Board Meeting Details
The Board of Directors meeting was held on Friday, August 14, 2026, commencing at 6:00 p.m. and ending at 8:00 p.m. The meeting was conducted based on the recommendation of the Audit Committee.
Key Approvals
1. The Board approved the standalone and consolidated unaudited financial results of the Company for the quarter ended June 30, 2026, together with the limited review report thereon.
Auditor Resignation
The resignation details as required under SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024 are:
- Name of Auditor: M/s R. B. Jain & Associates
- Reason for Cessation: Resignation
- Date of Resignation: August 14, 2026
In their resignation letter dated August 14, 2026, the auditors stated the reason as "due to our preoccupation in other assignments, we are not in position to devote our time to the affairs of the company." They confirmed no objection to the appointment of another chartered accountant as their replacement.
Financial Results Overview
The standalone unaudited financial results for the quarter ended June 30, 2026, show:
- Profit/(loss) before tax: Not clearly quantifiable from provided data
- Tax Expense: Current Tax ₹0.02 lakh, Deferred Tax ₹3.08 lakh
- Profit/(Loss) for the period: ₹(109.20) lakh (net loss)
- Total Comprehensive Income for the period: ₹(109.20) lakh
- Paid up Equity Share Capital (Face value of Rs. 5/- each): ₹1,997.25 lakh
- Earnings per equity share: Basic and diluted EPS not clearly quantifiable from provided data
Auditor's Review Report
M/s R. B. Jain & Associates issued an independent auditor's review report on the unaudited standalone financial results for the quarter ended June 30, 2026, with the following emphasis of matters:
1. Regulatory Non-compliance: The Company did not comply with Regulation 33 of SEBI Listing Regulations regarding timely submission of financial results for the quarter ended March 31, 2026. Management attributed delays to non-availability of key personnel (compliance officer and accounting staff) and delays in receiving financial information from its subsidiary.
2. GST Compliance: The company has neither paid nor provided for GST during the review period.
3. Post-CIRP Compliance: The company was required to reduce promoter shareholding to less than 90% post-CIRP. The auditors noted they have been informed that the company has complied with this requirement.
The auditors conducted their review in accordance with Standard on Review Engagements (SRE) 2410 issued by ICAI and stated that except for the possible effects of the matters described in the emphasis of matters paragraph, nothing has come to their attention that causes them to believe that the Statement contains any material misstatement.
Corporate History Context
The document notes that the Hon'ble National Company Law Tribunal, Mumbai (NCLT) admitted the company for Corporate Insolvency Resolution Process (CIRP) on June 4, 2021, with Mr. Mayank Jain appointed as Resolution Professional. The Resolution Plan was approved in the CoC meeting on January 24, 2022, filed with NCLT on February 28, 2022, and approved by NCLT on December 6, 2023.
The Interim Monitoring Agency (IMA) was dissolved on December 10, 2024, and management was handed over to the resolution applicant. The new board was reconstituted on December 23, 2024, which was recorded as the closing date/effective date of implementation of the resolution plan.
The financial statements continue to be prepared on a going concern basis since the resolution plan was approved by NCLT.
Additional Information
The company's revenue is derived from rendering services within a single business segment, so no segment-wise information is presented. The figures for corresponding previous periods have been regrouped/reclassified wherever necessary for comparability.