Balaji Amines Q1 Results Delayed Past the Deadline due to Unavailability of Management
Moneylife Digital Team 16 August 2023
After the en masse resignation of five of its independent directors (IDs) in May, Balaji Amines Ltd (BAL) says its first quarter results for the financial year (FY)23-24 are delayed due to the non-availability of its management. 
 
In a regulatory filing, the specialty chemicals-maker says, "In accordance with the Securities and Exchange Board of India (SEBI) master circular, we would like to submit that there has been a delay in the preparation of the consolidated financial results on account of the unavailability of the management."
 
"Therefore, the Company's unaudited standalone and consolidated financial results for the quarter ended 30 June 2023 will be approved subsequent to 14 August 2023 and the Company will endeavour to get the same approved at the earliest," it says.
 
As per SEBI rules and regulations, listed companies are mandated to submit their financial results and limited review reports within 45 days after the end of the quarter.
 
In May this year, five IDs,  Naveena Thammishetty Chandra, Kashinath Revappa Dhole, Satyanarayana Murthy Chavali, Amarender Reddy Minupuri and Vimala Behram Madon, resigned from Balaji Amines. 
 
Hemanth Reddy Gaddam also resigned as whole-time director and chief financial officer (CFO) of the company to focus on its subsidiary, Balaji Speciality Chemicals Ltd. In a regulatory filing, Balaji Amines says Ande Srinivas Reddy, its whole-time director will take charge as CFO, while it re-designated Rajeshwar Reddy Nomula as whole-time director. 
 
For FY22-23, the company reported a 17.88% jump in its net profit on a consolidated basis, to Rs417.90 crore, compared with Rs405.68 crore a year ago. Its revenues, however, declined marginally to Rs2,337.60 crore from Rs2,370.64 crore in FY21-22.
Comments
r_ashok41
10 months ago
How can sebi accept these absurd statements. or is sebi accepting these and then it is setting a bad trend. Then how is the company running and ask it to close down till a responsible governing body is elected.
david.rasquinha
10 months ago
Unavailability of the management is an absurd and unacceptable reason. Timely preparation and finalisation of the accounts is a prime responsibility of the management. This calls for severe penalties on the board and the senior management, not on the company.
Ramesh Popat
10 months ago
it was a big gainer last year. it lost the gain recently.
resignation of directors a major event. Reason ?
r_ashok41
10 months ago
hope results are announced quickly.Sebi should say that until results are announced trading will be suspended
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