Board Meeting Details
The adjourned meeting of the Audit Committee and Board of Directors was held on Friday, August 21, 2026, from 5:00 PM to 7:00 PM.
Key Approvals and Adoptions
The Board reviewed, considered, approved, adopted and taken on record the following:
- Un-Audited Standalone and Consolidated Financial Results for quarter ended 30th June, 2026 along with Limited Review Report
- Certificate under Regulation 33 of SEBI LODR Regulations for quarter ended 30th June, 2026
- 33rd Annual General Meeting to be held on Wednesday, September 30, 2026 through video conferencing/other audio-visual means
- Board Report, Corporate Governance Report, Management Discussion and Analysis Report and all annexures for FY ended March 31, 2026
- Adoption of Secretarial audit report for FY ended 31st March, 2026
- Appointment of M/s Ritesh Gupta & Co., Company Secretary as Scrutinizer for ensuing AGM
- Filing of RUN application with Registrar of Companies for name reservation to change company name to "Kaashipur Ventures International Limited", subject to availability and approval from CRC
Financial Results - Standalone (Quarter Ended June 30, 2026)
- Total Income: ₹28.57 lakhs
- Total Expenses: ₹1,596.95 lakhs
- Loss before tax: ₹(1,568.38) lakhs
- Tax expense: ₹0
- Net Loss: ₹(1,568.38) lakhs
- Other comprehensive income: ₹0
- Total comprehensive loss: ₹(1,568.38) lakhs
- Paid-up equity share capital: ₹3,282.28 lakhs (Face value ₹10 each)
- Basic EPS: ₹(4.78)
- Diluted EPS: ₹(4.78)
Financial Results - Consolidated (Quarter Ended June 30, 2026)
- Total Income: ₹28.57 lakhs
- Total Expenses: ₹1,596.95 lakhs
- Loss before tax: ₹(1,568.38) lakhs
- Tax expense: ₹0
- Net Loss: ₹(1,568.38) lakhs (attributable to equity holders)
- Other comprehensive income: ₹0
- Total comprehensive loss: ₹(1,568.38) lakhs
- Paid-up equity share capital: ₹3,282.28 lakhs
- Basic EPS: ₹(4.78)
- Diluted EPS: ₹(4.78)
Auditor Disclaimers and Qualifications
Mahesh C. Solanki & Co., Chartered Accountants issued disclaimer of conclusion on both standalone and consolidated financial results due to:
- Company experiencing continued operational and financial difficulties with deadlock position regarding management and business operations
- Significant restrictions on ability to perform necessary review procedures
- Unable to confirm accuracy, completeness, and validity of financial transactions and balances
- Resigned as Statutory Auditors effective June 19, 2026 due to prolonged non-payment of outstanding audit fees
- Company has not appointed Internal Auditor as required under Section 138 of Companies Act, 2013
- Company has not appointed Whole-Time Company Secretary as mandated under Section 203 of Companies Act, 2013/Regulation 6 of SEBI LODR
- For consolidated results, financial information of twelve subsidiaries neither reviewed by their auditors nor certified by management
Operational and Financial Challenges
- Company intimated stock exchanges on November 8, 2025 about disruption of operations at Kashipur plant due to non-availability of critical raw materials and labor strike from non-payment of wages
- Outstanding obligations related to statutory compliances, unpaid employee payables, and defaults on borrowings
- Continuous operational and financial difficulties leading to deadlock position regarding management and business operations
- Reversed entire balance of deferred tax asset (net) of ₹5,288.24 lakhs during year ended March 31, 2026
- Net current liability position of ₹32,545.84 lakhs as of June 30, 2026
- Unable to renegotiate or secure replacement financing for outstanding Cash Credit facilities and Working Capital Term Loans
- Total dues including accrued interest stood at ₹30,935.76 lakhs as of June 30, 2026
- Lending banks have issued notices to Company under SARFAESI Act
- Significant doubt on ability to continue as going concern
Certification
Saurabh Kalani (Whole Time Director, DIN: 00699380) and Ragdish Prasad Pandey (CFO) certified under Regulation 33 that unaudited results for quarter ended June 30, 2026 do not contain any false or misleading statement or figures and do not omit any material fact.