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Business News/ Markets / Stock Markets/  'CA disappeared': Listed company Milestone Furniture explains why it didn't declare financial results

'CA disappeared': Listed company Milestone Furniture explains why it didn't declare financial results

Milestone Furniture's financial results for FY23 are in jeopardy as their chartered accountant (CA) has disappeared and refused to take their calls. The company is working to resolve the issue for BSE and ROC compliance.

Pen and calculator rest on stock price detail financial newspaperPremium
Pen and calculator rest on stock price detail financial newspaper

The job of a chartered account (CA) is not limited to just filing taxes or preparing research reports, but their role is far more important especially when companies' financial results are dependent upon them. Unfortunately, in the case of Milestone Furniture their CA Bhupendra Gandhi has disappeared and refused to take their calls. This has jeopardized the listed company's financial results for FY23.

With Bhupendra's disappearance, the furniture maker could not get the required data for financial statements. Also, the persons-in-charge of these financial data is absent.

Milestone is among the penny stocks and only listed on BSE. On Wednesday, the company gave an update in regards to delay in financial results. It released the outcomes of its board meeting which was held on May 25, 2023.

During this board meeting, a discussion was held on the pending financial earnings alongside other matters.

Read here: India's largest IT firm TCS paid 30 crore salary to former CEO Rajesh Gopinathan in FY23, sees 118% jump in 3 years

In its regulatory filing, Milestone Furniture said, "The discussion was held on Financial Results; the Chairman told the board that the existing Chartered Accountant named CA Bhupendra Gandhi got disappeared and is not answering the calls, so the financial statements are pending due to unavailability of financial data as well as the absence of persons-in charge of the data."

Hence, the company is trying its best to resolve the issue so that BSE as well as ROC compliance in this regard can be done at earliest.

Its not just CA, but Milestone is also in search of a new MD. 

Also, the company's board deliberated on the matter of Managing Director and Company Secretary of the company.

Read here: Tata Elxsi partners with ISRO to develop crew recovery models for Gaganyaan Mission

Its CEO Ganesh Kumar Sadanand Patlikadan has tendered resignation from his post at the company. And Milestone is looking for a suitable candidate for both important roles so the company can work properly towards organic growth.

Further, in the meeting, Milestone revealed the date of the extra-ordinary general meeting (EGM) which will be scheduled on June 16, 2023. Simar Kaur And Associates, practicing company secretaries have been appointed as scrutinizers for ensuing the EGM.

On BSE, Milestone's share price closed at 6.81 apiece down by 3.81%.

The last financial data that is available on BSE by Milestone would be for the quarter ending September 30, 2022. The company had a loss of 2.62 million by end of this quarter. In the financial year FY22, the company's loss was 1.53 million.

However, so far in 2023, Milestone's share price has gained by over 54% on BSE. But in a year, the stock has recorded a drop of over 18%.

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Updated: 07 Jun 2023, 09:27 PM IST
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