Key Quantitative Figures

  • Revenue from Operations: ₹0 (FY 2025-26 and FY 2024-25)
  • Other Income: ₹0 (FY 2025-26 and FY 2024-25)
  • Total Expenses: ₹14,62,906 (FY 2025-26); ₹12,28,09,869 (FY 2024-25)
  • Net Loss: ₹20,11,562 (FY 2025-26); ₹12,28,09,869 (FY 2024-25)
  • Earnings Per Share (Basic & Diluted): -₹0.02 (FY 2025-26); -₹1.13 (FY 2024-25)
  • Authorized Capital: ₹10,90,00,000 divided into 1,09,00,000 equity shares of ₹10 each
  • Paid-up Capital: ₹10,87,46,360 divided into 1,08,74,636 equity shares of ₹10 each
  • Cash and Cash Equivalents: ₹20,070 (as of March 31, 2026); ₹10,517 (as of March 31, 2025)
  • Current Borrowings: ₹36,74,200 (as of March 31, 2026); ₹23,60,000 (as of March 31, 2025)
  • Trade Payables: ₹1,86,655 (as of March 31, 2026); ₹69,974 (as of March 31, 2025)

Dates of Action

  • AGM Date: September 29, 2026 at 3:30 PM through Video Conferencing/Other Audio Visual Means
  • Remote E-voting Period: September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
  • Cut-off Date: September 22, 2026
  • Board Meetings Held: 8 meetings during FY 2025-26 on May 3, May 30, August 13, September 6, November 12, February 3, February 13, and February 25, 2026

Parties Involved

  • Stock Exchange: BSE Limited
  • Registrar & Share Transfer Agent: Skyline Financial Services Private Limited
  • Statutory Auditors: M/s. Purushottam Khandelwal & Co. (Chartered Accountants)
  • Secretarial Auditors: M/s. Somani & Associates (Practicing Company Secretaries)
  • Scrutinizer: Mrs. Poonam Somani, Proprietor of M/s. Somani & Associates
  • Liquidator: Mr. Ramchandra Dallaram Choudhary (appointed by NCLT)

Corporate History and Current Status

The company was incorporated on November 20, 1996, and converted to a public limited company on August 22, 2013.

Pursuant to an order dated February 26, 2019, of the Hon'ble National Company Law Tribunal (NCLT) - Ahmedabad Bench, Corporate Insolvency Resolution Process (CIRP) was initiated for the company. The NCLT appointed Mr. Ramchandra Dallaram Choudhary as Resolution Professional on June 13, 2019, and subsequently as Liquidator on December 4, 2019, under Section 34(1) of the Insolvency and Bankruptcy Code, 2016.

The Hon'ble NCLT, Ahmedabad Bench, vide order dated March 21, 2022, allowed the Liquidator to sell the corporate debtor as a going concern to Mr. Niranjan Jain. Further, vide order dated May 4, 2022, the NCLT ordered that the applicant is entitled to reliefs and concessions subject to provisions of law.

The Liquidator sold the company as a going concern under Clause (e) of Regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The proceeds were distributed in the order of priority as per Section 53 of the Code.

Pursuant to the order dated February 14, 2022, passed by the Hon'ble NCLT, the company has been sold as a going concern. The erstwhile Board of Directors was removed, and management was reconstituted with a new Board implementing the directions of the Tribunal.

The powers of the Board of Directors stood suspended effective from the liquidation process commencement date, and such powers along with management of affairs were vested with the Liquidator.

The reconstituted Board of Directors took over management of the company's affairs and is presenting the report and financial statements for the year ended March 31, 2026.

Business Operations

There were no business operations during the year under review as the company. The company previously manufactured and marketed refined edible oils including cottonseed oil, groundnut oil, sunflower oil, corn oil, mustard oil, and soybean oil.

