Vikas WSP Ltd — Updates, 07-07-2025: Company Update

Vikas WSP Limited, currently under Corporate Insolvency Resolution Process (CIRP) since February 2022, has submitted its audited standalone financial results for the year ended March 31, 2025. The audit report contains a qualified opinion due to incomplete records caused by a ransomware attack, including missing fixed asset registers and incomplete reconciliation of trade receivables, payables, and other statutory dues. The company incurred significant losses and defaulted on loan repayments and statutory obligations, with current liabilities exceeding current assets, raising material uncertainty about its ability to continue as a going concern. The approved resolution plan by the Committee of Creditors is pending NCLT approval. Provisions for impairment and adjustments related to financial assets and liabilities remain unassessed pending final resolution. Outstanding statutory dues and litigations add to the financial strain, while internal controls are noted as weak. The company recognized a net loss attributable to shareholders and reported negative earnings per share.