Financial Results for Quarter Ended June 30, 2026
- Total Income: ₹8 lakh (consisting entirely of Other Income/Interest Income)
- Total Expenses: ₹85 lakh (Employee Benefits: ₹7 lakh, Other Expenses: ₹78 lakh)
- Loss Before Tax: ₹77 lakh
- Tax Expense: ₹2 lakh
- Net Loss for Quarter: ₹79 lakh
- Total Comprehensive Loss: ₹79 lakh
- Paid-up Equity Share Capital: ₹3,399 lakh (Face value ₹10/share, paid up @ ₹5.42/share)
- Basic EPS: (₹0.13)
- Diluted EPS: (₹0.13)
Comparative Performance
- Previous quarter (Mar 31, 2026): Net Loss ₹41 lakh
- Corresponding quarter previous year (Jun 30, 2025): Net Loss ₹95 lakh
- Full year previous year (Mar 31, 2026): Net Loss ₹276 lakh
Board Appointments
- Mr. Manmohan Juneja (DIN: 00464238) appointed as Additional Director (Non-Executive Independent Director) for 5 years from August 4, 2026 to August 3, 2021, subject to shareholder approval
- Mr. Manmohan Juneja appointed as Chairman of the Board effective August 4, 2026 pursuant to Article 99 of Articles of Association
Voluntary Liquidation Status Update
Background: Company under voluntary liquidation since June 25, 2021 due to suspension of operations at Gajraula plant since October 2019 after UPPCB denied Consent to Operate renewal.
Liquidation Process Completion:
- Liquidation process completed on July 18, 2025 (exceeding 270-day timeline under VL Regulations)
- Four contributories meetings held between July 2022-December 2024
- All admitted claims totaling ₹97.18 lakh settled (Employees: ₹86.90 lakh, Operational Creditors: ₹10.28 lakh)
Asset Sales:
- Gajraula plant assets sold to Dykes and Dunes Enterprises Private Limited for ₹420 million (reserve price ₹420 million)
- Mehsana, Gujarat freehold land sold for ₹2.3 million
Distribution to Shareholders:
- Record date fixed as March 11, 2025
- Liquidation proceeds distributed @ ₹4.58 per equity share totaling ₹287,234,700
- Electronic transfers made on March 28, 2025 for shareholders with bank details
- Banker's cheques issued for shareholders without bank details
- Undistributed proceeds of ₹1,06,45,709.79 deposited with IBBI between April-July 2025
NCLT Proceedings:
- Dissolution application (CP(IB) 87/ALD/2025) filed with NCLT Allahabad on July 21, 2025
- Application includes Form-H and final report
- NCLT directed filing of condonation of delay application and compliance affidavit
- Notices issued to IBBI, SEBI, Income Tax Department, and ROC Kanpur
- Matter currently listed for July 30, 2026 for consideration of ROC report
- Distribution Application (IA (IBC) No. 368 of 2026) filed for distributing surplus provisioned amounts
Legal Proceedings
Labour Court, Rampur:
- 35 cases filed by former employees seeking reinstatement and back salary
- Employees claim VRS payments were not specifically asked for
- Cases involve claims for reinstatement with full back salary and 20% interest
- Company filed applications seeking refund of VRS amounts by employees
- Matter reserved for orders on July 3, 2025, pronouncement date pending
Accounting Treatment
- Financial results not prepared on going concern basis
- Assets recognized at current realizable value
- Loss allowance recognized: ₹8 lakh for current quarter, ₹20 lakh for corresponding quarter previous year
- Other income consists entirely of interest income on financial assets
Other Information
- Trading in company shares suspended by BSE since October 7, 2022
- Financial results reviewed by Audit Committee and approved by Board of Directors and Liquidator
- Limited review report issued by Shiv & Associates (Firm Registration Number: 009989N) with emphasis on liquidation and legal proceedings matters
Board Meeting Details
- Meeting held on July 28, 2026 from 10:10 AM to 10:35 AM
- Signed by Priya Singhal (Company Secretary & Compliance Officer), Kapila Gupta (Liquidator), and Shivangi Negi (Managing Director)