Milestone Furniture share price hits 5% lower circuit as the firm’s CA ’disappears’

Milestone Furniture shares were locked in a 5 per cent lower circuit of ₹6.47 in intraday trade on BSE on Thursday (June 8) a day after the company said it was not able to disclose its financial statements as its existing Chartered Accountant got disappeared and is not answering the calls, raising concerns over the firm's governance.

As per Milestone Furniture's BSE filing on June 7, its CA Bhupendra Gandhi has disappeared and not taking its calls. In May, the company's CEO Ganesh Kumar Sadanand Patlikadan resigned from his position.

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 the earliest. It's 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.

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

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."

The company's CEO Ganesh Kumar Sadanand Patlikadan had tendered resignation from his post earlier on May 12, 2023. Milestone is looking for a suitable candidate for both important roles so the company can work properly towards organic growth.

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

Milestone Furniture shares hit their 52-week high of ₹14.40 on BSE on July 4, 2022, and their 52-week low of ₹2.77 on October 3, 2022. For the year 2023 so far, the stock is up 52 per cent.

Read all market-related news here