The Board transacted the following key businesses:

1. Approved Audited Standalone Financial Results: Approved the audited standalone financial results for the quarter and year ended March 31, 2026. The results were reviewed by the Audit Committee and are available on www.prashantindia.info and www.bseindia.com.

2. Noted CFO Resignation: Noted the resignation of Mr. Vinod Pandurang Jadhav from the position of Chief Financial Officer (CFO) of the Company, effective May 18, 2026.

The company's statutory auditor, Ashish Bhoola & Co., issued a Qualified Opinion on the audited results. The basis for the qualified opinion includes several key audit qualifications:

  • Audit Note 20(b): The company has not made provisions for specific liabilities totaling ₹11,542.49 lakhs (₹11,54,249.365 '000), broken down as:
  • Interest on Secured Creditor's Loans: ₹11,533.66 lakhs (₹11,53,366.335 '000)
  • Non-provision of doubtful debts: ₹8.83 lakhs (₹883.030 '000)
  • Note No. 1(II)(a): Non-provision for gratuity and leave encashment, in contravention of Ind AS 19. The financial impact is not readily ascertainable.
  • Note No. 1(II)(d): The accounts have been prepared on a 'Going Concern Basis' despite serious apprehensions regarding the company's ability to continue as a going concern.

Key Financial Highlights (Rs. in Lakhs)

Profit & Loss Statement (Year Ended March 31):

  • Net Sales/Income from Operations: FY26: 13.93; FY25: 30.29
  • Total Profit/(Loss) Before Tax: FY26: 636.63; FY25: (20.02)
  • Segment Revenue (FY26): Textile: 5.00; Wind farm: 4.90; Unallocated: 4.20
  • Segment Results (PBT, FY26): Textile: (959.76); Wind farm: 56.20

Balance Sheet (As of March 31):

  • Total Assets: FY26: 170.41; FY25: 257.24
  • Equity Share Capital: FY26: 423.54; FY25: 423.54
  • Other Equity: FY26: (3108.18); FY25: (3744.81)
  • Total Equity: FY26: (2684.64); FY25: (3321.27)
  • Short-term Borrowings: FY26: 2817.27; FY25: 3460.59
  • Total Current Liabilities: FY26: 2855.05; FY25: 3578.51

Cash Flow Statement (Year Ended March 31):

  • Net Cash Flow from Operating Activities: FY26: (471.73); FY25: (90.29)
  • Net Cash Flow from Investing Activities: FY26: 1092.49; FY25: 187.73
  • Net Cash Flow from Financing Activities: FY26: 643.32; FY25: 0.00
  • Cash and Cash Equivalents (Closing Balance): FY26: 80.04; FY25: 102.60

Statement on Impact of Audit Qualifications

A statement quantifying the impact of the audit qualifications was provided. The adjusted figures show a starkly different financial picture if the qualifications were provisioned for:

  • Total Expenditure: Reported: 39,982.474 ('000); Adjusted: 11,94,231.840 ('000)
  • Net Profit/(Loss): Reported: 63,662.654 ('000); Adjusted: -10,90,586.712 ('000)
  • Earnings Per Share (EPS): Reported: 0.015; Adjusted: -0.257
  • Total Liabilities: Reported: 2,85,505.217 ('000); Adjusted: 14,39,754.582 ('000)
  • Net Worth: Reported: -2,68,463.965 ('000); Adjusted: -14,22,713.330 ('000)

Management's Views on Qualifications

The management provided its views on the audit qualifications:

  • The plan is to make the company debt-free by disposing of assets and negotiating with secured creditors for a waiver, followed by launching a new project with new investors.
  • Civil suits have been filed against sundry debtors for recovery of doubtful debts amounting to ₹7.33 lakhs.
  • They are following up for the recovery of an advance of ₹150 lakhs deposited with RIL, Hazira.
  • Regarding employee benefits, the management stated that ascertaining the actuarial liability involves considerable cost, so they account for it on a cash basis. They are unable to estimate the impact of this non-provision.

The auditors concurred with the management's opinion on the unquantified qualifications.