Majestic Research Services and Solutions Ltd

JJPATEL&ASSOCIATES INDIA, Chartered Accountants, has issued a disclaimer of opinion on the financial results of Majestic Research Service and Solutions Limited for the year ended March 31, 2026. The auditors could not obtain sufficient appropriate audit evidence due to substantial matters, including unresolved issues from a previous review report dated July 9, 2026. These issues relate to corporate insolvency resolution process (CIRP), non-availability of books of accounts, and material uncertainties concerning various financial aspects. Consequently, the auditors cannot confirm the correctness of opening balances or the overall fairness of the financial results.

Majestic Research Services and Solutions Ltd announced the outcome of its Board Meeting held on July 8, 2026. The board approved the unaudited standalone financial results for the half year ended September 30, 2025, and the audited standalone financial results for the half year and year ended March 31, 2026. Additionally, the company appointed M/s. J J PATEL & ASSOCIATES as Statutory Auditors for FY 2026-27, M/s. Vasant Patel & Associates as Secretarial Auditor, and M/s. K AR M A & CO LLP as Internal Auditors for FY 2026-27.

Majestic Research Services and Solutions Ltd has released its unaudited financial results for the half-year ended September 30, 2025. However, the independent auditor, JJ Patel & Associates, has issued a disclaimer of opinion. This is primarily due to the company being under Corporate Insolvency Resolution Process (CIRP) since May 25, 2023, and subsequently acquired by a new management on June 20, 2025, following NCLT approval. The auditor could not obtain sufficient appropriate audit evidence regarding opening balances and outstanding dues, as these were not recoverable from or payable by the new management, except as specified in the resolution plan.

Majestic Research Services and Solutions Ltd has rescheduled its Board of Directors meeting from May 30, 2026, to July 8, 2026. The meeting will be held at the company's registered office. Key agenda items include the approval of standalone unaudited financial results for the half-year ended September 30, 2025, and standalone audited financial results for the quarter and financial year ended March 31, 2026. Additionally, the board will consider the appointment of Secretarial, Statutory, and Internal Auditors. The trading window for securities will remain closed.

Majestic Research Services and Solutions Ltd has fixed July 8, 2026, as the record date for the extinguishment and reconstitution of its shareholdings, as per an NCLT order. All existing equity shares will be cancelled and extinguished. Public shareholders will receive 5 fresh equity shares of face value Rs. 10 for every 1,143 shares held. Resolution Applicants and Associates will be allotted 3,92,350 fresh equity shares. Post-issue, public shareholders will hold 20,650 shares, and Resolution Applicants will hold 3,92,350 shares.

Majestic Research Services and Solutions Ltd has rescheduled its Board of Directors meeting to June 30, 2026. The meeting, initially planned for May 30, 2026, will now be held to consider and approve the standalone audited financial results for the quarter and financial year ended March 31, 2026, and to consider the appointment of Secretarial, Statutory and Internal Auditors of the Company. The trading window for dealing in the company's securities will remain closed.

Majestic Research Services and Solutions Ltd has scheduled a Board of Directors meeting on May 30, 2026, to consider and approve the standalone audited financial results for the quarter and financial year ended March 31, 2026. The board will also consider and approve the appointment of Secretarial, Statutory, and Internal Auditors. The trading window for dealing in the company's securities will remain closed.

Majestic Research Services and Solutions Ltd appointed M/s. J J PATEL & ASSOCIATES as Statutory Auditors for FY 2025-26. Additionally, M/s. Vasant Patel & Associates was appointed as Secretarial Auditor, and M/s. K A R M A & CO LLP as Internal Auditor for FY 2025-26, based on the Audit Committee's recommendation. The board meeting was held on May 22, 2026, commencing at 01:30 PM and concluding at 02:00 PM.