Board Meeting Details

The Board of Directors meeting was held on Tuesday, May 26, 2026, from 03:30 PM to 04:30 PM at the company's registered office at Plot No. 51, Roz Ka Meo Industrial Area, Sohna, Gurgaon, Haryana, 122103, India.

Approved Items

The Board considered and approved:

1. Audited Financial Results for the quarter and year ended March 31, 2026, along with Audit Report of the Statutory Auditor, Statement of Assets and Liabilities, and Statement of Cash Flow

2. Statement on Impact of Audit Qualifications pursuant to Regulation 33(3)(d) of SEBI Listing Regulations

3. Appointment of M/s Nayan Dedhia & Associates (FRN: 133338W) as Internal Auditor for financial year 2026-27 with effect from May 26, 2026

Internal Auditor Appointment

M/s Nayan Dedhia & Associates is a Mumbai-based Chartered Accountancy firm offering services in taxation, audit, assurance, and business advisory. The firm is led by Nayan Dedhia, a Chartered Accountant with over 15 years of post-qualification experience.

Financial Results Highlights

Income Statement (Year Ended March 31, 2026):

  • Total Revenue: ₹0.00 lakhs (compared to ₹1,345.00 lakhs in previous year)
  • Total Expenses: ₹502.52 lakhs
  • Finance Costs: ₹502.52 lakhs
  • Loss Before Tax: ₹(463.08) lakhs (compared to ₹(8.64) lakhs in previous year)
  • Loss After Tax: ₹(463.08) lakhs
  • Earnings Per Share: ₹(10.01) (basic and diluted)

Balance Sheet (as at March 31, 2026):

  • Total Assets: ₹377.18 lakhs
  • Equity Share Capital: ₹462.56 lakhs
  • Other Equity: ₹(129.83) lakhs
  • Total Equity: ₹376.73 lakhs
  • Total Liabilities: ₹0.45 lakhs
  • Cash and Cash Equivalents: ₹0.03 lakhs

Cash Flow Statement (Year Ended March 31, 2026):

  • Net Cash Used in Operating Activities: ₹(402.09) lakhs
  • Net Cash Flow from Investing Activities: ₹394.44 lakhs (primarily from proceeds from disposal of investment)
  • Net Decrease in Cash: ₹(7.65) lakhs

Audit Opinion

The statutory auditor, Mahesh Yadav & Co. (Firm Registration No. 036520N), issued an ADVERSE OPINION on the standalone financial results for the quarter and year ended March 31, 2026.

Basis for Adverse Opinion

1. Going Concern Uncertainty: The auditor identified material uncertainty regarding the company's ability to continue as a going concern due to:

  • Rapid decline in turnover to nil during the year
  • Significant losses in the current financial year
  • Management had not performed a going concern assessment
  • No plans provided for future actions
  • No cash flow forecast prepared for evaluation

2. Loan and Advances: ₹469.09 lakhs in loans and advances outstanding for substantial period without confirmations. Management stated this balance will not be received and decided to write off the amount.

Management Response to Audit Qualifications

Going Concern: Promoters have transferred substantial holding to another going concern entity that intends to conduct significant business activities in the company, making the qualification irrelevant.

Loan Write-off: The amount is very old receivable from a concern without liquidity or profitability to service this amount. Despite regular follow-ups, the amount was not recovered. New promoters have agreed to this settlement, which was declared in December quarter results and agreed by both parties.