Board Meeting Outcomes

The Board of Directors meeting held on July 22, 2026 (3:30 PM to 4:00 PM) approved the following matters:

1. Approval of Financial Results: Approved the Standalone & Consolidated Un-Audited Financial Results for the quarter ended June 30, 2026, as recommended by the Audit Committee.

2. Auditor Appointments:

  • Appointed M/s. J M Patel & Bros., Chartered Accountants as Tax Auditors for the period from FY 2025-26 to FY 2029-30
  • Appointed M/s. Hemal P. Doshi & Associates, Chartered Accountants as Internal Auditors for the period from FY 2026-27 to FY 2030-31

3. Compliance Matters: Noted certificate from PCS regarding compliance with Regulation 3(5) and/or Regulation 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015

Financial Results Overview

Standalone Financial Results (Quarter Ended June 30, 2026)

  • Revenue from Operations: ₹73.00 lakhs (from agro commodities/grain turnover)
  • Total Income: ₹73.00 lakhs
  • Operating Expense: ₹54.26 lakhs
  • Employee Benefit Expense: ₹4.57 lakhs
  • Other Expenses: ₹5.98 lakhs
  • Total Expenses: ₹64.81 lakhs
  • Net Profit: ₹8.19 lakhs
  • Earnings Per Share: ₹1.64 (Basic and Diluted)
  • Paid-up Equity Share Capital: ₹10.00 lakhs (Face value ₹2.00 per share)
  • Other Equity: ₹847.80 lakhs (as of March 31, 2026)

Consolidated Financial Results (Quarter Ended June 30, 2026)

  • Revenue from Operations: ₹73.00 lakhs
  • Total Income: ₹73.00 lakhs
  • Employee Benefit Expense: ₹4.57 lakhs
  • Depreciation Expense: ₹6.97 lakhs
  • Other Expenses: ₹5.98 lakhs
  • Total Expenses: ₹71.78 lakhs
  • Net Profit: ₹1.22 lakhs
  • Earnings Per Share: ₹0.24 (Basic and Diluted)
  • Paid-up Equity Share Capital: ₹10.00 lakhs (Face value ₹2.00 per share)
  • Other Equity: (₹887.87) lakhs

Auditor's Limited Review Report - Critical Qualifications

M/s. J M Patel & Bros., Chartered Accountants issued a Disclaimer of Opinion on both standalone and consolidated financial results due to several significant issues:

Basis for Disclaimer (Standalone):

1. Agro Commodity Transactions (₹73,00,100): Revenue from operations amounting to ₹73,00,100 from agro items (grain turnover) executed without banking channels and no GST registration details available

2. Unverified Non-Current Investments (₹892.96 lakhs): Investments including subsidiary investments cannot be verified for existence, valuation, and recoverability

3. Unsubstantiated Deferred Tax Assets (₹52.09 lakhs): Detailed workings and future taxable income probability assessments not available for verification

4. Absence of Balance Confirmations: No independent third-party confirmations for Sundry Debtors (₹73,00,100), Sundry Creditors (₹58,49,702.78), Amount from Financial Creditors (₹7,51,873), and Payable to Resolution Professional (₹37,99,754.60)

5. Transition Post-CIRP: Reliance on opening balances and records provided by present management from data handed over by Resolution Professional

Additional Issues (Consolidated):

  • Unverified Depreciation Expenses (₹6.97 lakhs): Depreciation expenses of subsidiaries cannot be verified due to absence of physical verification records and fixed asset registers
  • Consolidated Deferred Tax Assets (₹133.98 lakhs): Similar verification issues as standalone
  • Unreviewed Subsidiary Results: Financial results of KDJ Hospitality Private Limited and KDJ Hospital Limited included without limited review or audit

Corporate Changes and Status

1. Name Change: Company name officially changed from "KDJ Holidayscapes & Resorts Limited" to "AVENIQUE LIMITED" vide ROC certificate dated July 10, 2026

2. Business Diversification: Shareholders at AGM (May 21, 2026) approved alteration of Main Object Clause to enable diversification into agriculture, agro-processing, and clean energy/renewable fuels sectors

3. Listing Status: Listing approval granted by BSE Limited on January 20, 2026, but trading approval remains pending

4. Capital Restructuring: Pursuant to NCLT-approved Resolution Plan, capital reduction and fresh equity allotment to new promoter group executed

Compliance and Regulatory Matters

1. Insider Trading Compliance: Received communication from Stock Exchange (July 1, 2026) regarding non-compliance with Regulation 3(5) and 3(6) of SEBI (PIT) Regulations relating to Structured Digital Database maintenance during CIRP period

2. CIRP Background: Company underwent Corporate Insolvency Resolution Process under IBC 2016, with new management taking over from April 18, 2025

3. SDD Implementation: Structured Digital Database software installed by new management from June 23, 2025

Auditor Background

  • Previous Auditor: M/s D D Shah Patel & Co., Chartered Accountants resigned effective July 15, 2026
  • Current Appointment: M/s. J M Patel & Bros. appointed to fill casual vacancy, subject to member ratification
  • Firm Registration: 107707W

Subsidiary Information

Consolidated results include:

1. KDJ Hospitality Private Limited (100% Wholly-Owned Subsidiary)

2. KDJ Hospital Limited (51% Subsidiary)

Financial Impact Assessment

Management unable to estimate impact of audit qualifications due to:

  • Transition from CIRP to new management
  • Reliance on records provided by Resolution Professional
  • Non-availability of complete historical records and audit trails

All figures represent opening and carried-forward balances post-CIRP handover, with accuracy, valuation, and completeness unable to be verified by auditors.