Board Meeting Details

The Board of Directors meeting was held on November 14, 2026, commencing at 11:42 AM and concluding at 12:42 PM.

Key Matters Approved

1. Unaudited Financial Results for Quarter/Half Year ended September 30, 2026

  • Approved unaudited financial results along with limited review report
  • Prepared in accordance with Indian Accounting Standards (Ind AS)
  • Not prepared on a going concern basis due to voluntary liquidation status

Financial Performance (INR in Lakhs):

  • Q2 FY26 Total Income: ₹6 lakh (all from other income/interest income)
  • Q2 FY26 Total Expenses: ₹62 lakh
  • Q2 FY26 Loss before tax: ₹(56) lakh
  • Q2 FY26 Tax expense: ₹2 lakh
  • Q2 FY26 Net Loss: ₹(58) lakh
  • Q2 FY26 EPS: ₹(0.09) per share (basic and diluted)

Half Year Performance (April-September 2026):

  • H1 FY26 Total Income: ₹14 lakh
  • H1 FY26 Total Expenses: ₹147 lakh
  • H1 FY26 Net Loss: ₹(137) lakh
  • H1 FY26 EPS: ₹(0.22) per share

Balance Sheet Position (as of September 30, 2026):

  • Total Assets: ₹428 lakh
  • Cash and cash equivalents: ₹23 lakh
  • Bank balances: ₹375 lakh
  • Total Equity: ₹395 lakh
  • Total Liabilities: ₹33 lakh
  • Paid-up equity share capital: ₹3,399 lakh (face value ₹10 per share, paid up @ ₹5.42 per share)

2. Record Date for Liquidation Distribution

  • Approved November 20, 2026 as record date for determining shareholders entitled to receive remaining liquidation proceeds
  • Distribution to be made in accordance with Insolvency and Bankruptcy Code, 2016 and Voluntary Liquidation Regulations

3. Related Party Transaction with Evonik India

  • Approved related party transaction with Evonik India
  • Evonik India to make payments towards liquidation costs on behalf of the company
  • Payments cover directors, KMPs, independent directors, retainers, consultants, and other applicable payments
  • Subject to shareholder approval

Voluntary Liquidation Update

Ms. Kapila Gupta (Liquidator, registration no. IBBI/IPA-001/IP-P-02564/2021-2022/13955) provided update on voluntary liquidation process:

Liquidation Background:

  • Voluntary liquidation commenced June 25, 2021
  • Plant operations suspended since October 2019 due to denial of Consent to Operate by UPPCB
  • Previous liquidator: Mr. Chandra Prakash (replaced October 21, 2022)

Claims Settlement:

  • Total claims received: ₹143.83 lakh
  • Total claims admitted: ₹97.18 lakh
  • All admitted claims settled

Asset Sales:

  • Gajraula plant sold to Dykes and Dunes Enterprises Private Limited for ₹420 million (reserve price ₹420 million)
  • Mehsana, Gujarat freehold land sold for ₹2.3 million

Previous Distribution:

  • Record date: March 11, 2025
  • Distribution rate: ₹4.58 per equity share
  • Total distributed: ₹287,234,700
  • Undistributed proceeds of ₹1,06,45,709.79 deposited with IBBI Corporate Voluntary Liquidation Account

Dissolution Application Status:

  • Dissolution application (CP(IB) 87/ALD/2025) filed with NCLT Allahabad on July 21, 2025
  • Condonation of Delay Application filed due to process exceeding 270-day timeline
  • Regulatory authorities (SEBI, ROC, IBBI, Income Tax) provided responses
  • Next hearing scheduled for November 26, 2026
  • Distribution Application (IA (IBC) No. 368 of 2026) filed for surplus amount distribution

Legal Proceedings

Labour Court, Rampur Matters:

  • 35 cases filed by former employees seeking reinstatement and back wages
  • Employees claim VRS payments were not voluntarily sought
  • Cases involve claims for reinstatement with full back salary and 20% interest
  • Application for refund of VRS amounts pending decision
  • Matter last heard on July 03, 2025, order reserved

Other Significant Information

  • Trading in company shares suspended on BSE since October 7, 2022
  • Financial results reviewed by Audit Committee and approved by Board and Liquidator
  • Limited review report issued by Shiv & Associates (Chartered Accountants)
  • Company registered office: B-23, Sector-63, Noida, Uttar Pradesh-201301