Board Meeting Details
The Board of Directors meeting was held on November 04, 2026, at the Registered Office at G-6 Ground Floor, S-25, Central Spine Balaji Majestic Heights, Jagatpura, Jaipur-302025, Rajasthan, India. The meeting commenced at 02:00 PM and concluded at 08:25 PM.
Key Board Decisions
1. Financial Results Approval
The Board approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2026. The Limited Review Report was issued by M/s YG & ASSOCIATES, Chartered Accountants (FRN:025444C), Statutory Auditor of the Company.
2. Independent Director Resignation
Ms. Jyoti Soni (DIN: 10710046) resigned as Independent Director effective from closure of business hours on November 04, 2026. Consequently, she ceased to be Chairperson of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee. The Board reconstituted these committees in accordance with applicable regulatory requirements. The company received confirmation from Ms. Soni that there are no material reasons for her resignation other than those mentioned in her resignation letter dated November 04, 2026.
3. Registered Office Shift
The Board approved shifting of registered office from G-6 Ground Floor, S-25, Central Spine Balaji Majestic Heights, Jagatpura, Jaipur-302025, Rajasthan, India to Plot No. 199, 1ST Floor, Giriraj Nagar, Iskcon Road, Mansarovar, Jaipur, Rajasthan, India, 302020 with effect from November 15, 2026.
Trading Window Update
The Trading Window for trading in Equity Shares by all Designated Persons and their immediate relatives will be opened from Friday, November 06, 2026 onwards.
Financial Results Overview
Standalone Financial Results (₹ in Lakhs)
- Quarter Ended September 30, 2026: Revenue from operations: ₹0.00; Other Income: ₹1.37; Total Expenses: ₹6.76; Loss before tax: ₹(5.39); Loss after tax: ₹(5.39); EPS: ₹(0.11)
- Half Year Ended September 30, 2026: Revenue from operations: ₹0.00; Other Income: ₹1.37; Total Expenses: ₹14.41; Loss before tax: ₹(13.04); Loss after tax: ₹(13.04); EPS: ₹(0.27)
- Comparative Quarter Ended September 30, 2025: Profit after tax: ₹63.87; EPS: ₹1.32
Consolidated Financial Results (₹ in Lakhs)
- Quarter Ended September 30, 2026: Revenue from operations: ₹0.00; Other Income: ₹1.37; Total Expenses: ₹7.76; Loss before tax: ₹(6.39); Loss after tax: ₹(6.38); EPS: ₹(0.13)
- Half Year Ended September 30, 2026: Revenue from operations: ₹0.00; Other Income: ₹1.37; Total Expenses: ₹16.69; Loss before tax: ₹(15.32); Loss after tax: ₹(15.31); EPS: ₹(0.32)
- Comparative Quarter Ended September 30, 2025: Loss after tax: ₹(11.13); EPS: ₹(0.23)
Auditor's Limited Review Report - Adverse Conclusion
YG & ASSOCIATES issued an adverse conclusion on both standalone and consolidated financial results, stating the statements have not been prepared in accordance with Indian Accounting Standards due to significance of matters described in Annexure-A.
Key Auditor Qualifications:
1. Going Concern Uncertainty
The Company has not generated any revenue from operations during the quarter and half year ended September 30, 2026, nor during the previous financial year. No manufacturing activities have been carried out. Accumulated losses amount to ₹629.44 lakhs as at September 30, 2026. Material uncertainties exist that may cast significant doubt about the Company's ability to continue as a going concern.
2. Bank Statements Not Provided
Company failed to provide bank statements and confirmation for multiple bank accounts:
- PNB New Delhi: ₹553
- SBBJ ICD Jaipur: ₹71,684
- MLP Gratuity Fund: ₹10,000
- Unpaid Dividend account (Various A/c): ₹4,26,622
3. Continued Recognition of Auctioned Assets
Company continues to recognize Land & Building (including right of use asset) amounting to ₹154.08 lakhs and charge depreciation/amortization, despite these assets being auctioned by Canara Bank after borrowings were classified as NPA in February 2023. Company disposed substantially all fixed assets for ₹166.73 lakhs during FY2026 without providing no-dues certificates.
4. Non-transfer of Unpaid Dividend to IEPF
Unclaimed dividend pertaining to FY 2013-14 (Final Dividend), 2014-15 (Final & Interim Dividend) & 2015-16 (Final & Interim Dividend) has not been transferred to Investor Education and Protection Fund as required under Section 125 of Companies Act, 2013.
5. Multiple Accounting Non-compliances
- Deferred tax liability of ₹14.30 lakhs without calculation details
- Non-compliance with IND AS-19 for employee benefits valuation
- No Expected Credit Loss assessment on assets totaling ₹637.68 lakhs
- No fair valuation of investment in subsidiary (13,56,000 equity shares in Mayur Global Private Limited)
- No physical verification of inventory valued at ₹67.35 lakhs
- Doubtful recovery of security deposits of ₹34.75 lakhs
Canara Bank NPA and DRT Proceedings
The Company defaulted in repayment of loan obligations to Canara Bank during FY2022-23 aggregating to approximately ₹320 lakhs. The Bank classified the account as NPA in February 2023 and auctioned collateral securities in August 2024, including land belonging to subsidiary Mayur Global Private Limited for approximately ₹226 lakhs. During FY2026, ₹213.60 lakhs was transferred to the subsidiary towards provisional adjustment. The Company has challenged the auction before Debt Recovery Tribunal (DRT) on grounds of undervaluation. The matter is pending adjudication.
Subsidiary Information
Mayur Global Private Limited (Subsidiary Company) showed Total Revenue of ₹0.00 lakhs for quarter and half year ended September 30, 2026, Total Assets of ₹723.72 lakhs, and Total Profit after Tax of ₹126.29 lakhs (before elimination of inter-group transactions).
Financial Position (Standalone as at September 30, 2026)
- Total Assets: ₹1,366.28 lakhs
- Equity Share Capital: ₹497.60 lakhs
- Other Equity: ₹(298.94) lakhs (negative)
- Non-current Borrowings: ₹432.34 lakhs
- Trade Payables: ₹220.55 lakhs
- Other Financial Liabilities: ₹144.85 lakhs