Melstar Information Technologies Announces Board Changes, Audited Results, and New Committee Formations
Melstar Information Technologies Limited held a Board of Directors meeting on May 25, 2026. During the meeting, the company approved the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, alongside several key changes in its corporate governance structure and appointments.Financial Results and Audit Status
The company reported its audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. For both sets of results, the company received a Qualified Opinion from its Statutory Auditors, M/s. CKSP & Co LLP, Chartered Accountants.The basis for the qualified opinion across both financial reports noted that an application for the initiation of a corporate insolvency resolution process was admitted by the Hon'ble National Company Law Tribunal, Mumbai, vide order dated October 1, 2019, under the Insolvency and Bankruptcy Code, 2016.
The audit highlighted that the company is currently making various initiatives related to saving operational costs, optimizing revenue management opportunities, and enhancing ancillary revenues. The business plan has been put into action, and the company is awaiting necessary business licenses and clearances to resume full operations. Consequently, the standalone and consolidated financial results were prepared on a going concern basis, reflecting the current operational status.
The structured financial data reflecting the audit findings is presented below:
| Financial Metric (Rs in Lakhs) | Standalone Results (FY ended 31.03.2026) | Consolidated Results (FY ended 31.03.2026) |
|---|---|---|
| Turnover / Total income | 75.00 | 75.00 |
| Total Expenditure | 30.28 | 64.71 |
| Net Profit/(Loss) | 44.72 | 10.29 |
| Earnings Per Share | 1.60 | 0.37 |
| Total Assets | 1382.53 | 1391.46 |
| Total Liabilities | 726.26 | 904.02 |
| Net Worth | 656.27 | 487.44 |
Governance and Personnel Changes
The Board of Directors addressed significant changes concerning key personnel, directorships, and audit functions:Director Changes:
- Mr. Rajnikant Patel resigned from the position of Non-Executive & Independent Director, effective May 24, 2026.
- Ms. Ayushi Singh Bais was appointed as an Additional Director (Non-Executive & Independent). Ms. Bais is a strategic finance professional with expertise in financial strategy, corporate structuring, and statutory compliance.
Auditor Changes:
- M/s M. N. Kholiya & Associate resigned as Internal Auditors, effective May 25, 2026, citing commercial considerations.
- M/s Saini & Saini, Chartered Accountants, were appointed as the Internal Auditors of the Company, effective May 25, 2026.
- M/s. S. Talwar & Associates, Practicing Company Secretary, was appointed as Secretarial Auditor for the financial year 2025-26.
Committee Re-constitution
The Board also approved the re-constitution of several critical committees:Audit Committee
| Sl No. | Name & DIN of Committee members | Category | Designation |
|---|---|---|---|
| 1 | Mr. Selvaraj Johnson (DIN: 10637235) | Non-Executive - Independent Director | Chairperson |
| 2 | Ms. Rose Mary Vase (DIN: 09286115) | Non-Executive - Independent Director | Member |
| 3 | Mr. Vineet Goverdhan Shah (DIN: 01761772) | Executive Director | Member |
| 4 | Mr. Tarun Kashyap (DIN: 07358671) | Executive Director | Member |
| 5 | Ms. Ayushi Singh Bais (DIN: 11510837) | Non-Executive - Independent Director | Member |
Nomination and Remuneration Committee
| Sl No. | Name & DIN of Committee members | Category | Designation |
|---|---|---|---|
| 1 | Mr. Selvaraj Johnson (DIN: 10637235) | Non-Executive - Independent Director | Chairperson |
| 2 | Ms. Rose Mary Vase (DIN: 09286115) | Non-Executive - Independent Director | Member |
| 3 | Ms. Ayushi Singh Bais (DIN: 11510837) | Non-Executive - Independent Director | Member |
Stakeholders Relationship Committee
| Sl No. | Name & DIN of Committee members | Category | Designation |
|---|---|---|---|
| 1 | Mr. Selvaraj Johnson (DIN: 10637235) | Non-Executive - Independent Director | Chairperson |
| 2 | Ms. Rose Mary Vase (DIN: 09286115) | Non-Executive - Independent Director | Member |
| 3 | Mr. Vineet Goverdhan Shah (DIN: 01761772) | Executive Director | Member |
| 4 | Mr. Tarun Kashyap (DIN: 07358671) | Executive Director | Member |
| 5 | Ms. Ayushi Singh Bais (DIN: 11510837) | Non-Executive - Independent Director | Member |
Risk Management Committee
| Sl No. | Name & DIN of Committee members | Category | Designation |
|---|---|---|---|
| 1 | Ms. Rose Mary Vase (DIN: 09286115) | Non-Executive - Independent Director | Chairperson |
| 2 | Mr. Selvaraj Johnson (DIN: 10637235) | Non-Executive - Independent Director | Member |
| 3 | Mr. Vineet Goverdhan Shah (DIN: 01761772) | Executive Director | Member |
| 4 | Mr. Tarun Kashyap (DIN: 07358671) | Executive Director | Member |
| 5 | Ms. Ayushi Singh Bais (DIN: 11510837) | Non-Executive - Independent Director | Member |
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