Financial Performance (INR in Lakhs)
Quarter Ended September 30, 2026:
- Total Income: ₹6 (all from other income)
- Total Expenses: ₹62
- Loss before tax: ₹(56)
- Tax expense: ₹2
- Net loss: ₹(58)
- Basic and diluted EPS: ₹(0.09)
Half Year Ended September 30, 2026:
- Total Income: ₹14
- Total Expenses: ₹147
- Loss before tax: ₹(133)
- Tax expense: ₹4
- Net loss: ₹(137)
- Basic and diluted EPS: ₹(0.22)
Comparative Performance:
- Previous quarter (Q1 June 2026): Net loss ₹(79)
- Corresponding quarter previous year (Q2 September 2025): Net loss ₹(91)
- Full year previous year (March 2026): Net loss ₹(276)
Key Financial Position (as at September 30, 2026)
- Paid-up equity share capital: ₹3,399 lakhs (face value ₹10 per share, paid up @ ₹5.42 per share)
- Cash and cash equivalents: ₹23 lakhs (down from ₹31 lakhs as at March 2026)
- Bank balances other than cash: ₹375 lakhs (down from ₹490 lakhs)
- Other financial assets: ₹30 lakhs
- Total current assets: ₹428 lakhs (down from ₹548 lakhs)
- Other equity: ₹(3,004) lakhs
- Total equity: ₹395 lakhs
- Trade payables: ₹27 lakhs (₹3 lakh to micro/medium/small enterprises, ₹24 lakh to others)
Liquidation Status
Voluntary Liquidation Process:
- Company under voluntary liquidation since June 25, 2021
- Liquidator: Ms. Kapila Gupta (IBBI/IPA-001/IP-P-02564/2021-2022/13955), appointed October 21, 2022
- Previous liquidator: Mr. Chandra Prakash (June 2021 - October 2022)
Asset Sales Completed:
- Gajraula plant sold to Dykes and Dunes Enterprises Private Limited for ₹420 million (reserve price ₹420 million)
- Sale deed executed November 6, 2023
- Mehsana, Gujarat freehold land sold for ₹2.3 million (completed Q2 June 2022)
Claims Settlement:
- Total claims received: ₹143.83 lakhs
- Total claims admitted: ₹97.18 lakhs
- All admitted claims settled
Liquidation Proceeds Distribution:
- Record date: March 11, 2025
- Distribution rate: ₹4.58 per equity share
- Total distributed: ₹287,234,700
- Undistributed proceeds: ₹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 August 31, 2025
- Notices issued to IBBI, SEBI, Income Tax Department, ROC Kanpur
- ROC, SEBI, and IBBI have filed reports; Income Tax Department failed to file response
- Distribution Application (IA (IBC) No. 368 of 2026) filed to distribute surplus provisioned amounts
- Next hearing scheduled for November 26, 2026
Legal Proceedings
Labour Court Rampur Matter:
- 35 ex-employees seeking reinstatement and back salary alleging illegal termination under VRS
- Case No. 24 of 2022 (Bijender Singh v Insilco Ltd.) designated as lead matter
- Company filed applications seeking refund of VRS amounts by employees
- Hearing completed on July 3, 2025; order reserved
- New Presiding Officer appointed; matter pending final order
Operational Status
- Manufacturing operations suspended since October 2019 due to denial of Consent to Operate by UPPCB
- No revenue from operations since suspension
- Trading in company shares suspended on BSE since October 7, 2022
Financial Results Approval
- Financial results reviewed by Audit Committee and approved by Board of Directors and Liquidator
- Board meeting held on November 14, 2026 (11:42 AM to 12:42 PM)
- Limited review report issued by Shiv & Associates, Chartered Accountants
Auditor's Qualification
Auditor's limited review report highlights:
- Financial results not prepared on going concern basis
- Ongoing proceedings before Labour Court regarding ex-employee claims
- Except for these matters, no material misstatements identified
Cash Flow Highlights (H1 September 2026)
- Cash used in operations: ₹(134) lakhs
- Cash from investing activities: ₹126 lakhs (primarily from deposit movements)
- Net decrease in cash: ₹(8) lakhs