Board Meeting Details

The Adjourned Meeting of the Board of Directors was held on May 29, 2026, commencing at 11:30 AM and concluding at 1:15 PM. This meeting was originally convened on May 22, 2026, but was adjourned due to lack of quorum.

Key Approvals and Notings

1. The Board approved the Audited Financial Results as per Indian Accounting Standards (IND AS) for the quarter and Financial Year ended March 31, 2026, based on recommendations of the Audit Committee.

2. The Board took note of the Statutory Auditors' Report on the Audited Financial Results.

3. Declaration provided regarding Audit Report with unmodified opinion.

Financial Results Overview (Amount in lakhs except EPS)

Income Statement Highlights for FY2026:

  • Total Income: ₹896.46 lakhs (compared to ₹906.02 lakhs in FY2025)
  • Total Expenses: ₹1,023.13 lakhs (compared to ₹3,027.72 lakhs in FY2025)
  • Profit Before Tax and Exceptional Items: (₹126.67) lakhs loss (compared to (₹2,121.70) lakhs loss in FY2025)
  • Exceptional Items: None reported
  • Tax Expense: ₹381.75 lakhs (primarily current tax)
  • Net Loss for the year: (₹508.42) lakhs (compared to (₹2,705.90) lakhs in FY2025)
  • Earnings Per Share (Basic & Diluted): (₹7.62) per share (compared to (₹40.57) per share in FY2025)

Quarterly Performance (Q4 FY2026):

  • Total Income: ₹828.97 lakhs
  • Profit Before Tax: ₹652.29 lakhs
  • Net Profit: ₹270.54 lakhs
  • EPS: ₹4.06 per share

Liquidation Basis Accounting

The financial statements have been prepared on liquidation basis instead of going concern basis consequent to commencement of voluntary liquidation proceedings under the Insolvency and Bankruptcy Code, 2016 with effect from July 14, 2025.

Asset Sale Transaction

Pursuant to public e-auction conducted by the Liquidator on January 23, 2026:

  • Assets Sold: Land aggregating to 138.25 acres, factory building, staff quarters, mango garden, plant and machinery, and stores and spares pertaining to the cement manufacturing unit
  • Sale Consideration Realized: ₹4,277.00 lakhs (realized on February 6, 2026)
  • Valuation Report Value: ₹3,471.13 lakhs
  • Gain on Sale: ₹205.87 lakhs transferred to Statement of Profit and Loss
  • Letter of Intent: Issued to successful bidders on February 3, 2026
  • Current Status: Process of transfer of title deeds is in progress

Valuation Reserve

Based on valuation reports obtained by the Liquidator from IBBI-registered valuers (valuation exercise completed December 2025), an amount of ₹4,710.77 lakhs, being the excess of estimated realizable value over the carrying value of assets, has been recognized as revaluation reserve.

Distribution to Claimants

The Liquidator has made payment distribution to claimants (creditors other than shareholders) to the extent of their admitted claims from the amount realized from the e-auction. The process of distribution to equity shareholders is under process.

Balance Sheet Position (as at March 31, 2026)

  • Paid-up Capital: ₹667.00 lakhs (66,70,000 equity shares of ₹10 each)
  • Other Equity: ₹2,154.93 lakhs
  • Total Equity: ₹2,821.93 lakhs
  • Cash and Cash Equivalents: ₹241.13 lakhs
  • Total Assets: ₹3,545.90 lakhs

Cash Flow Statement

  • Cash from Operating Activities: (₹1,951.24) lakhs
  • Cash from Investing Activities: ₹4,096.98 lakhs (primarily from sale of Property, Plant & Equipment: ₹4,067.00 lakhs)
  • Cash from Financing Activities: (₹2,055.70) lakhs (primarily repayment of borrowings: ₹1,987.86 lakhs)
  • Net Increase in Cash: ₹90.04 lakhs

Audit Opinion

M/s. SBSB and Associates, Statutory Auditors, issued an unmodified opinion on the financial results with emphasis on:

1. Preparation of financial statements on liquidation basis

2. Recognition of revaluation reserve of ₹4,710.77 lakhs based on valuation reports

3. Gain of ₹205.87 lakhs from asset sale transaction

Trading Status

The equity shares of the Company were suspended from trading on the Bombay Stock Exchange (BSE) with effect from November 24, 2025.