Board Meeting Details

The meeting of the Board of Directors was initially held on Monday, May 25, 2026, and adjourned to Tuesday, May 26, 2026. It commenced at 4:00 PM and concluded at 6:30 PM at the registered office of the Company.

Key Outcomes Approved

1. Approved the Audited Financial Results for the quarter and year ended March 31, 2026.

2. Noted the Audit Report submitted by M/s Ratan Chandak & Co LLP, Chartered Accountants, the Statutory Auditors of the company.

Financial Results Highlights (Year Ended March 31, 2026)

Profit & Loss Statement (INR in Lakhs):

  • Total Income: ₹0.00
  • Total Expenses: ₹47.97
  • Profit/(Loss) for the period from continuing operations: (₹47.97)
  • Total Comprehensive Income for the period: (₹47.97)

Balance Sheet Position (As at March 31, 2026; INR in Lakhs):

  • Total Assets: ₹1,950.63
  • Non-Current Assets: ₹1,859.93 (primarily comprising Other non-current assets: ₹1,854.67)
  • Current Assets: ₹90.70 (Inventories: ₹88.71; Cash & Cash Equivalents: ₹1.16)
  • Equity: Negative ₹74.96
  • Equity Share Capital: ₹500.00
  • Other Equity: Negative ₹574.96 (General Reserve: ₹81.58; Profit & Loss A/c: Negative ₹857.31; Special Reserve u/s 36(1)(viii): ₹200.77)
  • Total Liabilities: ₹2,025.59
  • Non-Current Liabilities: ₹2,024.03 (Borrowings from Bank: ₹687.03; Loans from related Parties: ₹1,317.64; Other Non-Current Liabilities: ₹19.36)
  • Current Liabilities: ₹1.56

Auditor's Adverse Opinion Key Points

The Statutory Auditors, M/s Ratan Chandak & Co LLP, issued an adverse opinion on the financial results, citing:

1. Advances to Related Parties: Over 99% of the company's assets comprise advances, deposits, receivables, and other balances recoverable from related parties towards acquisition of properties and rights. These related parties are under investigation by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA), and the related assets have been attached by the ED, raising significant concerns about their recoverability and valuation.

2. Related Party Liabilities: Approximately 65% of the Company's liabilities are unsecured loans from related parties who have a beneficial interest in the properties for which the aforementioned advances were given. This creates significant uncertainty about the completeness and accuracy of the Company's liabilities.

3. Default on Bank Borrowings: The Company has defaulted on repayments to Jalgaon Peoples Co-Op. Bank Ltd. An outstanding principal of ₹687.03 Lakhs remains as of February 2020. This debt has been transferred to ASREC (India) Ltd., an Asset Reconstruction Company. Interest has not been provided for. According to ASREC, uncharged and penal interest from 01/03/2020 to 31/03/2024 totals ₹442.75 Lakhs. Uncharged interest from 01/04/2024 to 31/03/2026 is ₹268.67 Lakhs. Consequently, the loss for the year is understated by ₹141.94 Lakhs, and the loan payable liability is understated by ₹711.42 Lakhs.

4. Going Concern Uncertainty: The Company has not been operational for over 3 years. It has a negative net worth, has not provided for the aforementioned interest, and has defaulted on bank borrowings, indicating severe financial distress and questioning its ability to continue as a going concern.

Notes to the Financial Results

1. The Audited Financial Results were reviewed by the Audit Committee and approved by the Board on 25/05/2026.

2. The figures for the last quarter (31/03/2026) are balancing figures between the audited full-year and published year-to-date figures up to the third quarter (31/12/2025).

3. The Statement is prepared in accordance with Ind AS.

4. The Statutory Auditors have carried out the audit for the year ended March 31, 2026.

5. The Board of Directors have not recommended a dividend for the financial year.

6. Previous period figures have been regrouped wherever necessary.

Cash Flow Statement (INR in Lakhs)

  • Net Cash Flow From Operating Activities: (₹52.73) for FY26; (₹17.79) for FY25
  • Net Cash Flow From Investment Activities: (₹0.32) for FY26; ₹52.02 for FY25
  • Net Cash Flow From Financing Activities: ₹0.00 for FY26; (₹347.92) for FY25
  • Net decrease in cash and cash equivalents: (₹53.05) for FY26; (₹313.69) for FY25