India Steel Works Ltd — Board Meeting, 21-05-2025: Board Meeting

India Steel Works Ltd has announced a board meeting on 21 May 2025, where it approved the audited financial results for the quarter and year ended 31 March 2025. The company reported a net loss of ₹13.39 Cr for the year and negative earnings per share of ₹0.39. Operations have ceased, and the company faces significant financial stress with current liabilities exceeding current assets, casting doubt on its ability to continue as a going concern. Inventories of ₹135.34 Cr include obsolete and non-moving stock valued inconsistently with accounting standards. The factory premises were taken possession of by Kotak Mahindra Bank during the period. An outstanding insurance claim of ₹19.98 Cr remains unresolved. The auditor issued an adverse opinion citing limitations in accessing accounting records, inventory valuation issues, absence of physical verification, and lack of clarity on related party transactions. The company has appointed CS Mayur More as Secretarial Auditor for five years, subject to shareholder approval.