IITL Projects Limited

Key Quantitative Figures

  • Revenue from operations: ₹0 (Previous year: ₹20.71 lakh)
  • Other Income: ₹180.81 lakh (Previous year: ₹214.29 lakh)
  • Net Profit: ₹125.22 lakh (Previous year: ₹3,147.12 lakh)
  • Total Income: ₹180.81 lakh (Previous year: ₹235.00 lakh)
  • Accumulated Losses: ₹523.76 lakh, exceeding paid-up capital
  • Issued, Subscribed & Paid-up Capital: ₹1,199.09 lakh comprising:
  • 49,90,900 Equity Shares of ₹10 each
  • 70,00,000 Zero% Non-Convertible Redeemable Preference Shares of ₹10 each
  • Earnings Per Share: ₹2.51 (Previous year: ₹63.06)
  • Current Ratio: 59.77 times (Previous year: 0.85 times)

Dates of Action

  • AGM Date: September 17, 2026 at 12:00 noon through Video Conferencing
  • Record Date: September 10-17, 2026 (Register of Members closure)
  • E-voting Period: September 14-16, 2026 (9:00 AM to 5:00 PM)
  • Board Meetings Held: May 23, 2025; August 6, 2025; November 12, 2025; February 3, 2026; March 13, 2026

Parties Involved

  • Statutory Auditors: Maharaj N R Suresh and Co. LLP, Chartered Accountants
  • Secretarial Auditor: CS Payal Vyas
  • RTA: Purva Sharegistry (India) Private Limited
  • Bankers: Axis Bank Limited
  • Holding Company: Industrial Investment Trust Limited (71.74% equity holding)

Management Changes

  • Appointments:
  • Ms. Harshida J. Parikh as Manager & Company Secretary (w.e.f August 6, 2025)
  • Mr. Gorakh Ingale as Chief Financial Officer (w.e.f November 12, 2025)
  • Resignations:
  • Ms. Shivani Kawle as Manager & Company Secretary (w.e.f June 2, 2025)
  • Mr. Sagar Jaiswal as Chief Financial Officer (w.e.f August 31, 2025)

Business Operations and Financial Position

The company is engaged in real estate business but had no operational revenue during FY 2025-26. The company had entered into Channel Partner arrangements with real estate entities for residential projects and placed security deposits to earn brokerage/commission. The company is exploring opportunities in brokerage services, construction consultancy and project management services.

Material Post-Balance Sheet Events

The company had paid an advance of ₹5 crores for proposed purchase of an industrial property at Noida, Uttar Pradesh. Subsequently, the Board decided not to proceed with the purchase due to market conditions. The company has received ₹1 crore towards advance amount and is taking steps for recovery of the balance ₹4 crores.

Capital Structure Impact

The Board approved variation in terms of 70,00,000 Zero% Non-Convertible Redeemable Preference Shares:

  • Redemption period extended to March 31, 2028 (previously March 31, 2026)
  • Redemption at ₹50 per share (including premium of ₹40 per share) instead of predetermined ₹110 per share
  • Approved by shareholders through postal ballot on January 8, 2026

Auditor's Emphasis of Matter

The statutory auditors emphasized that:

  • Accumulated losses of ₹523.76 lakh exceed paid-up capital
  • Net worth stands fully eroded
  • Total liabilities exceed total assets
  • Company has no business operations and no cash flows
  • Financial statements prepared on non-going concern basis
  • Assets valued at realization value (lower than cost)
  • All known liabilities fully provided for

Cash Flow Implications

  • Net cash used in operating activities: ₹(190.48) lakh
  • Net cash from investing activities: ₹135.96 lakh
  • Net decrease in cash: ₹(54.52) lakh
  • Cash and cash equivalents at year-end: ₹8.95 lakh

Corporate Governance

Pursuant to Chapter IV, Regulation 15(2) of SEBI (LODR) Regulations, 2015, compliance with Corporate Governance provisions (Regulations 17 to 27) are not applicable as paid-up equity share capital does not exceed ₹10 crores and net worth does not exceed ₹25 crores.

Dividend

No dividend recommended for financial year 2025-2026.