Board Meeting Details
The Board of Directors meeting was held on June 30, 2026, commencing at 3:00 PM and concluding at 5:00 PM.
Key Resolutions Approved
1. Unaudited Financial Results: Approved the unaudited financial results for the quarter ended March 31, 2026.
2. Scrutinizer Appointment: Approved appointment of M/s Sharvari Kulkarni And Associates, Practicing Company Secretaries as Scrutinizer for the year 2016-17.
3. Secretarial Auditor Appointment: Approved appointment of M/s Sharvari Kulkarni and Associates, Practicing Company Secretaries as Secretarial Auditors for conducting Secretarial Audit of the Company for financial year 2016-17.
Financial Results Overview (Quarter Ended March 2026)
Income from Operations: ₹1,35,330.26 lakhs
Net Loss before Tax: ₹(7,459.95) lakhs
Net Loss: ₹7,459.95 lakhs
Segment Reporting
The company has one reportable business segment: Paper and Newsprint and afforestation activities.
Segment Results (Profit/Loss Before Interest & Tax):
- Paper/Afforestation: ₹(7,459.95) lakhs (Q4 FY26)
- Other unallocable expenditure net of unallocable income: Included in above
Segment Revenue:
- Paper/Afforestation: ₹1,35,330.26 lakhs (Q4 FY26)
Critical Notes to Financial Results
1. Mill Operations: The Government of Karnataka (GoK) decided to lease out Mysore Paper Mills installations to a third party vide Government Order dated 04.01.2017 due to continuous losses making operations unviable.
2. Labor Department Consent: The Labour Department, Government of Karnataka granted consent for closure of mill operations vide Order No. PAE 236 LRF 2019 dated 28.06.2019.
3. Going Concern: The books of accounts for FY 2015-16 were finalized and auditors issued a report on 18-03-2025 with a "disclaimer of opinion" raising concerns about the company's ability to continue as a going concern.
4. Staff Retention: The company has retained staff of Forest Division to maintain continuity of planting and sale of captive plantations. Minimum staff maintained at mill site and corporate office for mill maintenance.
5. Accounting Policies: The financial results were prepared following accounting policies used for FY16 financial statements without making any adjustments.
6. Transaction Consultant: The company engaged M/s Infrastructure Development Corporation (Karnataka Limited) Bengaluru as Transaction Consultant for the leasing process.
7. Government Order: Additional Chief Secretary, Labour Department GoK passed Order No. PAE 236 LRF 2019 dated 07.10.2021 permitting restarted manufacturing activities.
Auditor Profile
M/s Sharvari Kulkarni and Associates - Associate Member of the Institute of Company Secretaries of India with 9 years of experience as Company Secretary. No disclosed relationships between directors.