Board Meeting Details

The Board of Directors meeting was held on Thursday, 28th May 2026, from 03:00 P.M. to 06:40 P.M. at the registered office in New Delhi. The Board transacted the following business:

  • Considered and Approved the Standalone Audited Financial Results for the quarter and financial year ended 31st March, 2026.
  • Considered and Approved the Auditor's Report for the same period.
  • Considered and taken on record the Statement of Impact of Audit Qualification (Annexure 1).
  • Based on the Audit Committee's recommendation, reappointed M/s Sanghi & Co., Chartered Accountants as the Internal Auditor for FY 2026-27.

Key Financial Figures (Standalone)

All figures are in Indian Rupees Lakhs.

Income Statement Highlights (Year Ended 31-Mar-26):

  • Total Income: ₹0.18 lakh (FY25: ₹2.88 lakh)
  • Total Expenses: ₹26.05 lakh (FY25: ₹25.12 lakh)
  • Employee Benefits Expense: ₹13.42 lakh
  • Other Expenses: ₹12.55 lakh
  • Finance Costs: ₹0.08 lakh
  • Loss before tax: (₹26.05) lakh (FY25: (₹22.24) lakh)
  • Total Tax Expense: ₹0.00 lakh
  • Net Loss for the year: (₹26.05) lakh (FY25: (₹22.24) lakh)
  • Earnings Per Share (EPS): (₹0.01) (Basic & Diluted)

Income Statement Highlights (Quarter Ended 31-Mar-26):

  • Total Income: ₹0.18 lakh (Q4 FY25: ₹0.18 lakh)
  • Total Expenses: ₹7.74 lakh
  • Net Loss for the quarter: (₹7.74) lakh (Q4 FY25: (₹6.48) lakh)
  • EPS: (₹0.00) (Basic & Diluted)

Balance Sheet Highlights (as at 31-Mar-26):

  • Total Assets: ₹8,821.99 lakh
  • Non-Current Assets: ₹7,491.16 lakh (includes Investments: ₹147.29 lakh; Long-term Loans & Advances: ₹7,341.40 lakh)
  • Current Assets: ₹1,330.83 lakh (includes Trade Receivables: ₹1,303.55 lakh; Cash & Cash Equivalents: ₹0.64 lakh)
  • Total Equity: ₹8,308.30 lakh
  • Equity Share Capital: ₹4,783.77 lakh
  • Other Equity: ₹3,524.53 lakh
  • Total Liabilities: ₹513.69 lakh
  • Non-Current Liabilities: ₹110.35 lakh (Borrowings)
  • Current Liabilities: ₹403.34 lakh (Borrowings: ₹62.04 lakh; Other current financial liabilities: ₹76.37 lakh; Other current liabilities: ₹248.29 lakh)

Cash Flow Highlights (Year Ended 31-Mar-26):

  • Net cash used in operating activities: (₹20.56) lakh
  • Net cash outflow from investing activities: ₹0.00 lakh
  • Net cash inflow from financing activities: ₹19.30 lakh
  • Net decrease in cash and cash equivalents: (₹1.26) lakh
  • Cash and cash equivalents at end of period: ₹0.64 lakh

Audit Report and Qualifications

The Statutory Auditor, M/s Nemani Garg Agarwal & Co., issued a qualified opinion on the financial results. The key audit qualifications are:

1. Fraud by Ex-Managing Director: The past MD, Mr. Manmohan Gupta, fraudulently shifted the entire business, including Intellectual Property, to his own entities. Consequently, there has been no revenue from operations for a long time. The company is making efforts to recover the business.

2. Unpaid ROC Fees: The company increased its authorized capital from ₹21 crores to ₹70 crores in FY 2010-11. ROC fees of ₹55.97 lakh for this increase are payable and provided for, but no provision has been made for interest or penalties. A writ petition challenging the revised fee calculation is pending in the Delhi High Court. The differential fee is shown as a contingent liability.

3. Statutory Dues: Statutory dues (Service Tax/TDS/Professional Tax) aggregating ₹1.91 crore are outstanding since FY 2009-10. Service tax returns have not been filed from FY 2011-12 onwards. No provision for interest/penalties has been made.

4. Estimated Credit Loss: The company has not provided any estimated credit loss on outstanding debtors (₹1,303.55 lakh) as per IND AS-109, as management believes all receivables are good and realizable.

5. Investment Valuation: The company has not disclosed the realizable value of unquoted non-current investments worth ₹1.47 crore, so the auditor cannot estimate any impairment.

The management provided explanations for each qualification, maintaining that the provided amounts are sufficient and no further impact on profitability is anticipated.

Statement of Impact of Audit Qualifications (Annexure-1)

The management stated that the impact of the audit qualifications cannot be ascertained due to a lack of sufficient information. Therefore, the audited figures before and after adjusting for the qualifications remain identical:

  • Net Loss: (₹26.05) lakh
  • EPS: (₹0.01)
  • Total Assets: ₹8,821.99 lakh
  • Total Liabilities: ₹513.69 lakh
  • Net Worth: ₹8,308.30 lakh

Other Key Disclosures

  • Default on Loan Repayment (Annexure-2): The company has defaulted on a vehicle loan from Kotak Mahindra Prime Limited. The outstanding amount as of 31-Mar-26 was ₹0.06 crore (₹5.35 lakh as per books). The vehicle is in the possession of the ex-MD, Mr. Manmohan Gupta. Total financial indebtedness is reported as ₹1.61 crore.
  • Related Party Transactions (Annexure-3): Disclosures for the half-year ended 31-Mar-26 were provided as per Regulation 23(9).
  • Internal Auditor Reappointment (Annexure-4): M/s Sanghi & Co., Chartered Accountants, was reappointed as the Internal Auditor for FY 2026-27.
  • BSE Listing Fees: The company has not paid Annual Listing Fees to BSE since 2018-19. Consequently, trading of the company's shares is permitted only on a Trade-for-Trade basis on the first trading day of every week. The management is making efforts to arrange funds for payment.
  • Business Status: The management is exploring possibilities to start a new business as there are currently no operations.

Capital Structure

  • Paid-up equity share capital remained unchanged at ₹4,783.77 lakh (face value Re. 1/- per share).