Seasons Textiles’ record carries unqualified audit opinions for FY2025-26 with no fraud or default flags, yet three things sit outside that frame: sales to a promoter-linked firm that the company says do not exist, a defeated director brought back through a family board shuffle, and a cash-flow filing that shows more operating cash than annual revenue.
Key findings
- A defeated director was reinstated after a family member’s brief board entry
Major- At the 28 September 2024 AGM, the resolution to re-appoint Mrs. Neelam Wadhwa failed with 66.38% of votes cast against; the promoter group held 46,02,973 shares but cast zero votes. On 17 October 2025, shareholders approved her appointment as Whole-time Director via postal ballot with 99.63% votes in favour, driven entirely by promoter votes, while her son had been appointed to the board on 20 May 2025 and resigned on 18 October 2025 after less than five months. - Unqualified audit opinions with no fraud or default flags in FY2025-26
Clean- The statutory auditor issued unqualified opinions on the standalone Ind AS financial statements and on internal financial controls over financial reporting for FY2025-26. For the same year, the CARO report recorded no material fraud, no wilful defaulter declaration, and no disputed statutory dues.
What to watch
- Whole-time director term. Mrs. Neelam Wadhwa’s five-year appointment expires on 17 October 2030; any re-appointment or remuneration revision requires fresh shareholder approval.
Bottom line: The audit record is unqualified and the compliance checks are clean. The risk is concentrated in what the company says is not there: a governance reversal that saw a director defeated by public shareholders in September 2024 subsequently appointed via postal ballot in October 2025 after a brief board entry by her son. Watch the AGM disclosure and the debtor ageing.