VIRTUAL GLOBAL EDUCATION LTD. — Audit Report / Information 2026

May 28, 2026

Virtual Global Education Ltd.

Date: 28th May, 2026

To

BSE Limited

Department of Corporate Services
Phiroze Jeejeebhoy Towers,
Dalal Street, Mumbai-400001

Scrip Code: 534741
ISIN: INE247C01023

Sub: Statement of Impact of Audit Qualification

Dear Sir/Ma’am,

Pursuant to Provisions of Regulation 33/52 of the SEBI (Listing Obligations and Disclosure Requirement) (Amendment) Regulations, 2016. Please find attached below the Statement on Impact of Audit Qualifications for Standalone and Consolidated Results for the Quarter and year ended March 31, 2026.

This is for your record and reference.

Thanking you,

Yours Faithfully,

For Virtual Global Education Limited

ANUBHA
CHAUHA
N

Digitally signed by ANUBHA CHAUHAN
Date: 2026.05.28 12:58:32 +05'30'

Anubha Chauhan
Director
DIN:09058512

Registered Office: 1108,11th Floor, RG Trade Tower, Netaji Subhash Place, Pitampura, Delhi-110034
Tel: 011-41522143, CIN: L67120DL1993PLC052256
Email: csvirtualeducation@gmail.com, website: www.virtualeducation.co.in

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Annexure-1

Statement of Impact of Audit Qualification (for audit report with qualified opinion) submitted along with Audited Annual Standalone Financial Results

Statement on Impact of Audit Qualifications for the Quarter ended 31st March, 2026 (Regulation 33 of the SEBI (LODR) (Amendment) Regulations, 2016 (In lakhs)
S.No	Particulars	Audited Figures (as reported before adjusting for qualifications)	Audited Figures (as reported After adjusting for qualifications)
	Turnover/Total Income	58.54	58.54
	Total Expenditure	91.81	178.54
	Net Profit	(33.27)	(120.00)
	Earning Per Share	(0.01)	(0.02)
	Total Assets	8402.61	8315.88
	Total Liabilities	895.56	895.56
	Net Worth	7507.05	7420.32
	Any other financial items (as felt appropriate by the management)
	Audit Qualification (each audit qualification separately)
a. Details of Audit qualifications:
	1. We draw attention to our previous Review Reports and previous report ended 31st March 2025 we reported the fraudulent activities of the CFO have significantly impacted the accuracy of the financial statements, financial position and performance of the Company. This fraud indicates a material weakness in internal financial controls, and raises significant concerns and raises significant concerns regarding the reliability of the financial reporting, and pursuant to a Special Audit 28.5.2025, we identified material financial irregularities involving unauthorized transactions and misappropriation of funds by the Company's Chief Financial Officer (CFO) & Director Mr Ankit Sharma. As per the findings of the special audit report it has been determined that an amount aggregating to ₹88,17,931/- was misappropriated through fictitious payments, unsupported expenses and unauthorized fund transfers during the financial years 2024-25. The amount has not been recovered as of the date of the report, and the company is in the process of initiating legal and disciplinary proceedings. No provision has been made in the financial statements for the said loss. "The Company has to be recorded an impairment and provision of Rs 88,17,931/- in the financial statements for the year ended March 31st 2026, pending full recovery and resolution.

Management comments: | | |

S.S. OSSOMS
CHANTERED ACCOUNTANTS

---

The Company acknowledges the financial irregularities of Rs. 88,17,931/- carried out by the former CFO, initiating of Legal recovery proceedings and strengthening of internal control mechanism. We have filled complaint (Compliant no. 801012509075 dated 13.02.2025) against Mr. Ankit Sharma as far as legal action is concerned.

Auditor Comment:

We have reviewed the management response and the corrective action has been taken way of FIR but regular follow up is necessary but not initiated yet. However, until the Financial effect of fraud are fully accounted for and disclosed in accordance with relevant regulatory framework the financial statement does not present the true and fair view, necessitating our qualification.

1. In terms of resolution passed by the shareholders at the Annual General Meeting held on 10.09.2024 the company allotted 14,25,00,000 fully convertible warrants of Rs.1/- each on preferential basis to other than promoters. Out of which 25% of warrant issue price has already received in previous year and the balance 75% of warrant issue price has been received during the year. We have not received sufficient evidence and documents to satisfy that amount has been utilized as per the purpose mentioned under the approval for SEBI.

Management comments:

Management is in process of collating the documents.

Auditor Comment:

It is not quantifiable due to lack of information, Management has represented that the collating the information. Once this will be collated and provided to us the quantifiable will be attempted.

1. Company has given Advance of Rs.5,32,20,571/- given up to 31st March 2026 for Purchase of Land at Gurugram, management is unable to provide proper documents in support of this transaction.

Management comments:

The Management has noted this and will take steps to comply in this connection.

Auditor Comment:

In absence of sufficient appropriate audit evidence, we are unable to determine whether the said transaction have been appropriate recorded in accordance with the support of this transaction.

1. The Company has given Loan & Advances of Rs 20,19,00,000/-, upto 31st March, 2026 management is unable to provide nature of advances and documentation in support of this transaction.

Management comments:

The Management has noted this and will take steps

S

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intended purpose of these loans and advances

1. The Company has Paid Rs6,34,88,996/- against Training expenses payable, in respect of this transaction no supporting documents has been provided to us.

Management comments: The Management has noted this and will take steps, and provide the information at earliest.

