Skyline Ventures Delays Q2-Q4 FY26 Results Submission

1. Change in Board Composition

Board of Directors and Key Managerial Personnel changed effective 31.12.2025 with new directors appointed and erstwhile directors removed by shareholders
Lack of cooperation from former directors regarding handover of documents, change in authorized signatory for HDFC Bank account, and compliance information
Erstwhile directors (holding office until 31.12.2025) did not initiate finalization of Q2 financial results for period ended 30.09.2025

2. Wilful Default by Former Directors

Q2 2025-26: Due date was 14th November, 2025. Directors in office during this period failed to publish results:
Mr Nikshit Hemendra Shah, Independent Director
Mr Ajay Kumar Giri, Independent Director
Mr Anil, Additional Director
Ms Hanna Priyadarshini, Additional Director
Ms Asha Mitta, Managing Director (held office until 22.10.2025)
Ms Swapna - CFO

Q3 and Q4 2025-26: Due dates were 14.02.2026 (Q3) and 31.05.2026 (Q4)
New directors had no access to statutory and financial records or HDFC Bank account
Mr Prashant Mitta continued his name and personal contact details with bank despite removal at AGM on 30.09.2025
Ms Swapna, CFO resigned effective 1st January, 2026 but resignation not accepted by new directors

3. Non-Updation of Directors' Details on MCA Portal

Outgoing directors did not file Form DIR-12 for new director onboarding on www.mca.gov.in
New directors and Company Secretary requested Registrar of Companies, Hyderabad for director addition under Section 167(3) of Companies Act, 2013 without success
This caused deadlock in banking operations and statutory/commercial functions from 1st January, 2026
Resulted in non-payment of Annual Listing fee to BSE

4. Fraudulent Transactions Detection

Preliminary detection of fraudulent transactions during 1st October, 2025 to 31st December, 2025
Unwanted borrowings in form of unsecured loans
Payments released to existing loans from various sources
Salary payments to individuals not on company rolls
Payments to consultants without service requirements as per records
Company filed FIR at Madhapur PS, Hyderabad
Appointed M/s Sarat & Associates as forensic auditors with shareholder approval at EGM on 31.12.2025 and board approval on 9.01.2026
Investigation ongoing

5. Bank Account Regularization Issues

New directors not reflected in MCA records, preventing KYC completion and regularization with HDFC Bank
Adversely impacted access to banking operations and financial records

6. Audit and Financial Statements Delay

Books of accounts and supporting records could not be finalized within stipulated timelines
Delay in completion of audit/review and subsequent results submission

7. Statutory Auditor Changes

Erstwhile Statutory Auditors M/s K S Rao & Associates resigned effective 27.05.2026
M/s B N Pai & Co. appointed on 1.06.2026 to fill casual vacancy
New auditor undertaking audit/re-audit and review process

8. Remedial Measures

Company taking necessary steps to regularize records and ensure completion of pending compliances
Present Board of Directors taking steps for restoration of normal operations and regularization
Coordinating with Statutory Auditors and stakeholders for expeditious completion

Company expects to submit pending financial results within 15 days from date of updation of master data on www.mca.gov.in with new directors' names
Subject to completion of statutory procedures

Delay not deliberate or attributable to lack of diligence by present Directors and KMP
Delay due to circumstances beyond company's control
Requesting BSE to consider sympathetically regarding trading suspension (per Notice dated 13.05.2026) and waiver of penalties under SEBI (LODR) Regulations, 2015