Sikozy Realtors Limited

Key Quantitative Figures

  • FY26 Financial Performance: Revenue from operations: ₹14.00 lakhs; Net Loss: ₹36.43 lakhs (Previous Year: ₹17.15 lakhs loss)
  • Accumulated Losses: ₹657.33 lakhs as of March 31, 2026 (Previous Year: ₹620.89 lakhs)
  • Capital Reduction: Scheme approved to reduce paid-up equity share capital from ₹4,45,83,000 (4,45,83,000 shares) to ₹44,58,300 (44,58,300 shares) by cancelling 4,01,24,700 equity shares
  • Borrowing Limit Proposal: Special resolution to approve borrowing limit of ₹5,00,00,000
  • Share Capital: 4,45,83,000 equity shares of ₹1 each
  • Current Assets: ₹25.57 lakhs; Current Liabilities: ₹56.45 lakhs
  • Cash & Cash Equivalents: ₹1.49 lakhs
  • Trade Receivables: ₹15.61 lakhs
  • Borrowings: ₹51.44 lakhs

Dates of Action

  • Board Meeting Date: September 3, 2026
  • AGM Date: September 30, 2026 at 4:00 PM
  • E-voting Period: September 26, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
  • Record Date: September 18, 2026
  • Book Closure: September 22, 2026 to September 29, 2026 (both days inclusive)
  • NCLT Approval Date: June 18, 2026 (CP No. 33 (MB) 2026)
  • ROC Registration Date: July 2, 2026
  • Capital Reduction Record Date: July 22, 2026

Parties Involved

  • Stock Exchange: BSE Limited
  • Statutory Auditors: BKG & Associates, Chartered Accountants
  • Secretarial Auditor: U. HEGDE & ASSOCIATES, Company Secretaries
  • Scrutinizer: Mr. Umashankar Hegde, Practicing Company Secretaries (COP No: 11161)
  • RTA: Big Share Services Pvt. Ltd.
  • Bankers: Tamil Nadu Mercantile Bank Limited, HDFC Bank Limited

Capital Structure Impact

The capital reduction scheme involves:

  • Reduction of paid-up equity capital by 90%
  • Cancellation of 4,01,24,700 equity shares of ₹1 each
  • Adjustment of ₹4,01,24,700 against accumulated losses of ₹6,03,74,113
  • No change in percentage shareholding of any shareholder
  • Fractional shares to be aggregated and sold by Mrs. Manisha Kesarkar as Appropriate Person

Related Party Transactions

During FY25-26, the company sold a property unit at Trishul Apartments to Mr. Jigar Desai (Non-Executive Director) for ₹14.00 lakhs. The entire consideration was received during the financial year with no outstanding amount as of March 31, 2026. The transaction was approved by the Audit Committee and Board, entered in ordinary course of business at arm's length.

Governance Changes

  • Mr. Prashant Zade ceased as Executive Director and CEO on November 29, 2025 (expiry of term)
  • Ms. Sonali Dighe ceased as Non-Executive Independent Director effective June 16, 2026
  • Mr. Rishabh Gupta regularized as Managing Director
  • Mr. Jigar Desai retires by rotation and offers himself for reappointment

Auditor Qualifications

Statutory auditors highlighted material uncertainty regarding going concern due to:

  • Net loss of ₹36.43 lakhs in FY26
  • Accumulated losses of ₹657.33 lakhs resulting in substantial net worth erosion
  • NCLT process for capital reduction underway

Management believes going concern basis is appropriate due to evaluation of new business opportunities and fresh capital infusion after NCLT scheme finalization.

Secretarial Audit Observations

Non-compliances noted:

  • Failure to intimate cessation of Mr. Prashant Zade as Executive Director
  • Non-appointment of Compliance Officer under SEBI PIT Regulations
  • Non-submission of promoter encumbrance disclosure
  • Non-filing of various forms (MGT-14, DIR-12, MGT-15)

Voting Arrangements

  • Remote e-voting through Bigshare Services Pvt. Ltd.
  • Login options through CDSL (https://web.cdslindia.com) and NSDL (https://eservices.nsdl.com) platforms
  • Physical voting available at AGM venue for members not voting remotely