Board Meeting Details
- Meeting Date: August 7, 2026
- Meeting Time: 3:00 PM to 4:00 PM
- Purpose: Approval of delayed financial results
Financial Results Approved
The Board of Directors approved the following financial statements:
- Unaudited Financial Statements for quarters: September 2022, December 2022, and all quarters from FY2023 to FY2025
- Audited Financial Statements for years ended: March 31, 2023, March 31, 2024, and March 31, 2025
Corporate Insolvency Background
The company was admitted to Corporate Insolvency Resolution Process (CIRP) vide NCLT Mumbai order dated December 5, 2022. Resolution Plan submitted by Kshitij Polyline Limited was approved by CoC and thereafter by Hon'ble NCLT on July 31, 2025.
Pursuant to approval of the Resolution Plan, the powers of the Resolution Professional ceased and management transitioned to the new Board. The new Board of Directors were appointed from January 1, 2026.
Financial Performance Summary
FY2023 Performance (Audited)
- Revenue from Operations: ₹702.00 lakhs
- Total Income: ₹719.53 lakhs
- Total Expenses: ₹4,320.29 lakhs
- Loss before tax: ₹-3,600.76 lakhs
- Exceptional items: ₹-14,603.29 lakhs
- Total Loss for year: ₹-18,204.05 lakhs
- EPS: ₹-88.46 (Basic & Diluted)
- Negative Other Equity: ₹-37,381.18 lakhs
FY2024 Performance (Audited)
- Revenue from Operations: ₹5.86 lakhs
- Total Income: ₹15.19 lakhs
- Total Expenses: ₹212.41 lakhs
- Loss before tax: ₹-197.22 lakhs
- Total Loss for year: ₹-197.22 lakhs
- EPS: ₹-0.96 (Basic & Diluted)
- Negative Other Equity: ₹-37,577.88 lakhs
FY2025 Performance (Audited)
- Revenue from Operations: ₹0.00 lakhs
- Total Income: ₹22.43 lakhs
- Total Expenses: ₹152.80 lakhs
- Loss before tax: ₹-130.37 lakhs
- Total Loss for year: ₹-130.37 lakhs
- EPS: ₹-0.63 (Basic & Diluted)
- Negative Other Equity: ₹-37,708.26 lakhs
Key Financial Position Highlights (as of March 31, 2025)
- Total Assets: ₹4,803.77 lakhs
- Equity Share Capital: ₹2,057.80 lakhs
- Other Equity: ₹-37,708.26 lakhs (negative)
- Borrowings: ₹38,235.31 lakhs
- Trade Payables: ₹1,041.47 lakhs
- Cash and cash equivalents: ₹216.49 lakhs
- Bank balances other than above: ₹228.72 lakhs
Auditor Review and Qualifications
The Statutory Auditors, R. R. Tibrewala & Co., carried out Limited Review of all unaudited financial results. All reviews contained qualified conclusions based on:
1. Company reported losses during review periods and net worth turned negative
2. Financial results prepared on going concern basis despite negative net worth
3. Hon'ble NCLT approved Resolution Plan for the Company on July 31, 2025
The auditors emphasized the matter regarding approval of Resolution Plan by Hon'ble NCLT but concluded that except for these matters, the statements were prepared in accordance with applicable accounting standards.
Accounting Standards and Compliance
The financial results have been prepared in accordance with:
- Indian Accounting Standard (Ind AS) 34 - Interim Financial Reporting
- Section 133 of Companies Act, 2013
- Regulation 33 of SEBI (LODR) Regulations, 2015
Going Concern Assumption
The company has incurred losses during all periods and its net worth remains negative. However, considering implementation of the approved Resolution Plan and expected revival of operations, the financial results have been prepared on a going concern basis.