Board Meeting Details

The Board of Directors meeting was held on Friday, May 29, 2026, at the Registered Office at C-15, RDC, Raj Nagar, Ghaziabad - 201001, Uttar Pradesh. The meeting commenced at 12:00 Noon and concluded at 08:30 PM.

Matters Approved by Board

1. Approved Audited Financial Results (Standalone and Consolidated) for fourth quarter and year ended March 31, 2026 along with Statutory Auditor's report

2. Took note of Annual Secretarial Compliance Report issued by M/s. Chandan J & Associates, Company Secretary for FY 2025-26

3. Took note of Secretarial Audit Report issued by M/s. Chandan J & Associates for FY 2025-26

Audit Opinion Status

Standalone Financial Results: Unmodified opinion issued by M/s. O. Aggarwal & Co., Chartered Accountants (FRN: 005755N)

Consolidated Financial Results: Qualified opinion issued by same auditors due to issues in subsidiary financials

Financial Results Summary

Standalone Performance (₹ in lakhs)

Q4 FY2026: Net Loss of (26.30)

FY2026: Net Loss of (57.14)

Total Income FY2026: 231.84

Total Assets as of Mar 31, 2026: 39,053.39

Consolidated Performance (₹ in lakhs)

Q4 FY2026: Net Profit of 3,669.64

FY2026: Net Profit of 9,130.63

Total Income FY2026: 43,750.07

Total Assets as of Mar 31, 2026: 83,543.24

Basis for Qualified Opinion on Consolidated Results

The qualified opinion is based on issues in wholly-owned subsidiary Fedders Electric and Engineering Limited:

1. ₹47.65 lakhs required to be transferred to Investor Education and Protection Fund not transferred as of March 31, 2026

2. Fixed Assets Register not properly maintained for assets taken over from old management, depreciation charged on management estimates

3. Non-convertible redeemable cumulative preference shares not measured as per Ind AS 109 requirements (0.50% of ₹710 each at 400% premium redeemable after 8 years, and 0.50% of ₹210 each at 700% premium redeemable after 4 years)

4. Tour & travelling expenses paid through credit card without satisfactory supporting documentation

5. Recognition of trade receivables written off in earlier year of ₹47.66 crore included in other income - documentation inadequate to verify correctness

Emphasis of Matter - Subsidiary Updates

IM+ Investments & Capital Private Limited

  • Application filed with RBI dated December 09, 2025 for cancellation of Certificate of Registration (CoR) for voluntary exit from NBFC business
  • RBI cancelled CoR w.e.f. March 30, 2026 via order no. DEL.DOR.NBFCBL.No.S950/24-03-039/2025-2026
  • Write-off of old balances during year: advance for flat purchase ₹147.00 lakhs, recoverable from Revenue Authorities ₹23.81 lakhs, advances given ₹261.72 lakhs (total ₹232.53 lakhs)

Fedders Electric and Engineering Limited

  • 100% shareholding approved to be given to successful resolution applicant as per resolution plan
  • Shares delisted from NSE and BSE w.e.f. March 2, 2026 following NCLT Allahabad Bench order dated October 16, 2025

Key Audit Matter - Revenue Recognition

For Fedders Electric subsidiary, revenue recognition was identified as key audit matter due to complex arrangements involving discounts, rebates, and customer incentives. Audit procedures included testing controls, analyzing cost of sales, assessing management estimates, and verifying transaction timing.

Subsidiary Financial Highlights (FY2026)

Fedders Electric and Engineering Limited:

  • Total Assets: ₹81,984.04 lakhs
  • Total Revenue: ₹43,736.95 lakhs
  • Net Profit after Tax: ₹9,415.36 lakhs

IM+ Investments & Capital Private Limited:

  • Total Assets: ₹913.05 lakhs
  • Total Revenue: ₹16.21 lakhs
  • Net Loss after Tax: ₹(227.59) lakhs