Vikas EcoTech Ltd

Vikas EcoTech Ltd announced the resignation of its statutory auditor, M/s KSMC & Associates, and the appointment of M/s MASAR & Co. as the new statutory auditor. The board accepted the resignation and approved the appointment, which is subject to shareholder approval. MASAR & Co. will fill the casual vacancy and serve until the conclusion of the upcoming Annual General Meeting. The resignation of KSMC & Associates was due to the conclusion of their aggregate tenure as per rotation requirements, and an engagement partner's unavailability for limited review.

Vikas EcoTech Ltd. announced the appointment of M/s MASAR & Co., Chartered Accountants, as its new Statutory Auditors. This appointment follows the resignation of the previous auditors, M/s KSMC & Associates. The Board of Directors accepted the resignation and, based on the Audit Committee's recommendation, approved MASAR & Co. to fill the casual vacancy. The appointment is effective from August 17, 2026, and will be valid until the conclusion of the upcoming Annual General Meeting, subject to shareholder approval. The company confirmed no material reasons for the prior auditor's resignation beyond those stated in their letter.

Vikas EcoTech Ltd has disclosed a significant development wherein one of its Promoters, Mr. Vikas Garg, has been taken into custody by the Directorate of Enforcement (ED) under the Prevention of Money Laundering Act, 2002. This follows earlier disclosures regarding proceedings initiated by the ED concerning transactions involving foreign entities and SEBI-registered Foreign Portfolio Investors (FPIs). The company is consulting legal advisors to assess the situation and determine appropriate actions. Vikas EcoTech emphasizes that this development has no material impact on its ongoing business operations, which continue as usual. Further disclosures will be made as required by law.

Vikas EcoTech Ltd announced that its Board of Directors, in a meeting held on July 1, 2026, approved the standalone and consolidated audited financial results for the quarter and financial year ended March 31, 2026. The company submitted these results along with the auditor's reports. The auditor issued a qualified opinion, citing issues related to delays in statutory dues deposit, material related party transactions without prior shareholder approval, and uncertainty regarding the recoverability of a ₹18.50 crore loan.

Vikas EcoTech Ltd's Board of Directors met on July 1, 2026, to approve the standalone and consolidated audited financial results for the quarter and financial year ended March 31, 2026. The meeting, which lasted from 6:15 PM to 9:20 PM, also saw the auditor's reports being submitted. However, the auditor issued a qualified opinion due to several concerns, including delays in statutory dues deposit, unverified related party transactions requiring shareholder approval, and uncertainty regarding the recoverability of a ₹18.50 crore loan.

Vikas EcoTech Ltd announced that its Board of Directors, in a meeting held on July 1, 2026, has approved the standalone and consolidated audited financial results for the quarter and financial year ended March 31, 2026. The auditor's report includes a qualified opinion due to issues concerning delays in statutory dues deposit, unverified business rationale for investments and inter-corporate deposits, and unobtained prior shareholder approval for material related party transactions. Additionally, the auditor could not obtain sufficient evidence regarding the recoverability of a ₹18.50 crore loan outstanding as of March 31, 2026.

Vikas EcoTech Ltd has announced a Board of Directors meeting scheduled for July 1, 2026. The primary agenda is to consider and approve the Audited Financial Results for the quarter and financial year ended March 31, 2026, along with the Auditor's Report. Additionally, the meeting will address other necessary business items. The company also confirmed that the trading window for its securities will remain closed for promoters, directors, designated persons, and their relatives until 48 hours after the declaration of the Audited Financial Results for FY26 and Unaudited Financial Results for Q1 FY27, whichever is later. This follows previous intimations regarding the trading window closure.

Vikas EcoTech Ltd has announced the closure of its trading window for dealing in the company's securities. This closure is effective from July 1, 2026, and will remain in effect until 48 hours after the declaration of the unaudited financial results for the quarter ended June 30, 2026. The window will reopen after the declaration of financial results for the fiscal year ended March 31, 2026, and the quarter ended June 30, 2026, whichever is declared later. This measure is in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's internal code of conduct, aimed at preventing insider trading. Promoters, directors, designated persons, and their immediate relatives are restricted from trading during this period.

Vikas EcoTech Ltd has disclosed that its Promoter has received a Provisional Attachment Order from the Directorate of Enforcement. The order relates to proceedings involving foreign entities and SEBI-registered FPIs concerning transactions under examination, including alleged ultimate beneficiaries and third-party predicate offenses. The company states that no predicate offense has been alleged against Vikas EcoTech or its Promoters. The company is examining appropriate legal recourse. Vikas EcoTech affirms that its business operations, financial position, customer commitments, and strategic priorities remain unaffected and continue to operate normally.

Vikas EcoTech Ltd has received income tax demand orders from the Income Tax Department on March 27, 2026, totaling ₹9.11 Crore. These demands pertain to various assessment years and primarily stem from additions and/or disallowances made during assessment proceedings. The company is currently evaluating the orders and plans to pursue appropriate legal remedies, including filing appeals within the prescribed timelines. Based on a preliminary assessment, the company states there is no immediate material impact on its operations. The management, supported by legal advice, expresses confidence in achieving a favorable outcome at the appellate stage.