Board Meeting Details
The Board of Directors meeting was held on Wednesday, 27th May, 2026, commencing at 03:55 PM and concluding at 04:30 PM
Financial Position (as at 31.03.2026 in ₹ Lakhs)
Assets
- Total Assets: 20,813.58
- Non-Current Assets: 20,686.32
- Property, Plant and Equipment: 0.07
- Non-current Investments: 37,363.15
- Trade receivables-Non current: 1,69,500.00
- Other Non Current Financial Assets: 2,06,863.23
- Current Assets: 1,272.61
- Inventories: 1,148.03
- Trade receivables-current: 592.60
- Cash and Cash Equivalent: 2.24
- Other current assets: 157.61
Equity and Liabilities
- Total Equity: 6,587.88
- Equity Share Capital: 6,274.80
- Other Equity: 2,842.59
- Non-current liabilities: 1,42,200.04
- Borrowings: 1,42,200.00
- Provisions: 0.04
- Current liabilities: 56.95
- Other financial liabilities: 385.96
- Other current liabilities: 2.66
- Provisions: 54.29
- Current Tax Liabilities: 56.95
Cash Flow Statement (Year ended 31.03.2026 in ₹ Lakhs)
- Cash flows from operating activities: (563.83)
- Profit before taxation: (246.11)
- Depreciation: 0.04
- Provision for income tax: (54.29)
- Deferred tax: (0.01)
- Working capital changes: (263.46)
- Cash flows from investing activities: 564.85
- Sale/purchase of shares: 564.85
- Net increase in cash and cash equivalents: 1.02
- Cash and cash equivalents at beginning: 1.22
- Cash and cash equivalents at end: 2.24
Auditor's Opinion
Qualified opinion issued with the following key matters:
Basis for Qualified Opinion
The financial statements do not give a true and fair view due to:
1. Non-provision of interest on loans amounting to ₹1,69,500 lakhs pending conversion to equity
2. Non-compliance with Indian Accounting Standards (Ind AS) as prescribed
Key Audit Matters
1. Loans obtained: ₹1,422 crore borrowings with variety of terms including repayment schedule, interest rates, and securities
2. Loans advanced: ₹1,695 crore inter-corporate deposits with similar complex terms
3. Fair valuation of investments: Significant judgment required for unquoted instruments
Specific Qualifications
- Interest not provided on ₹1,69,500 lakhs loans pending conversion to equity
- Company should have prepared financial statements in compliance with IND-AS
- Investments in group companies exceed limits prescribed under section 186 of Companies Act 2013
- No interest provided on specific loans: Abhijit Trading Company Ltd (₹72,500 lakhs), Tiaan Consumers Ltd (₹35,000 lakhs), Pacheli Industrial Finance Ltd (₹62,000 lakhs)
CARO Report Findings
Loans and Advances
- Company granted unsecured demand loans of ₹1,695 crore to various entities
- ₹NIL loans were converted to investments due to financial constraints of borrowing companies
- Terms and conditions of loans not prima facie prejudicial to company's interest except for non-provision of interest
- No schedule of repayment stipulated for principal and interest
Statutory Dues
- Company regular in depositing undisputed statutory dues except for GST under reverse charges mechanism amounting to ₹0.108 lakhs
- Pending tax demands: AY 2011-12 (₹12.71 crore), AY 2022-23 (₹0.187 crore), AY 2015-16 (₹0.047 crore)
Internal Financial Controls
- Company maintained internal financial controls but with certain deficiencies that may affect effectiveness
- Deficiencies do not result in material misstatement but could impact reliability of financial reporting
Going Concern
- Auditors expressed doubt about company's ability to meet liabilities falling due within one year from balance sheet date
- Based on financial ratios, ageing of assets, and expected realization dates
Additional Information
- Investor Complaints: No pending complaints at beginning or during the quarter
- Reconciliation Statement: Net profit as per previous Indian GAAP: ₹288.254 lakhs, Net profit as per Ind-AS: ₹288.254 lakhs
- Accounting Policy: First-time adoption of Ind AS with transition date of 1st April, 2016
- Format Compliance: Modified format as per SEBI circular dated 5th July, 2016 and Ind AS requirements