Maxgrow India Limited Submits FY24 Annual Report Post-CIRP

Maxgrow India Limited submitted its Annual Report for FY 2023-24 to BSE in compliance with SEBI Regulation 34, despite being unable to convene an AGM due to an ongoing Corporate Insolvency Resolution Process (CIRP).
The company reported a net loss of ₹11.72 lakhs for FY24 with zero revenue from operations, continuing a trend from the previous year's loss of ₹9.13 lakhs.
A resolution plan by PP Metallix Limited was approved by the CoC and NCLT, leading to the appointment of a Monitoring Agency (IMA) which reconstituted the Board of Directors in September 2024.
Both the statutory auditor and secretarial auditor issued a disclaimer of opinion on the financial statements and compliance, citing a lack of audit evidence and records due to the CIRP.