Vikas WSP Ltd — Updates, 29-05-2025: Company Update

Vikas WSP Limited has announced a board meeting to approve the financial results for the quarter and financial year ended March 31, 2025. The company is under corporate insolvency resolution process, with its affairs managed by the Interim Resolution Professional. The audited financial results include a modified auditor's opinion due to unavailable records caused by a ransomware attack and incomplete asset valuation, impacting assessment of impairment and asset carrying values. Continuous losses, defaults on borrowings, and liabilities exceeding assets raise significant doubts on the company's ability to continue as a going concern. The Resolution Plan approved by the Committee of Creditors awaits NCLT sanction. The Board also reappointed M/s Gambhir Khurana & Associates as internal auditors and proposed Ms. Seema Sharma for secretarial audit for FY 2025-26, subject to shareholder approval. Key pending issues include reconciliation of creditor claims, non-transmission of shares of a deceased shareholder, and unconfirmed balances on several accounts, all affecting financial clarity.