Auditor Comment:

As of the date of this report the company has not provided adequate documentary evidence or satisfactory explanations to support the Training expenses.

b. Type of audit qualification: Qualified Opinion
c. Frequency of qualification:
d. For Audit qualifications where the impact is quantified by the, auditor, Management views:
e. Management estimation on impact of audit qualification: The Management has noted this and will take steps to comply this in next year.
f. If management if unable to estimate impact, reason for the same: Management needs time to comply.
g. Auditors comments, if any:
h. For Audit qualification where impact is not quantified by the auditor:

Signatories:

Whole-Time Director

Audit Committee Chairman

Statutory Auditor

Place: Delhi
Date: 27-05-2026

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Statement of Impact of Audit Qualification (for audit report with qualified opinion) submitted along with Audited Annual Consolidated Financial Results

| Statement on Impact of Audit Qualifications for the Quarter ended March 31, 2026
(Regulation 33 of the SEBI (LODR) (Amendment) Regulations, 2016 (In lakhs) | | | |
| --- | --- | --- | --- |
| S.No | Particulars | Audited Figures
(as reported
before adjusting
for qualifications) | Audited Figures
(as reported After
adjusting for
qualifications) |
| | Turnover/Total Income | 58.54 | 58.54 |
| | Total Expenditure | 91.93 | 178.66 |
| | Net Profit | (33.39) | (120.12) |
| | Earning Per Share | (0.01) | (0.02) |
| | Total Assets | 8405.53 | 8318.8 |
| | Total Liabilities | 898.71 | 898.71 |
| | Net Worth | 7506.82 | 7420.09 |
| | Any other financial items (as felt appropriate by the management) | | |
| | Audit Qualification(each audit qualification separately)
a. Details of Audit qualifications: | | |
| | 1. We draw attention to our previous Review Reports and previous report ended 31st March 2025 we reported the fraudulent activities of the CFO have significantly impacted the accuracy of the financial statements,, financial position and performance of the Company. This fraud indicates a material weakness in internal financial controls, and raises significant concerns-and raises significant concerns regarding the reliability of the financial reporting, and pursuant to a Special Audit 28.5.2025, we identified material financial irregularities involving unauthorized transactions and misappropriation of funds by the Company's Chief Financial Officer (CFO) & Director Mr Ankit Sharma. As per the findings of the special audit report it has been determined that an amount aggregating to ₹ 88,17,931/- was misappropriated through fictitious payments, unsupported expenses and unauthorized fund transfers during the financial years 2024-25. The amount has not been recovered as of the date of the report, and the company is in the process of initiating legal and disciplinary proceedings. No provision has been made in the financial statements for the said loss."The Company has to be recorded an impairment and provision of Rs 88,17,931/- in the financial statements for the year ended March 31st 2026, pending full recovery and resolution.

Management comments:
The Company acknowledges the financial irregularities of Rs. 88,17,931/- carried out by the former CFO, initiating of Legal recovery proceedings and | | |

SANTA BARBARA
CHARTERED
ACCOUNTANTS
DELHI

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strengthening of internal control mechanism. We have filled complaint (Compliant no. 801012509075 dated 13.02.2025) against Mr. Ankit Sharma as far as legal action is concerned.

Auditor Comment:

We have reviewed the management response and the corrective action has been taken way of FIR but regular follow up is necessary but not initiated yet. However, until the Financial effect of fraud are fully accounted for and disclosed in accordance with relevant regulatory framework the financial statement does not present the true and fair view, necessitating our qualification.

1. In terms of resolution passed by the shareholders at the Annual General Meeting held on 10.09.2024 the company allotted 14,25,00,000 fully convertible warrants of Rs.1/- each on preferential basis to other than promoters. Out of which 25% of warrant issue price has already received in previous year and the balance 75% of warrant issue price has been received during the year. We have not received sufficient evidence and documents to satisfy that amount has been utilized as per the purpose mentioned under the approval for SEBI.

Management comments:

Management is in process of collating the documents.

Auditor Comment:

It is not quantifiable due to lack of information, Management has represented that the collating the information. Once this will be collated and provided to us the quantifiable will be attempted.

1. Company has given Advance of Rs.5,32,20,571/- given up to 31st March 2026 for Purchase of Land at Guru gram, management is unable to provide proper documents in support of this transaction.

Management comments:

The Management has noted this and will take steps to comply in this connection.

Auditor Comment:

In absence of sufficient appropriate audit evidence, we are unable to determine whether the said transaction have been appropriate recorded in accordance with the support of this transaction.

1. The Company has given Loan & Advances of Rs 20,19,00,000/-, upto 31st March, 2026 management is unable to provide nature of advances and documentation in support of this transaction.

Management comments:

The Management has noted this and will take steps to comply this in next year.

S.R.S. ASSOC. CHARTERED ACCOUNTANTS

---

As of the date of this report the company has not provided adequate documentary evidence or satisfactory explanations to support the nature and intended purpose of these loans and advances

1. The Company has Paid Rs6,34,88,996/- against Training expenses payable, in respect of this transaction no supporting documents has been provided to us.

Management comments: The Management has noted this and will take steps to comply this in next year.

b. Type of audit qualification: Qualified Opinion

c. Frequency of qualification:

d. For Audit qualifications where the impact is quantified by the, auditor, Management views:

e. Management estimation on impact of audit qualification:

The Management has noted this and will take steps to comply this in next year.

f. If management if unable to estimate impact, reason for the same:

Management needs time to comply.

g. Auditors comments, if any:

h. For Audit qualification where impact is not quantified by the auditor:

Signatories:

Whole-Time Director

Audit Committee Chairman

Statutory Auditor

Place: Delhi
Date: 27-05-2026