Key Financial Figures

  • Net Loss for FY 2025-26: ₹84.65 lakh (compared to ₹0.67 lakh loss in FY 2024-25)
  • Total Revenue: ₹2.97 lakh (primarily from other income)
  • Total Expenses: ₹17.61 lakh
  • Exceptional Items: ₹70.01 lakh (BSE listing fees, fines, and professional fees)
  • Paid-up Share Capital: Reduced from ₹10.27 crore to ₹50 lakh post-restructuring
  • Borrowings: ₹334.11 lakh (unsecured loans from director)
  • Cash and Cash Equivalents: ₹3.29 lakh
  • Fixed Deposits: ₹17.00 lakh

Corporate Insolvency Resolution Process (CIRP)

The Ahmedabad Bench of the National Company Law Tribunal approved the Resolution Plan on November 18, 2025, concluding the CIRP initiated in April 2024. The company was under Resolution Professional management until December 03, 2025, when new management took over.

Capital Restructuring

Pursuant to the NCLT order:

  • Existing 10,277,200 equity shares reduced to 25,000 shares for public shareholders
  • 425,000 new equity shares allotted to new promoters and promoter group
  • 50,000 equity shares allotted to secured financial creditor
  • Total paid-up capital now ₹50 lakh divided into 500,000 equity shares of ₹10 each

AGM Resolutions

Ordinary Business:

1. Resolution 1: Adoption of audited standalone financial statements for FY 2025-26

2. Resolution 2: Re-appointment of Mr. Jatinbhai Ramanbhai Patel (DIN: 06973337) as Director retiring by rotation

Special Business:

3. Resolution 3: Appointment of M/s. Dharti Patel & Associates as Secretarial Auditors for 5 years (FY 2025-26 to 2029-30) with remuneration not exceeding ₹1 lakh

4. Resolution 4: Appointment of Ms. Shubhangi Janifer (DIN: 09125625) as Independent Director for 5 years

5. Resolution 5: Appointment of Ms. Poorva Jain (DIN: 11386684) as Independent Director for 5 years

6. Resolution 6: Appointment of Mrs. Chitra Naraniwal (DIN: 09077116) as Independent Director for 5 years

7. Resolution 7: Amendment of Object Clause in Memorandum of Association to expand business activities

8. Resolution 8: Adoption of new Memorandum of Association conforming to Companies Act, 2013

9. Resolution 9: Adoption of new Articles of Association

10. Resolution 10: Enhancement of borrowing limits under Section 180(1)(c) up to ₹5,000 crore

11. Resolution 11: Enhancement of limits under Section 186 for loans/guarantees/investments up to ₹5,000 crore

12. Resolution 12: Approval for borrowing unsecured loan up to ₹100 crore from director Mr. Jatinbhai Ramanbhai Patel with equity conversion option

Board and Management Changes

New Appointments (from December 03, 2025):

  • Mr. Jatinbhai Ramanbhai Patel as Chairman & Managing Director
  • Mr. Karnik Shasankan Pillai as Additional Non-Executive Director
  • Mr. Sohan Lal as Executive Director & CFO
  • Ms. Shubhangi Janifer as Additional Independent Director
  • Ms. Poorva Jain as Additional Independent Director
  • Mrs. Chitra Naraniwal as Additional Independent Director
  • Ms. Twinkle Bipinchandra Gajjar as Company Secretary & Compliance Officer

Resignations (on December 03, 2025):

  • Mr. Harish Kumar (Executive Director)
  • Mr. Hiren Dhirjibhai Rabari (Non-Executive Director)
  • Mr. Mahendra Kumar (Independent Director)
  • Mr. Dhiren Kanaiyalal Thakkar (CFO)

Committee Reconstitution

Audit Committee: Ms. Poorva Jain (Chairperson), Ms. Shubhangi Janifer, Mrs. Chitra Naraniwal

Nomination & Remuneration Committee: Ms. Shubhangi Janifer (Chairperson), Ms. Poorva Jain, Mrs. Chitra Naraniwal

Stakeholders' Relationship Committee: Ms. Poorva Jain (Chairperson), Ms. Shubhangi Janifer, Mrs. Chitra Naraniwal

Regulatory Compliance Status

The Secretarial Audit Report by Dharti Patel & Associates noted several non-compliances during the CIRP period, including delayed filings of:

  • Investor complaint statements
  • Related party transaction disclosures
  • Annual secretarial compliance report
  • Corporate governance reports
  • Shareholding patterns
  • Financial results
  • Share capital audit reports
  • Confirmation certificates

The company received a warning letter from BSE for non-maintenance of functional website as required under Regulation 46 of SEBI LODR.

Related Party Transactions

The company had transactions with Mr. Jatinbhai Ramanbhai Patel totaling ₹6.60 lakh for expense payments under approved working capital limits.

Voting Arrangements

The AGM will be held through Video Conferencing/Other Audio-Visual Means on September 28, 2026. Remote e-voting will be available from September 25, 2026 (9:00 AM) to September 27, 2026 (5:00 PM) through Bigshare Services Pvt. Ltd.

Dividend

No dividend proposed for FY 2025-26 due to losses.

Auditors

Statutory Auditors: M/s. N.S. Nanavati & Co. (FRN: 134235W)

Secretarial Auditors: M/s. Dharti Patel & Associates

Internal Auditors: M/s. PSG And Associates