Board of Directors and Key Managerial Personnel

As on date of report:

  • Mr. Paritosh Pravinchandra Modi - Managing Director (DIN: 02682656, appointed w.e.f. July 24, 2024)
  • Mr. Jigneshkumar Nareshbhai Katariya - Non-Executive Director (DIN: 10691011, appointed w.e.f. July 24, 2024)
  • Ms. Gayatridevi Devishankar Pandey - Independent Director (DIN: 10691015, appointed w.e.f. July 24, 2024)
  • Ms. Pooja Baban Shirke - Independent Director (DIN: 11270946, appointed w.e.f. September 6, 2025)

Key Managerial Personnel:

  • Mrs. Surbhi Mathur - Company Secretary & Compliance Officer (appointed w.e.f. February 3, 2026)
  • Mrs. Hiralben Mehulsinh Gohil - CFO (appointed w.e.f. September 6, 2025)

Changes during the year:

  • Ms. Pratiksha Bhandari resigned as Company Secretary cum Compliance Officer w.e.f. February 2, 2026
  • Mrs. Surbhi Mathur appointed as Company Secretary cum Compliance Officer w.e.f. February 3, 2026
  • Mrs. Hiralben Mehulsinh Gohil appointed as CFO w.e.f. September 6, 2025

Dividend and Reserves

No dividend recommended for FY 2025-26 due to losses incurred. No amount transferred to reserves during the year under review.

Share Capital

No change in Authorized or Paid-up Share Capital during the year under review. The company did not issue any equity shares with differential rights, sweat equity shares, employee stock options, or provide money for purchase of its own shares.

Subsidiaries, Joint Ventures, and Associates

The company does not have any subsidiary, joint venture, associate company, or holding company.

AGM Details and E-voting

The 30th Annual General Meeting is scheduled for Tuesday, September 29, 2026, at 3:30 PM through Video Conferencing/Other Audio Visual Means. The proceedings will be deemed conducted at the Registered Office in Bharuch, Gujarat.

Ordinary Business:

1. To receive, consider, and adopt the financial statements for FY ended March 31, 2026, and reports of Auditors and Directors thereon

2. To re-appoint Mr. Jigneshkumar Nareshbhai Katariya (DIN: 10691011) as Director who retires by rotation

The remote e-voting period commences on Saturday, September 26, 2026, at 9:00 AM and ends on Monday, September 28, 2026, at 5:00 PM. Members holding shares as of the cut-off date (Tuesday, September 22, 2026) may cast votes through remote e-voting.

Auditors

Statutory Auditors: M/s. Purushottam Khandelwal & Co. (Chartered Accountants, Firm Registration No. 123825W) were appointed for a term of five consecutive years from the conclusion of the 28th AGM until the conclusion of the 33rd AGM. Their report for FY 2025-26 does not contain any qualification, reservation, adverse remark, or disclaimer.

Secretarial Auditors: M/s. Somani & Associates (Practicing Company Secretaries, FCS No. 9364, CP No. 8642) were appointed for a first term of five consecutive years commencing from FY 2025-26 up to FY 2029-30. Their report does not contain any qualification, reservation, adverse remark, or disclaimer.

Cost Auditors: Not appointed as provisions of cost audit are not applicable to the company.

Internal Financial Controls

The management is currently in the process of implementing effective internal control systems pertaining to financial reporting. The Directors state that existing internal financial controls are commensurate with its current level of commercial activity.

Risk Management

The main objective of Risk Management is risk reduction and avoidance as well as identification of risks faced by the business. The new management is in the process of implementing a well-defined Risk Management framework.

Corporate Social Responsibility

The company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable.

Employee Details

There were no employees during the year under review except the Company Secretary and CFO. No instances of fraud were reported by the Statutory Auditors under Section 143(12) of the Act.

Material Changes

Except as disclosed in the report, there were no material changes and commitments affecting the financial position of the company which occurred between the end of the financial year and the date of the report.

Important Notes from Financial Statements

  • The company has been sold as a going concern under the Insolvency and Bankruptcy Code, 2016
  • The new management has been provided immunity from past non-compliance committed by erstwhile management/resolution professional/liquidator prior to acquisition of control
  • The company has not undertaken any significant business or operating activities during the year
  • 99.52% of equity shares have been dematerialized as of March 31, 2026
  • The company has negative net worth of ₹40,66,118 as of March 31, 2026
  • Current ratio is 0.04:1 as of March 31, 2026
  • The company has received an unsecured loan of ₹36,74,200 from Mr. Paritosh Modi, Managing Director