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SPEL Semiconductor Limited has announced a board meeting to approve the financial results for the quarter and half-year. The Board approved increasing the authorized share capital from Rs. 60 Cr to Rs. 66.95 Cr, subject to shareholder approval, and the allotment of 6 lakh redeemable preference shares of Rs. 100 each to Mr. A C Muthiah. Loans worth Rs. 6.95 Cr from Mr. Muthiah are also approved for conversion into redeemable preference shares pending shareholder consent. The Board appointed Mr. T. Parthasarathy as CFO and took note of related party transactions for the half-year and upcoming financial year.
The company reported a loss of Rs. 210.47 Cr for the year on total income of Rs. 95.19 Cr, with earnings per share at a negative Rs. 4.56. Exceptional items, mainly inventory write-offs, significantly impacted results. The auditor issued a qualified opinion citing material uncertainty over the company’s ability to continue as a going concern due to recurring losses and negative cash flows. Management is addressing this through proposed sale of surplus land and seeking government incentives and low-cost funding to support restructuring and expansion. Total assets stood at Rs. 1,280.95 Cr with net worth of Rs. 12.91 Cr.