Board Meeting Details
- Meeting Date: Wednesday, 27th May 2026
- Meeting Time: 3:30 PM to 7:00 PM
- Approved Items:
- Audited Standalone & Consolidated Financial Results for quarter and year ended March 31, 2026
- Statement of Assets and Liabilities and Cash Flow Statement for year ended March 31, 2026
- Auditors' Reports on Standalone and Consolidated Financial Results
- Statement of Impact for audit report with modified opinion as required under Regulation 33(3)(d)
- Appointment of Ashok P Patel & Co, Chartered Accountants, Ahmedabad as Internal Auditor for Financial Year 2026-27
Financial Performance - Standalone (INR in lakhs)
Year Ended March 31, 2026:
- Total Income: Not explicitly stated in summary tables
- Total Expenditure: Not explicitly stated in summary tables
- Profit/(Loss) before tax: (₹49.49 lakhs)
- Tax expense: ₹8.44 lakhs (Current Tax: ₹0, Deferred Tax: ₹8.44 lakhs)
- Profit/(Loss) for the year: (₹277.35 lakhs)
- Other Comprehensive Income: ₹4.87 lakhs
- Total Comprehensive Income: (₹285.99 lakhs)
- Paid-up Equity Share Capital: ₹600.99 lakhs (Face value ₹10 each)
- Reserves: Negative ₹35,218.24 lakhs (previous year)
Quarter Ended March 31, 2026:
- Specific quarterly figures not separately detailed in available data
Financial Performance - Consolidated (INR in lakhs)
Year Ended March 31, 2026:
- Net Sales/Income from Operations: ₹1,244.89 lakhs
- Other Operating Income: ₹52.07 lakhs
- Total Income: ₹1,296.96 lakhs
- Total Expenditure: ₹1,662.47 lakhs
- Employee benefits expense: ₹257.29 lakhs
- Finance Cost: ₹4.09 lakhs
- Depreciation and amortization: ₹245.66 lakhs
- Other expenses: ₹1,155.43 lakhs
- Profit/(Loss) before tax: (₹365.51 lakhs)
- Tax expense: (₹3.20 lakhs)
- Profit/(Loss) for the period: (₹362.31 lakhs)
- Total Comprehensive Income: (₹358.86 lakhs)
- Paid-up Equity Share Capital: ₹600.99 lakhs
- Reserves: Negative ₹51,649.52 lakhs
- Earnings per share (Basic & Diluted): (₹6.03)
Quarter Ended March 31, 2026:
- Net Sales/Income from Operations: ₹264.55 lakhs
- Other Operating Income: ₹11.53 lakhs
- Total Income: ₹276.08 lakhs
- Total Expenditure: ₹286.10 lakhs
- Profit/(Loss) before tax: (₹10.02 lakhs)
- Profit/(Loss) for the period: (₹9.34 lakhs)
- Earnings per share (Basic & Diluted): (₹0.16)
Cash Flow Statements
Standalone Cash Flow (Year Ended March 31, 2026):
- Net cash used in operating activities: (₹278.06 lakhs)
- Net cash used in investing activities: ₹260.94 lakhs
- Net cash used in financing activities: ₹17.62 lakhs
- Net increase in cash and cash equivalents: ₹0.50 lakhs
- Cash and cash equivalents at year end: ₹61.50 lakhs
Consolidated Cash Flow (Year Ended March 31, 2026):
- Specific consolidated cash flow details not fully detailed in available data
Auditor Qualifications and Emphasis of Matter
The auditors, Pankaj R. Shah & Associates, issued a qualified opinion with emphasis on several matters:
NSEL Related Matters:
- Company had transactions through NSEL platform during FY 2012-13 via trading member NK Proteins Private Limited
- NSEL suspended trading on July 31, 2013 per Government of India directions
- NSEL initiated recovery proceedings for alleged amount of approximately ₹937 crores plus interest
- Maharashtra Government issued notification under MPID Act attaching company's land, building & plant & machinery at Kadi, Gujarat
- Matter pending before Bombay High Court (petition filed June 2017) and Designated Special MPID Court, Mumbai
- Unable to quantify final liability due to subjudice status
PMLA Proceedings:
- Directorate of Enforcement initiated proceedings under Prevention of Money Laundering Act, 2002
- Provisional attachment order dated March 10, 2015 attached company assets
- Search/seizure conducted on May 30, 2018
- Fresh show cause notice dated August 30, 2018
- Appeal filed before PMLA Appellate Tribunal, Delhi
- Unable to quantify final liability due to subjudice status
MPID Act Charge Sheet:
- Government of Maharashtra filed supplementary charge sheet dated December 25, 2018 under IPC and MPID Act against company and chairman Shri Nimish Patel
- MPID Court issued summons, matter adjourned to June 23, 2026
- Unable to quantify final liability due to subjudice status
Going Concern Uncertainty:
- Accumulated losses of ₹35,492.13 lakhs as at March 31, 2026
- Negative net worth
- Management submitted business plan for revival and confident of improved profitability
- Accounts prepared on going concern basis
- No impairment provision made for investments in Banpal Oil Chem Private Limited and NK Oil Mills Private Limited
Tax Matters:
- Income Tax Department survey during FY 2013-14 and special audit for AY 2011-12 & 2012-13
- Demand of ₹86.00 lakhs for AY 2014-15, disputed by company
- Attachment orders dated April 22, 2015 & August 14, 2015 on company properties
- Search & Seizure action on February 24, 1999 with block assessment demand of ₹3,312 lakhs
- Partial relief granted by ITAT and High Court
- Matter pending before Supreme Court
Sales Tax Matters:
- Sales Tax Department raised demand of ₹3,314.22 lakhs (net of recovery) for earlier years
- No provision made as management believes demand won't withstand appellate scrutiny
- Appeal preferred before appellate authority
Subsidiary Companies
Consolidated results include:
- Banpal Oil Chem Private Limited (wholly owned)
- N K Oil Mills Private Limited (wholly owned)
- Tirupati Retail India Private Limited (wholly owned)
Additional Information
- Company has only one business segment, segment reporting not applicable
- Figures of previous periods regrouped/reclassified for comparability
- Last quarter figures are balancing figures between audited full year and unaudited published year-to-date figures
- Balance confirmations from suppliers, customers, loans/advances pending
Impact of Audit Qualifications
Management unable to estimate impact of audit qualifications due to:
- Matters pending before various courts/statutory authorities
- Subjudice status of all major litigation
- Final liability quantifiable only upon receipt of judgments