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Latest filing: 2026-08-13 12:11
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CFO and Director Tushar Shah Resigns Following Change in Management Control
Mr. Tushar Shah has resigned from his roles as Director and Chief Financial Officer (CFO) of N2N Technologies Ltd, effective August 13, 2026. This resignation is a direct result of the change in management and control following a recently concluded Open Offer. The company is a micro-cap with a market capitalization of ₹11 Cr and is currently loss-making, reporting a net loss of ₹2.78 Cr for FY26 on a total revenue of just ₹1.34 Cr. Investors should monitor the incoming management team's strategy to address the negative operating margins of -210.6%.
Confidence: HIGH
What changedMr. Tushar Shah has stepped down from the board and the CFO position as part of a management overhaul following an Open Offer.
Why it mattersFor a micro-cap company with declining financials and minimal revenue, a change in management and control is a critical event that determines the future viability of the business.
Market Capitalization: ₹11 CrTTM Revenue: ₹1 CrFY26 Net Profit: ₹-2.78 CrNet Worth: ₹4 CrPromoter Holding: 50.4%
📅 Short termThe stock may experience volatility as the market processes the management transition and awaits news on the new leadership.
📈 Long termThe long-term outlook is entirely dependent on the new management's ability to pivot the business and achieve profitability, given the current ROCE of -45.2%.
⚠ Risk flags
- Management instability during transition
- Significant historical losses
- Extremely small revenue base
- Micro-cap liquidity risk
Key Highlights
Resignation of Mr. Tushar Shah as Director and CFO effective August 13, 2026.
Departure is linked to the change in control of the company pursuant to a recently concluded Open Offer.
Company reported a significant net loss of ₹2.78 Cr in FY26 compared to a net worth of ₹4 Cr.
TTM revenue stands at a minimal ₹1 Cr, highlighting the small scale of current operations.
Operating Profit Margin (OPM) is deeply negative at -210.6% as per latest TTM data.
👀 What to Watch
Investors should wait for the announcement of the new management team and their business plan, as the change in control could lead to a complete shift in the company's operational focus.
CFO and Director Tushar Shah Resigns Following Change in Management Control
Mr. Tushar Shah has resigned from his roles as Director and Chief Financial Officer (CFO) of N2N Technologies, effective August 13, 2026. This resignation is a direct result of the change in management and control following a recently concluded Open Offer. The company is currently in a weak financial position, reporting a TTM revenue of just Rs 1 Cr and a net loss of Rs 3 Cr. Investors should note that this transition marks a significant shift in leadership for the Rs 11 Cr market-cap company.
Confidence: HIGH
What changedThe CFO and a Director have stepped down following a change in the company's ownership and control via an Open Offer.
Why it mattersA change in management and CFO is a critical event for a micro-cap company struggling with profitability, as it may signal a shift in business strategy or capital allocation.
Effective Date of Resignation: August 13, 2026TTM Revenue: Rs 1 CrTTM Net Profit: Rs -3 CrMarket Capitalization: Rs 11 CrPromoter Holding: 50.37%
📅 Short termThe stock may see volatility as the market reacts to the management transition and awaits news on the new leadership team.
📈 Long termThe long-term outlook depends entirely on the ability of the new management to turn around the loss-making operations and scale the revenue from its current base of Rs 1 Cr.
⚠ Risk flags
- Management transition risk
- Significant operating losses
- Negative ROCE of -45.2%
- Micro-cap liquidity risk
Key Highlights
Resignation of Mr. Tushar Shah as Director and CFO effective August 13, 2026.
Departure is attributed to the change in control following a recently concluded Open Offer.
Company operates with a very small TTM revenue base of Rs 1 Cr.
Operating profit margin (OPM) stands at a negative 210.6% for the trailing twelve months.
Market capitalization is approximately Rs 11 Cr, indicating a micro-cap status.
👀 What to Watch
Monitor the appointment of the new CFO and any strategic updates from the incoming management to address the company's significant operating losses and negative ROCE of -45.2%.
N2N Technologies to cease IT business effective Aug 13, 2026, following management change
N2N Technologies has announced the complete cessation of its IT and Software Consulting business effective August 13, 2026. This move follows a change in management and control after a recently concluded Open Offer by Harmony Remedies Private Limited, Firoze Kapadia, and Aditi Parikh. The company has relieved all employees and consultants from its IT division, which accounted for its entire TTM revenue of Rs 1 Cr. The new management is currently evaluating new business opportunities, effectively turning the company into a shell entity pending a strategic pivot.
Confidence: HIGH
What changedThe company is exiting its sole existing business line (IT services) and terminating its entire workforce in that segment following a change in promoter control.
