Board Meeting Outcomes
The Board of Directors meeting commenced at 5:00 PM and concluded at 9:35 PM on November 13, 2026, and approved the following matters:
1. Unaudited Financial Results: Approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, along with the Limited Review Report issued by the statutory auditors, B N K & Associates (FRN: 133082W).
2. Loan Conversion Approval: Approved the proposal for conversion of loans into equity shares of the company pursuant to Section 62(3) and 62(1)(c) of the Companies Act, 2013, subject to shareholder approval at the ensuing Extraordinary General Meeting (EGM).
- Securities to be issued: Equity shares of face value ₹5 each
- Total number of shares: Up to 48,74,944 equity shares
- Issue price: ₹179.50 per share
- Total issue amount: ₹875,052,448 (approximately ₹87.51 crore)
- Lenders involved:
- Evoltso Power Private Limited
- Techtank Innovations Private Limited
- Montex Trading Private Limited
3. Authorized Share Capital Increase: Approved increasing the authorized share capital from ₹20,00,00,000 (Rupees Twenty Crore) divided into 4,00,00,000 equity shares of ₹5 each to ₹23,00,00,000 (Rupees Twenty-Three Crore) divided into 4,60,00,000 equity shares of ₹5 each, subject to shareholder approval and consequent amendment to Clause V of the Memorandum of Association.
4. Valuation Report: Approved the valuation report (details not specified).
5. EGM Notice: Approved the draft notice of Extraordinary General Meeting for shareholder approvals.
6. Scrutinizer Appointment: Appointed Mrs. Bhavika Ghuntla, Membership No. F13375, Partner of BYG & Associates, Practicing Company Secretaries, as Scrutinizer for conducting the EGM through remote e-voting process.
Financial Results Highlights (Standalone)
For the quarter ended September 30, 2026:
- Total Income: ₹1.03 lakh
- Loss before tax: ₹(0.22) lakh
- Net Loss: ₹(0.22) lakh
- Basic EPS: ₹(0.00) (not annualized)
For the half year ended September 30, 2026:
- Total Income: ₹1.70 lakh
- Loss before tax: ₹(0.61) lakh
- Net Loss: ₹(0.61) lakh
- Basic EPS: ₹(0.00) (not annualized)
Standalone Balance Sheet (as at September 30, 2026):
- Total Assets: ₹1,87,862.73 lakh
- Equity Share Capital: ₹1,997.25 lakh
- Total Equity: ₹1,78,760.15 lakh
- Investments: ₹1,78,995.11 lakh
- Cash and cash equivalents: ₹24.01 lakh
Financial Results Highlights (Consolidated)
For the quarter ended September 30, 2026:
- Revenue from Operations: ₹5,68,438.84 lakh
- Other Income: ₹7.03 lakh
- Profit before tax: ₹9,124.20 lakh
- Net Profit: ₹9,124.20 lakh
- Basic EPS: ₹24.24
For the half year ended September 30, 2026:
- Revenue from Operations: ₹13,06,927.63 lakh
- Other Income: ₹7.03 lakh
- Profit before tax: ₹29,063.63 lakh
- Net Profit: ₹29,063.63 lakh
- Basic EPS: ₹74.16
Consolidated Balance Sheet (as at September 30, 2026):
- Total Assets: ₹3,16,929.21 lakh
- Equity Share Capital: ₹1,997.25 lakh
- Total Equity: ₹2,39,116.08 lakh
- Inventories: ₹13,476.01 lakh
- Trade receivables: ₹2,80,309.14 lakh
- Cash and cash equivalents: ₹6,212.10 lakh
Auditor's Emphasis of Matters
The statutory auditors highlighted two key matters in their review report:
1. Post-CIRP Compliance: The company was required to reduce promoter's shareholding to less than 90% post-CIRP, and management has informed that this has been complied with.
2. Investment Valuation: The company acquired 75,93,900 Optionally Convertible Debentures (OCDs) of Ultravolt Power Private Limited for ₹75.10 lakh, which continues to be carried at cost. No independent valuation has been carried out as of September 30, 2026, to assess appropriate carrying value.
Corporate History and Context
- The Hon'ble National Company Law Tribunal, Mumbai Bench approved the Resolution Plan for the Corporate Insolvency Resolution Process of the company on December 6, 2023.
- The Interim Monitoring Agency was dissolved on December 10, 2024, and management was handed over to the Resolution Applicant.
- The Board of Directors was reconstituted on December 23, 2024, which was recorded as the implementation/effective date of the Resolution Plan.
- The company is primarily engaged in the business of sale of goods (cloths and made-ups) with insignificant consultancy income.
Subsidiary Information
The consolidated results include:
- Maxgrow India Limited (Holding Company)
- PP Metalix Limited, Seychelles (Subsidiary)
The subsidiary contributed significantly to the consolidated results with total assets of ₹49,584.9 lakh and total revenues of ₹5,68,268.69 lakh for the quarter ended September 30, 2026.