Bad management
I will speculate that Sankar was disconnected from reality and the working environment had a collapse of moral after overloading too much work of r&d engineering on his poorly paid engineers, year after year, project after project, not realizing how hard it is to complete these new projects one after another where Sankar likely over promised his customers. Then last summer everyone who mattered must have up and quit, including Rakesh, out of frustration and despair.
Meanwile Sankar and Paul were collecting large paychecks of $250k and $200k respectively where Sankar should have been taking only a very small paycheck to make sure his engineers were being well compensated while Paul should have been replaced ages ago for someone at less than half the price since most of their wages went to paying income taxes as wasted cash. Obvioiusly very dumb.
Their only hope now is for a big deal or if Gitanjali and Raj can reverse all this damage and get back on track but i do not expect any sales either next quarter since like GerritEtmans said, there's no WIP or raw materials showing on their balance sheet.
new hiring ads at indeed,
https://ca.indeed.com/cmp/Electrovaya-Corp./jobs
It's a real shame as they were doing so well last year and then boom! Flat on their face.
This is all Sankar's fault as no one else is responsible for driving this ship into the dirt.