Why it mattersThis is a total structural pivot; historical financial performance (TTM revenue of Rs 1 Cr and PAT of Rs -3 Cr) is no longer indicative of future operations as the company seeks a new business direction.
Effective Date of Cessation: August 13, 2026TTM Revenue (Discontinued): Rs 1 CrMarket Cap: Rs 11 CrFY26 Net Profit: Rs -2.78 Cr
📅 Short termThe stock may experience high volatility as the market digests the shutdown of current operations and waits for clarity on the new business model.
📈 Long termThe long-term outlook is entirely dependent on the new management's ability to identify and execute a profitable new business strategy.
⚠ Risk flags
- Zero revenue risk during the transition period
- Execution risk of a completely new business model
- Loss of all human capital in the IT division
Key Highlights
Complete cessation of IT and Software Consulting business effective August 13, 2026
All employees and consultants from the IT division have been relieved from service
Change in control triggered by an Open Offer from Harmony Remedies Private Limited and associates
Discontinuation of a business segment that generated Rs 1.34 Cr in FY26 revenue
New business activities are currently under evaluation by the incoming management
👀 What to Watch
Investors should closely monitor future filings for the disclosure of the new business line and any potential capital infusion or asset acquisition by the new promoters.
4 New Directors Appointed Following Change in Control by Harmony Remedies
N2N Technologies has reconstituted its board with 4 new director appointments effective August 12, 2026, following a change in management and control. This shift results from a recently concluded Open Offer by Harmony Remedies Pvt Ltd and associates. The new leadership includes professionals with 40+ years of pharmaceutical experience and agro-commodity backgrounds, which is significant for a company with a small market cap of Rs 11 Cr and a TTM revenue of only Rs 1 Cr. This move potentially signals a strategic turnaround for the currently loss-making entity (FY26 PAT of Rs -2.78 Cr).
Confidence: HIGH
What changedThe company's board has been overhauled following a change in ownership and control via an Open Offer.
Why it mattersFor a micro-cap company with negligible revenue and significant losses, a change in management is the primary catalyst for a potential business pivot or turnaround.
New Directors Appointed: 4Market Cap: Rs 11 CrTTM Revenue: Rs 1 CrFY26 Net Profit: Rs -2.78 CrROCE: -45.2%
📅 Short termThe market may react positively to the induction of experienced professionals into a micro-cap shell company.
📈 Long termThe long-term outlook depends entirely on the new management's ability to utilize the listed entity for a new business line, likely in Pharma or Agro given their backgrounds.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High execution risk in turnaround
- Extremely low revenue base
- History of consistent losses
Key Highlights
4 Additional Directors appointed including a Chairman and two Executive Directors on August 12, 2026.
Management control shifted to Harmony Remedies Pvt Ltd following a successful Open Offer.
Mr. Mehul J. Parekh joins as Executive Director bringing 40+ years of pharmaceutical industry experience.
The company is currently struggling with a TTM revenue of only Rs 1 Cr and an OPM of -210.6%.
New board includes expertise in Treasury, Pharma, Agro-commodities, and Corporate Finance.
👀 What to Watch
Watch for upcoming board meetings regarding a potential change in the company's primary business objects or any fresh capital infusion from the new promoters.
Harmony Remedies Takes Control of N2N Technologies; Company to Exit IT Business
Harmony Remedies India Private Limited, along with two Persons Acting in Concert (PACs), has successfully taken management control of N2N Technologies effective August 13, 2026. This follows the completion of an Open Offer under SEBI Takeover Regulations. Notably, the company has announced it will cease its existing IT & Software consulting business operations. Given the company's micro-cap status (Rs 11 Cr market cap) and TTM revenue of only Rs 1 Cr, this total change in leadership and business direction is highly material.
Confidence: HIGH
What changedA complete change in the promoter group and management control from the existing promoters to Harmony Remedies India Private Limited.
Why it mattersThe company is pivoting away from its core IT business while under new management, which is a critical development for a loss-making entity with a TTM PAT of Rs -3 Cr.
Effective Date of Control: August 13, 2026Market Cap: Rs 11 CrTTM Revenue: Rs 1 CrTTM PAT: Rs -3 CrCurrent Promoter Holding: 50.37%
📅 Short termThe stock may experience volatility as the market digests the exit from the IT business and awaits details on the new promoters' strategic plans.
📈 Long termThe long-term viability depends entirely on the new management's ability to deploy capital into a new, profitable business segment, as the legacy IT business is being terminated.
