CMI Limited Board Approves Unaudited Financial Results for Q2FY26 Amidst CIRP
CMI Limited's Board approved unaudited financial results for the quarter and half-year ended September 30, 2025. The company is under Corporate Insolvency Resolution Process (CIRP). Auditors noted significant accumulated losses of ₹16,863.91 lakhs and other issues, preventing an audit opinion.
The company is undergoing CIRP, has substantial accumulated losses, and its financial statements are subject to significant qualifications by the auditors, indicating a high level of financial distress and uncertainty.
The announcement details the approval of financial results but highlights severe financial distress, accumulated losses eroding net worth, and the company being under Corporate Insolvency Resolution Process (CIRP). The auditors could not provide an audit opinion due to insufficient evidence.
CMI Limited announced that its Board of Directors, operating under suspended power and authorized by the Resolution Professional, has approved the unaudited financial results for the quarter and half-year ended September 30, 2025. The board meeting, held on September 14, 2026, commenced at 2:00 PM and concluded at 4:30 PM.
This announcement follows the initiation of the Corporate Insolvency Resolution Process (CIRP) against CMI Limited, as per Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Canara Bank on August 3, 2023.
The Limited Review Report from auditors, Kumar Pramod & Associates, highlights significant concerns regarding the company's going concern assumption due to accumulated losses of ₹16,863.91 lakhs against a paid-up capital of ₹1,603.07 lakhs. The report also notes non-compliance with IND AS disclosure requirements, potential contingent liabilities related to tax matters, and lack of availability for fixed asset valuation, bank and investment confirmations, inventory details, and reconciliations. Due to these circumstances and the company being under CIRP, the auditors could not obtain sufficient appropriate audit evidence to express an audit opinion on the financial statements.
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CMI Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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