Key Quantitative Figures
Standalone Financial Results (₹ in Lakhs):
- Quarter Ended June 30, 2026: Total Income ₹7.03, Total Expenses ₹6.81, Profit ₹0.22, EPS ₹0.00
- Quarter Ended March 31, 2026: Total Income ₹0.00, Total Expenses ₹16.22, Loss ₹(16.22), EPS ₹(0.04)
- Quarter Ended June 30, 2025: Total Income ₹0.91, Total Expenses ₹46.44, Loss ₹(45.52), EPS ₹(0.11)
- Year Ended March 31, 2026: Total Income ₹0.91, Total Expenses ₹110.11, Loss ₹(109.20), EPS ₹(0.27)
- Paid up Equity Share Capital: ₹1,997.25 lakhs (Face value ₹5/- each) across all periods
Consolidated Financial Results (₹ in Lakhs):
- Quarter Ended June 30, 2026: Total Expenses ₹19,939.42, Profit ₹19,939.42, EPS ₹49.92 (Basic and Diluted)
- Paid up Equity Share Capital: ₹1,997.25 lakhs
Dates of Action
- Board Meeting held: August 14, 2026
- Financial Results reviewed by Audit Committee and taken on record: August 14, 2026
- Auditor's Review Report dated: August 14, 2026
- Company submission to BSE: August 17, 2026
- CIRP admitted: June 4, 2021
- Resolution Professional appointed: July 6, 2021
- Resolution Plan approved in CoC meeting: January 24, 2022
- Resolution Plan filed with NCLT: February 28, 2022
- NCLT approval: December 6, 2023
- Interim Monitoring Agency dissolved: December 10, 2024
- Management handed over to resolution applicant: December 10, 2024
- Board reconstituted: December 23, 2024
- Effective date of resolution plan implementation: December 23, 2024
Parties Involved
- BSE Limited (Stock Exchange)
- RB Jain Associates (Auditors)
- CA Lokesh Dandwani (Partner, Membership No.: 427834)
- Mr. Mayank Jain (Resolution Professional, Registration No. 1BBI/IPA-001/IP-P01055/2017-2018/11748)
- National Company Law Tribunal, Mumbai (NCLT)
Purpose/Rationale
The omission of consolidated financial results was due to the company not having a Company Secretary and Compliance Officer in place, leading to inadvertent oversight in the compilation and submission process. The company has initiated steps to strengthen internal controls to prevent recurrence.
Financial Impact
- Standalone operations showed minimal profit of ₹0.22 lakh for Q1 June 2026 compared to losses in previous periods
- Consolidated operations showed significant profit of ₹19,939.42 lakh for Q1 June 2026
- GST neither paid nor provided for during the review period
Capital Structure Impact
No change in paid-up equity share capital across all periods reported. Post-CIRP, the company was required to reduce promoter shareholding to less than 90%, which management represents has been complied with.
Auditor's Emphasis Matters
1. Non-compliance with timely submission of financial results for quarter ended March 31, 2026
2. Company has neither paid nor provided for GST during the review period
3. Post-CIRP requirement to reduce promoter shareholding to less than 90% (management represents compliance)
Going Concern Basis
The financial statements continue to be prepared on a going concern basis since the resolution plan was approved by NCLT Mumbai on December 6, 2023.
Business Segment
The company derives revenue from rendering of services within a single business segment, with no other reportable operating segments.
#Tags: #MaxgrowIndia #Q1Results #SEBIDisclosure #RegulatoryCompliance #CIRP #FinancialResults #Neutral