Board Meeting Details

The Board of Directors meeting was held on Thursday, 28th May 2026 at the Registered Office from 05:00 pm to 06:30 pm.

Key Decisions Approved

1. Financial Results Approval

The Board approved:

  • Audited Standalone Financial Results for quarter and financial year ended 31st March 2026 (Regulation 33)
  • Independent Auditor's Report on Audited Financial Results
  • Declaration for unmodified opinion (Regulation 33(3)(d))
2. Assignment Agreement with Tvisha Corporate Advisors LLP

The Company (Assignor) entered into a Deed of Assignment with M/s Tvisha Corporate Advisors LLP (LLPIN: AAT-7766) (Assignee) effective from 31st March 2026. The agreement involves:

  • Assignment of all right, title, interest in Assigned Receivables of ₹148.40 lakh (free from encumbrances)
  • Assignment of obligations and liabilities for Assigned Payables of ₹125.58 lakh
  • Net receivable balance: ₹22.82 lakh
  • Transaction is purely financial and strategic, not impacting management or control of the Company
  • Detailed portfolio includes receivables from 13 entities and payables to 9 entities
  • All balances arose prior to Management Transfer Date of 22nd August 2025
3. Farm-In Agreement with Consortium

The Company (Acquirer) intends to enter into farm-in agreement with consortium of:

  • M/s Ramayna Ispat Private Limited (RIPL)
  • M/s Duggar Fiber Private Limited (DFPL)
  • M/s Mahendra Infratech Private Limited (MIPL)
  • M/s BDN Enterprises Private Limited (BDN)

Key terms:

  • Acquisition of 90% participating interest in Dipling Cluster – DSF – 2016 Block (AA/ONDSF/DIPLING/2016)
  • Company to pay Sellers Revenue Share (SRS) of 7.5% of total revenue from production
  • Payment from Free Cash Flows (debt free) after deducting operational expenses
  • No fixed repayment schedule or long-stop date
  • Transfer of physical assets and equipment for lump sum consideration of ₹13.10 crore
  • Transaction classified as related party transaction but done at arm's length
4. Promoter Reclassification

Board approved reclassification of M/s Raconteur Granite Limited from 'Promoter Group' to 'Public' category subject to stock exchange approvals. Details:

  • Current holding: 5,00,000 equity shares (2.85% shareholding)
  • Applicants confirmed they don't hold more than 10% voting rights, don't exercise control, have no special rights or board representation
  • Not wilful defaulters or fugitive economic offenders
  • Compliance with Regulation 31A(3)(b) of SEBI LODR

Financial Results Highlights (Standalone)

Quarterly Performance (Q4 FY26)
  • Revenue from operations: Not disclosed
  • Other income: Not disclosed
  • Total expenses: ₹69.04 lakh
  • Loss before exceptional items: ₹69.04 lakh
  • Exceptional items: ₹120.96 lakh (write-off of unrecoverable balances)
  • Loss before tax: ₹190.00 lakh
  • Net loss: ₹190.00 lakh
  • EPS: (₹1.26) basic and diluted
  • Weighted average shares: 15,130,747
Annual Performance (FY26)
  • Revenue from operations: Not disclosed
  • Other income: Not disclosed
  • Total expenses: ₹85.80 lakh
  • Loss before exceptional items: ₹85.80 lakh
  • Exceptional items: ₹120.96 lakh
  • Loss before tax: ₹206.76 lakh
  • Net loss: ₹206.76 lakh
  • EPS: (₹1.37) basic and diluted
  • Weighted average shares: 15,130,747
Comparative Figures (FY25)
  • Net loss: ₹19.26 lakh
  • EPS: (₹0.38) basic, (₹0.36) diluted
  • Weighted average shares: 5,028,007

Balance Sheet Position (as at 31st March 2026)

  • Total assets: ₹114.33 lakh
  • Non-current assets: ₹17.48 lakh (Investments: ₹17.48 lakh)
  • Current assets: ₹96.85 lakh (Trade receivables: ₹16.17 lakh, Cash: ₹80.68 lakh)
  • Equity: ₹19.32 lakh (Share capital: ₹350.56 lakh, Other equity: (₹331.24) lakh)
  • Non-current liabilities: ₹88.64 lakh (Borrowings)
  • Current liabilities: ₹6.37 lakh

Key Background Information

Management Changes
  • Mr. Avnish Jindal appointed as Whole-time Director and Mr. Plyush Gupta as Executive Additional Director effective 22nd August 2025
  • New management assumed operational control from 22nd August 2025
Corporate Insolvency Resolution Process (CIRP)
  • CIRP initiated by NCLT, New Delhi Bench vide order dated 31st January 2023
  • Resolution plan approved by NCLT vide order dated 29th February 2024
  • Balances aggregating ₹120.96 lakhs written off as exceptional item
Funding Status
  • Resolution plan required ₹2.62 crore infusion for expansion
  • As of 31st March 2026, ₹88.64 lakh introduced via interest-free unsecured loan
  • Management committed to introduce remaining funds as required
Operational Status
  • Commercial operations not yet resumed due to ongoing transition activities
  • New management working on resuming operations in minerals, natural gas, petroleum
  • Financial statements prepared on going concern basis
Name Change
  • Company applied for name change from "Omansh Enterprises Limited" to "Pipan Oils Limited"
  • Approved by Ministry of Corporate Affairs, under process with stock exchange
Warrant Allotment
  • 2,50,000 warrants allotted on 7th June 2024 at ₹2 per warrant
  • Conversion period expired on 6th December 2025 without conversion
  • Warrants stand cancelled as of reporting date