Visa Steel Limited — Others, 29-05-2025: Change in Auditors

VISA Steel has announced a board meeting approving the financial results for the year ended March 31, 2025, showing a net loss of Rs. 516.55 crore and an impairment charge of Rs. 438.08 crore due to underused manufacturing assets. Accumulated unpaid interest on borrowings stands at Rs. 1,324.62 crore, leading to qualified audit opinions. The company is advancing debt restructuring efforts, with most lenders assigning dues to ACRE. Significant losses and net worth erosion pose concerns about continuity, though operations proceed under the resolution plan. New appointments for secretarial, cost, and internal auditors for FY26 are proposed, pending shareholder approval.