⚠ Risk flags
- Business pivot risk (exiting current core business)
- Micro-cap liquidity risk
- Uncertainty regarding new business model
Key Highlights
Management and control transition to Harmony Remedies India Private Limited effective August 13, 2026
Outgoing promoters Rahul Dilip Shah and Rekha Rani Sarawgi to cease being promoters
Company officially announced it will cease to be engaged in the IT & Software consulting business
Board meeting for approval concluded in 18 minutes on August 12, 2026
Rahul Dilip Shah's shareholding to be reclassified into the Public category
👀 What to Watch
Investors should monitor upcoming filings for the specific new business line the company intends to enter and the full reconstitution of the Board of Directors.
N2N Technologies Q1 Net Loss Widens to ₹12.49 Lacs as Revenue Drops 54% YoY
N2N Technologies reported a weak set of results for Q1 FY27, with revenue from operations falling 54.3% YoY to ₹15.20 Lacs from ₹33.28 Lacs. The net loss widened significantly to ₹12.49 Lacs compared to a loss of ₹1.70 Lacs in the corresponding quarter of the previous year. A critical concern is that employee benefit expenses at ₹22.30 Lacs alone exceeded the total revenue for the quarter. The company remains a micro-cap with a market capitalization of approximately ₹11 Cr and continues to struggle with negative operating margins.
Confidence: HIGH
What changedThe company experienced a sharp 54% contraction in quarterly revenue and a seven-fold increase in net losses compared to the same period last year.
Why it mattersFor a micro-cap company with very low absolute revenue (₹1 Cr TTM), such high volatility and the inability to cover fixed costs like salaries pose a significant risk to capital erosion.
Revenue from Operations (Q1): ₹15.20 LacsNet Loss (Q1): ₹12.49 LacsEmployee Benefit Expenses: ₹22.30 LacsQuarterly Revenue vs TTM Revenue: 15.2%Paid-up Equity Capital: ₹322.81 Lacs
📅 Short termThe stock may face downward pressure due to the significant revenue decline and widening losses reported in this quarter.
📈 Long termThe business model shows structural weakness at this scale; unless revenue grows multi-fold to cover operating overheads, the long-term outlook remains constrained.
⚠ Risk flags
- Operating expenses exceed total revenue
- Significant YoY revenue contraction
- Micro-cap liquidity and volatility risks
Key Highlights
Revenue from operations declined 54.3% YoY to ₹15.20 Lacs from ₹33.28 Lacs.
Net loss for the quarter widened to ₹12.49 Lacs, up from a loss of ₹1.70 Lacs in Q1 FY26.
Employee benefit expenses stood at ₹22.30 Lacs, representing 146.7% of the total quarterly revenue.
Total expenses of ₹27.69 Lacs were nearly double the total income of ₹15.20 Lacs.
Earnings Per Share (EPS) worsened to ₹(0.39) from ₹(0.05) in the year-ago period.
👀 What to Watch
Investors should monitor the company's ability to secure new tech support contracts to scale revenue, as current income is insufficient to cover even basic employee costs.
Board Meeting on Aug 12 for Q1 Results and Change in Promoter Control
N2N Technologies has scheduled a board meeting for August 12, 2026, to approve its Q1 FY27 financial results and formalize a change in management and promoter control. This transition follows a recently concluded Open Offer, which is a significant event for a micro-cap company with a market capitalization of only ₹11 Cr. The board will also consider the appointment of new directors as part of this change in control. Given the company's TTM revenue of just ₹1 Cr and a TTM loss of ₹3 Cr, this change in leadership is a critical development for potential business restructuring.
Confidence: HIGH
What changedThe company is undergoing a complete change in promoter ownership and management control following an open offer process.
Why it mattersFor a micro-cap company with negative operating margins (-210.6%) and minimal revenue, a change in control is the primary catalyst that could lead to a business pivot or capital infusion.
Board Meeting Date: August 12, 2026Market Cap: ₹11 CrTTM Revenue: ₹1 CrTTM PAT: ₹-3 CrPromoter Holding (Mar 2026): 50.4%
📅 Short termExpect stock price volatility leading up to and following the August 12 meeting as the market reacts to the new management profile.
📈 Long termThe long-term outlook depends entirely on the new promoters' ability to utilize the listed shell or pivot the existing business into a profitable venture.
⚠ Risk flags
- Micro-cap liquidity risk
- History of significant operating losses
- Execution risk under new management
Key Highlights
Board meeting scheduled for August 12, 2026, to approve Q1 FY27 results.
Formal change of Management and Control of the company to be considered.
Change of Promoters following the recently concluded Open Offer.
Appointment of new Directors to the board pursuant to the change in control.
Company reported a significant loss of ₹2.79 Cr in the most recent quarter (Mar 2026).
👀 What to Watch
Investors should closely monitor the August 12 board meeting outcome to identify the new promoters and understand their strategic roadmap for turning around this loss-making entity.
