CMI Limited: Board Approves Unaudited Financial Results for Q3 FY26 Amidst CIRP
CMI Limited's Board approved unaudited financial results for Q3 FY26. The company is under CIRP. Auditors noted significant accumulated losses of ₹17,043.21 lakh, eroding net worth, and cited lack of documentation for assets, liabilities, and confirmations, preventing an audit opinion.
The ongoing CIRP, substantial accumulated losses, and the auditor's inability to provide an opinion on the financial statements indicate severe financial distress and uncertainty for the company.
The company is under CIRP, has significant accumulated losses eroding its net worth, and the auditors could not provide an audit opinion due to various limitations and lack of documentation.
CMI Limited announced that its Board of Directors, operating under suspended power and with authorization from the Resolution Professional, has approved the Unaudited Financial Results for the quarter and nine months ended December 31, 2025. The board meeting commenced at 3:00 PM and concluded at 4:25 PM on September 15, 2026.
The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) initiated by Canara Bank under Section 7 of The Insolvency and Bankruptcy Code, 2016, as previously informed on August 3, 2023.
The Limited Review Report by Auditors Kumar Pramod & Associates highlights significant concerns. The company has accumulated losses of ₹17,043.21 lakh against a paid-up capital of ₹1,603.07 lakh, leading to an erosion of net worth and raising doubts about the going concern assumption. The financial statements are prepared in accordance with generally accepted accounting principles in India, not Ind AS. Furthermore, the auditors could not ascertain contingent liabilities related to tax matters, fixed assets valuation, bank and investment confirmations, inventory valuation, and pending litigations due to unavailability of required documentation and confirmations. Due to these limitations, the auditors could not obtain sufficient appropriate audit evidence to provide an audit opinion on the financial statements.
What to do with a filing like this
CMI Limited filed this with the NSE as a statutory disclosure, categorised under corporate insolvency resolution process. 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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