Innovative Tyres & Tubes Limited
Innovative Tyres and Tubes Ltd manufactures and sells Tyres & Tubes
What Innovative files
- Others44
- Important20
- Board Meeting12
- Results8
- QIP/Rights/Pref.1
- Updates1
Innovative Tyres & Tubes (ITTL) is exempt from certain corporate governance provisions. As an SME-listed company, it operates under simplified compliance rules, which means less stringent oversight on specific governance aspects compared to mainboard entities.
Auditor flagged annual results with a Qualified Opinion. Issues include unconfirmed trade balances, unrecorded SME interest liabilities, and poor disclosure for the discontinued Tube Division. Also, delayed export payments (0.69 Cr) and unadjusted customer advances (1.23 Cr) are noted, alongside penalties for low public shareholding.
Board appointed new Independent Director & Audit Chair. Company reported a net loss of 1.91 Cr, facing going concern doubts despite operational gains & parent support. Strategically sold Tubes division for 7.03 Cr and capitalized a 16.38 Cr Conveyor Belt Project. Auditors issued a qualified opinion on the financial results.
Innovative Tyres & Tubes Limited has informed the Exchange regarding 'Relieving Letter'.
Innovative Tyres & Tubes reports a key leadership change: its Company Secretary and Compliance Officer, a Key Managerial Personnel, has resigned. This marks a shift in internal governance.