Company Overview

Avenique Limited (formerly KDJ Holidayscapes & Resorts Limited) successfully exited the Corporate Insolvency Resolution Process (CIRP) pursuant to the NCLT Mumbai Bench order dated March 4, 2025. The Resolution Plan submitted by Mr. Ravikumar Gaurishankar Patel was approved, with management control handed over to the newly constituted Board of Directors effective March 28, 2025.

Financial Performance

For FY 2025-26, the company reported a standalone net loss of ₹35.10 lakhs with zero revenue from operations. Consolidated net loss stood at ₹64.69 lakhs. The company had total borrowings of ₹4,811.43 lakhs as of March 31, 2026, comprising secured and unsecured loans from banks and related parties. Financial ratios were not computed due to negative net worth and absence of operational income.

Corporate Restructuring

Pursuant to the NCLT-approved Resolution Plan, all existing 5,46,56,000 equity shares were cancelled. A new issuance was made: 25,000 shares allotted to existing public shareholders (1:998.76 ratio) and 4,75,000 shares allotted to the new Promoter & Promoter Group. The company's equity shares remain suspended on BSE due to penal reasons and non-payment of ALF dues.

Management Changes

The board underwent significant reconstitution throughout FY26. Effective July 15, 2026, Mr. Hemantbhai Khodidasbhai Raval resigned as Managing Director and Mr. Akash Parmar resigned as Director & CFO. Mr. Ravikumar Patel was appointed as Managing Director for a 3-year term, and Mr. Purvikkumar Bhagvanbhai Patel was appointed as Executive Director and CFO.

Strategic Shift

Shareholders approved the alteration of the Main Object Clause to facilitate diversification into renewable energy and clean fuel sector, including Compressed Bio-Gas, Bio-CNG, Hydrogen, biodiesel, and waste-to-energy facilities. The Registrar of Companies approved this change on June 22, 2026.

Audit & Compliance

The statutory auditor, M/s. DD Shah Patel & Co., issued a disclaimer of opinion due to inability to verify the existence, valuation, and recoverability of Non-Current Investments (₹892.96 lakhs) and Deferred Tax Assets (₹52.09 lakhs). The Board recommended appointment of M/s. J. M. Patel & Bros. as statutory auditors for a 5-year term from FY 2026-27.

Subsidiaries & Related Parties

The company has two subsidiaries: KDJ Hospitality Private Limited (100% holding) and KDJ Hospitals Limited (51% holding). An unsecured loan of ₹32.97 lakh was taken from Mr. Ravikumar Patel, a Non-Executive Director. The company constituted mandatory board committees and adopted various corporate governance policies during the year.

Outlook

The management identified the alteration of object clause as a key opportunity for future growth in renewable energy sector, alongside revival of the hospitality business. The year was primarily focused on restoring operational framework and ensuring statutory compliance post-CIRP.