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Velan Hotels' board has approved the financial results for the quarter. However, auditors raised red flags regarding the company's going concern status, as operations ceased in March 2020, with debt repayment contingent on asset sales. An impairment test on tied assets is pending, and the company faces overdue statutory dues, though some have been settled. In leadership news, Mr. M.R. Gautham was re-appointed as Executive Director for one year without managerial remuneration, a move supported by the Nomination & Remuneration Committee. The company also adopted a new policy for orderly succession planning for its board and senior management.