Board Meeting Outcomes

The Board of Directors meeting held on August 07, 2026 (3:00 PM to 4:00 PM) approved:

1. Unaudited Standalone and Consolidated Financial Results for quarter ended June 30, 2026, along with Limited Review Reports by M/s. A S G & Associates, Chartered Accountants

2. Amendment to Code for Prevention of Insider Trading effective August 07, 2026

Financial Performance (Standalone)

Quarter Ended June 30, 2026:

  • Total Income: ₹44.4732 crore
  • Total Expenses: ₹22.07 crore
  • Profit Before Tax: (₹14.75) crore loss
  • Tax Expense: ₹0
  • Net Profit: (₹14.75) crore loss
  • Other Comprehensive Income: ₹0
  • Total Comprehensive Income: (₹14.75) crore loss
  • Paid-up Equity Capital: ₹254.45 crore (face value ₹10 each)
  • Basic EPS: (₹0.58)
  • Diluted EPS: (₹0.58)

Comparative Figures:

  • March 31, 2026: Net Loss (₹270.46) crore
  • June 30, 2025: Net Loss (₹1.47) crore

Financial Performance (Consolidated)

Quarter Ended June 30, 2026:

  • Revenue from Operations: ₹0
  • Other Income: ₹7.32 crore
  • Total Income: ₹7.32 crore
  • Total Expenses: ₹22.08 crore
  • Profit Before Tax: (₹14.76) crore loss
  • Tax Expense: ₹0 (Deferred Tax: ₹0)
  • Net Profit: (₹14.76) crore loss
  • Total Comprehensive Income: (₹14.76) crore loss
  • Paid-up Equity Capital: ₹254.45 crore
  • Basic EPS: (₹0.58)
  • Diluted EPS: (₹0.58)

Consolidated Entities:

  • C&C Constructions Limited (Holding Company)
  • Ceigall Integrated Energy Limited (Wholly Owned Subsidiary)
  • Ceigall Transmission and Distribution Limited (Wholly Owned Subsidiary)

Liquidation Background

  • Corporate Insolvency Resolution Process (CIRP) initiated against company on February 14, 2019, by NCLT Special Bench, New Delhi on petition by ICICI Bank Limited
  • Committee of Creditors resolved to liquidate company on July 25, 2022
  • NCLT ordered liquidation on October 07, 2022
  • Liquidator sold all investments in subsidiaries, associates, joint ventures and other investments for ₹31.00 crore on August 06, 2024 (13th auction round)
  • Company sold as going concern to M/s RK Constructions for ₹104.00 crore on December 27, 2024 (14th auction round)
  • Formal closure of liquidation process still pending with NCLT

Auditor's Emphasis of Matters

Auditors A S G & Associates highlighted significant uncertainties:

1. Financial statements prepared based on limited information available from liquidator as of December 27, 2024

2. New management has access to only partial records and financial data

3. Key documents still awaited from liquidator

4. Application filed with NCLT seeking reliefs and concessions that may impact accounting treatment

5. No adjustments made for asset/liability classification or impairment assessment

6. Section 53 of IBC prevents recognition of additional liabilities for pre-sale certificate obligations

Legal and Regulatory Matters

1. Income Tax Notices: Received notices u/s 276(B) of Income Tax Act, 1961 for initiation of prosecution proceedings regarding late deposit of TDS for FY 2012-13, 2013-14, 2014-15 & 2016-17

2. PF Damages: Received summons u/s 14B of Employees' Provident Funds Act, 1952 for levy of damages aggregating ₹0.96 crore for periods 2013-2016 and 2014-2017 (matter sub-judice)

Board Disclaimer

The re-constituted Board of Directors signed the financial results subject to inherent limitations:

  • Relied solely on records provided by liquidator
  • Do not accept responsibility or liability for the financial results
  • Signed in good faith for statutory compliance without personal liability
  • No legal proceedings shall lie against board members

Additional Information

  • Labour Codes implementation impact assessed as not material
  • Figures for quarter ended March 31, 2026 are balancing figures
  • Previous period figures regrouped/reclassified where necessary