Key Financial Figures

  • Net Loss for Q2 FY26: ₹269.85 lakh
  • Total Income (Net): ₹0.00
  • Total Expenses: ₹269.85 lakh (comprising entirely of liquidation expenses)
  • Earnings Per Share (Basic & Diluted): (₹0.87) per share
  • Paid-up Equity Share Capital: ₹3100.49 lakh
  • Face Value per Share: ₹10.00
  • Reserves: ₹(855.89) lakh as per previous accounting year

Corporate History and Recent Developments

The Company underwent Corporate Insolvency Resolution Process (CIRP) initiated on January 11, 2021, and was ordered into liquidation on April 28, 2022. The Company was sold as a going concern with Transfer Date of November 7, 2024. Distribution to creditors under Section 53(1) of IBC was completed on November 28, 2024. The Liquidator issued the Sale Certificate on January 23, 2025, after which control and management transferred to new management.

Subsequent Event - NCLT Relief Order

The Hon'ble NCLT, Mumbai Bench (Court-IV) pronounced its Relief Order on February 26, 2026 (in I.A. No. 840 of 2025), which granted critical statutory reliefs including:

  • Board reconstitution from Sale Certificate date (23.01.2025)
  • Permanent extinguishment of all pre-transfer dues of Financial Creditors, Operational Creditors, and Statutory Authorities
  • Protection under Section 32A of IBC for pre-transfer offences, defaults, or non-compliances
  • Cancellation of entire existing equity share capital without payment to shareholders
  • Authorization to issue 1,00,00,000 new equity shares (95% to New Promoters/Acquirer & Nominees, 5% to public/strategic investors)
  • Regularization of all non-compliances under Companies Act and Stock Exchange regulations

Accounting Treatment

Pursuant to the NCLT Relief Order, the Company adopted Fresh Start Accounting effective the Transfer Date (November 7, 2024):

  • All pre-transfer liabilities extinguished and written back to Capital Reserve
  • Assets transferred under going concern sale recorded at management-determined values

Going Concern Assessment

The Board of Directors has assessed the going concern status positively based on acquisition free from pre-transfer liabilities and NCLT legal protections. However, a material uncertainty exists regarding:

  • Successful completion of pending SEBI approvals
  • Lifting of BSE/NSE trading suspension (currently suspended)
  • Regularization of various regulatory compliances

Comparative Figures Limitations

Comparative financial information for previous periods has been compiled and reconstructed from available fragmented records on a best-effort basis. These figures were not subjected to review as the Company was under active liquidation proceedings during those periods with no Ind AS compliant financial statements prepared. The NCLT Relief Order dated February 26, 2026, granted immunity regarding non-preparation and non-approval of financial statements for any financial years prior to the Transfer Date.

Auditor's Conclusion

Based on the limited review, nothing has come to the auditor's attention that causes them to believe that the Statement has not disclosed the information required by Regulation 33 of SEBI LODR Regulations or that it contains any material misstatement. The conclusion is not modified despite the emphasis of matter regarding comparative figures, NCLT Relief Order, Fresh Start Accounting, and going concern material uncertainty.