Board took on record the Independent Statutory Auditors' Report, which contains a Qualified Opinion on the financial statements for FY26. The qualifications primarily relate to:

  • Pending balance confirmations and reconciliations from certain trade receivables, trade payables, suppliers, and lenders.
  • Verification and supporting documentation for advances to suppliers.
  • Physical verification of inventories during their relocation to new premises.
  • Going concern uncertainties arising from pending resolution of certain NPA accounts and legal proceedings.

The Board accepted the Audit Report after considering management explanations and discussions with the auditors. The management has initiated corrective measures, including obtaining balance confirmations, strengthening documentation, carrying out independent inventory verification, regularising statutory compliances, and efforts to settle banking liabilities.

4. Statement on Impact of Audit Qualifications: The Board approved the Statement on Impact of Audit Qualifications pursuant to Regulation 33(3)(d) of the SEBI (LODR) Regulations, 2015. This statement was signed by the Managing Director.

5. Related Party Transactions: The Board approved the disclosure of Related Party Transactions for the half-year ended 31st March, 2026, pursuant to Regulation 23(9) of the SEBI (LODR) Regulations, 2015.

Reason for Delay

The Board stated that the delay in approving the results and statements was solely due to the requirement for completing additional audit procedures, reconciliation of balances, verification of accounting records, collection of supporting documents, and completion of audit evidence by the Statutory Auditors. The Board was of the opinion that approval without completing these procedures would not be in the interest of shareholders and stakeholders, and thus deferred approval to ensure compliance with accounting standards and corporate governance principles.

Submission to Stock Exchange

The company is submitting the following documents to the exchange:

  • Audited Financial Results for the quarter and year ended 31st March, 2026.
  • Independent Auditors' Report with Qualified Opinion.
  • Statement on Impact of Audit Qualifications.
  • Declaration regarding Audit Report under Regulation 33.
  • Related Party Transaction Statement for the half-year ended 31st March, 2026.
  • Other required disclosures under SEBI LODR Regulations.

The letter is signed by Naresh Chand, Managing Director (DIN: 00004500).