Company Response to Exchange Query
Date and Nature of Query
On August 25, 2026, BIL Vyapar Limited received a clarification query from the National Stock Exchange of India Limited (NSE) regarding its audited financial statements submitted for the quarter ended June 30, 2026. The exchange's primary observation was that the company had submitted only standalone financial results and not consolidated results for the period, whereas consolidated results had been submitted for the previous quarter ended March 2026.
Company’s Clarification on Reporting
In its response, the company provided a detailed clarification for the absence of consolidated financial statements. The company stated that its subsidiary, Global Composites Holdings Inc, was formally dissolved by the Secretary of State, Minnesota on May 21, 2026. Consequently, as of June 30, 2026, BIL Vyapar Limited no longer had any subsidiary or holding company. This dissolution negated the requirement to prepare and submit consolidated financial statements for the quarter.
Details of Financial Impact
The dissolution of the subsidiary had a direct financial impact. In the quarter ended June 30, 2026, the company derecognized its entire investment in Global Composites Holdings Inc. This action resulted in a loss of Rs. 1.50 lakhs, which was recorded in the Profit & Loss Account for the period. The company noted that this transaction and the reasoning behind the lack of consolidation were fully disclosed in Note No. 11 to the Notes to the Financial Statement, which had been submitted to the stock exchanges.