SEL Manufacturing Board Appoints New Directors, Approves Unaudited Financial Results
SEL Manufacturing's Board appointed Mrs. Rajdeep Jagotra as Independent Director and Chairperson, along with Mr. Iqbal Singh (Independent Director) and Mr. Ajab Singh (Non-Executive Director). The company reported a net loss of ₹3,988.40 lakhs for Q2 FY27. The auditor's report flagged concerns regarding going concern, impairment testing, and a vacant Company Secretary position.
The appointment of new directors and reconstitution of committees are significant governance changes. The financial results and the auditor's report indicating going concern issues have a substantial impact on the company's outlook.
The company reported significant losses and the auditor's report highlighted material uncertainties regarding its ability to continue as a going concern, along with several compliance and financial concerns.
SEL Manufacturing Company Limited announced the outcome of its Board Meeting held on November 14, 2026. The Board approved the Unaudited Financial Results for the quarter and half-year ended September 30, 2026.
During the meeting, the Board appointed Mrs. Rajdeep Jagotra as an Additional Director (Independent) and also as the Chairperson of the company, effective November 14, 2026. Mr. Iqbal Singh was appointed as an Additional Director (Independent), and Mr. Ajab Singh was appointed as an Additional Director (Non-Executive).
Following these appointments, the Board reconstituted the Audit Committee, Nomination and Remuneration Committee, Risk Management Committee, and Stakeholders Relationship Committee. The financial results for the quarter ended September 30, 2026, show a net loss of ₹3,988.40 lakhs for continuing operations, compared to a loss of ₹4,421.69 lakhs in the same period last year. The total income from operations for the quarter was ₹384.38 lakhs.
The Independent Auditor's Review Report highlighted that the company has not performed impairment testing for its Property, Plant & Equipment and Capital Work in Progress as per Ind AS 36. Additionally, the company has not filled the vacancy for Company Secretary within the stipulated timeframe as per Section 203(4) of the Companies Act, 2013. The report also noted a material uncertainty related to the company's ability to continue as a going concern due to continuous losses, significant debt obligations, defaults in installment and interest payments, and major plants remaining shut down.
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SEL Manufacturing Company Limited filed this with the NSE as a statutory disclosure, categorised under board meeting. 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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