Virtual Global Education's revenue rose to Rs. 1.06 Cr for FY24-25, and net loss significantly reduced to Rs. 0.38 Cr.

However, auditors issued a highly qualified opinion, highlighting major financial irregularities.

Concerns include Rs. 0.88 Cr misappropriation by the former CFO with no provision made, undocumented loans of Rs. 4.21 Cr, unconfirmed project advances of Rs. 19.99 Cr, and a Rs. 1.44 Cr bank loan now being a Non-Performing Asset due to default.

The company plans to rescind a prior fund-raising resolution and propose a fresh plan to secure up to Rs. 200 Cr via various securities for strategic initiatives.

Issues with independent director eligibility were also noted.