Key Quantitative Figures

Financial Performance (₹ in lakhs):

  • Income: ₹0.00 (FY26) vs ₹5.66 (FY25)
  • Gross Loss before Depreciation: ₹106.78 (FY26) vs ₹91.70 (FY25)
  • Depreciation: ₹0.28 (FY26) vs ₹0.68 (FY25)
  • Net Loss after Depreciation: ₹107.06 (FY26) vs ₹92.38 (FY25)
  • Tax Provisions for earlier years: ₹0.00 (FY26) vs ₹8.36 (FY25)
  • Net Loss after Tax: ₹106.78 (FY26) vs ₹100.74 (FY25)
  • Accumulated Losses: ₹7,660.73 lakhs (as of 31st March 2026)
  • Negative Net Worth: ₹6,193.03 lakhs (as of 31st March 2026)
  • Intercorporate Deposits (Promoter support): ₹6,142.59 lakhs (repayable on demand, interest-free)
  • Cash and Cash Equivalents: ₹1.88 lakhs
  • Current Liabilities: ₹6,196.00 lakhs
  • Total Assets: ₹2.97 lakhs

Capital Structure:

  • Authorized Share Capital: ₹1,000.00 lakhs (1,00,00,000 equity shares of ₹10 each)
  • Issued, Subscribed and Paid-up Capital: ₹500.00 lakhs (50,00,000 equity shares of ₹10 each)
  • No change in share capital during the year

Key Dates:

  • AGM Date: 30th September 2026 at 12:30 PM
  • AGM Mode: Video Conferencing/Other Audio Visual Means (VC/OAVM)
  • Record Date: 23rd September 2026
  • Register of Members Closure: 24th September 2026 to 30th September 2026 (both days inclusive)
  • Remote e-Voting Period: 27th September 2026 (9:00 AM) to 29th September 2026 (5:00 PM)

Parties Involved

Board of Directors:

  • Mr. Rajiv Gupta (Chairman, DIN: 00022964)
  • Mr. Arun Mitter (Director, DIN: 00022941)
  • Mr. M K Madan (Director, DIN: 01060575)
  • Mr. Vishnu Singhal (Independent Director)
  • Ms. Preeti Singhal (Independent Director)
  • Ms. Neetu Singhal (Independent Director)

Key Managerial Personnel:

  • Mr. Bipin B Bhavsar (Chief Executive Officer)
  • Ms. Hinal R Mehta (Company Secretary & Compliance Officer)
  • Mr. Shreeram G Garde (Chief Finance Officer)

Auditors:

  • Statutory Auditors: M/s. Jagdish Chand & Co., Chartered Accountants
  • Secretarial Auditor: Mr. Prashant S. Mehta, Proprietor, M/s P. Mehta & Associates
  • Internal Auditor: Mr. Ajit More, Chartered Accountant

Banker:

  • Bank of India

Registrar & Transfer Agent:

  • MUFG Intime India Private Limited (formerly Link Intime India Private Limited)

Business Operations and Financial Impact

The company has no business activity of Non-Banking Finance Company (NBFC) and has not given any loans/guarantees or made any investments during the year under review. The company is debt-free with no public deposits or bank borrowings.

The RBI cancelled the company's Certificate of Registration (COR) vide letter dated 13th January 2020. The company has been taking efforts to recover dues from parties that availed finance in the past.

The registered office has been shifted from Maharashtra to Delhi (4/17-B, Asaf Ali Road, Delhi, Darya Ganj, New Delhi) in accordance with Order No. RD/Section 13/SRN.AB2252503/5147 dated 17.09.2025 from Regional Director (Western Region), Ministry of Corporate Affairs.

No dividend has been declared after FY 2007-08, and all unclaimed dividend amounts have been transferred to the Investor Education and Protection Fund.

Tax Matters

The company has filed an appeal before the Commissioner of Income Tax (Appeal) regarding a demand of ₹42.26 lakhs for FY 2005-06. This amount has already been provided for in the books of accounts, inclusive of interest for part of the period.

AGM Business Items

Ordinary Business:

1. To receive, consider and adopt the Audited Financial Statements for FY ended 31st March 2026

2. To appoint a director in place of Mr. Rajiv Gupta who retires by rotation

3. To appoint a director in place of Mr. Arun Mitter who retires by rotation

4. To appoint a director in place of Mr. M K Madan who retires by rotation

Director Details for Re-appointment

Mr. Rajiv Gupta (DIN: 00022964):

  • Age: 80 years
  • Date of Appointment: 11th January 1989
  • Qualification: B.E. (IIT, Delhi)
  • Experience: Associated with leasing & hire purchase business since 1969
  • Shareholding: 7,60,912 shares (15.22%)
  • Directorships in other companies: 11 companies
  • Committee memberships: 3 across public companies

Mr. Arun Mitter (DIN: 00022941):

  • Age: 64 years
  • Date of Appointment: 30th October 2004
  • Qualification: B.Com, ACA
  • Experience: Extensive business experience in general and financial management
  • Shareholding: Nil
  • Directorships in other companies: 10 companies
  • Committee chairmanship: 3, membership: 3 across public companies

Mr. M K Madan (DIN: 01060575):

  • Age: 82 years
  • Date of Appointment: 29th April 2009
  • Qualification: B.Com, FCA, ACS
  • Experience: Extensive business experience in general and financial management
  • Shareholding: 25 shares
  • Directorships in other companies: Not specified
  • Committee memberships: Nil across public companies

Corporate Governance

The company held 6 Board meetings during FY 2025-26 with maximum attendance by all directors. Various committees (Audit, Nomination and Remuneration, Stakeholders Relationship, Risk Management, TCWG) were constituted and met regularly.

Since the company's paid-up equity share capital (₹500 lakhs) and net worth (negative ₹6,193.03 lakhs) were below the prescribed limits, corporate governance provisions under Regulation 15 of SEBI LODR Regulations were not applicable.

Auditor Reports

Statutory Auditors (M/s. Jagdish Chand & Co.):

The audit report contains a 'Material Uncertainty Related to Going Concern' emphasis paragraph noting accumulated losses of ₹7,660.73 lakhs, negative net worth of ₹6,193.03 lakhs, and current liabilities exceeding total assets by ₹6,193.03 lakhs. The auditors opinion is not modified in respect of this matter.

The audit report does not contain any reservation, qualification or adverse remark.

Secretarial Auditor (Mr. Prashant S. Mehta):

The secretarial audit report confirms general compliance with applicable statutes except for delays in filing certain charges satisfaction documents with ROC (details not available as these pertain to FY 1983-84 to 2008-09).

Related Party Transactions

Material related party transactions on arm's length basis with:

  • M/s Ram Prakash & Co. Pvt Ltd.
  • M/s Bahubali Services Pvt Ltd.
  • M/s Grosvenor Estate Pvt Ltd.

Aggregate value: ₹100.00 crores for FY 2025-28, approved by Board on 8th August 2024.

Other Disclosures

  • The company has not declared or paid any dividend during the year
  • No fraud has been reported by the auditors under Section 143(12) of the Companies Act, 2013
  • No material orders were passed by regulators/courts/tribunals impacting going concern status
  • No CSR expenditure as the company doesn't meet the threshold limits
  • No employee remuneration requiring disclosure under Section 197(12) of the Companies Act, 2013
  • Whistle Blower Policy/Vigil Mechanism Policy exists for directors and employees
  • The company has adequate internal financial controls systems