Board Meeting Details
The Board Meeting was held on May 26, 2026, commencing at 11:00 a.m. and concluding at 1:35 p.m.
Board Approvals
The Board considered and approved the following:
1. Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026, including Statement of Assets & Liabilities and Cash Flow Statements
2. Re-appointment of M/s H. G. Sarvaiya & Co, Chartered Accountants (Firm Registration No. 115705W) as Internal Auditor for FY 2026-2027
3. Director's Report with Secretarial Audit Report (Form MR 3), Corporate Governance Report, and Management Discussion and Analysis Report for FY26
4. Notice of 40th Annual General Meeting to be held on August 6, 2026 through Video Conference/Other Audio Visual Means
Financial Performance Highlights (Standalone - Rs. in Lacs)
Quarter Ended March 31, 2026:
- Revenue from Operations: ₹5.41
- Other Income: ₹0.27
- Total Revenue: ₹5.68
- Total Expenses: ₹209.03
- Loss before tax: ₹(203.35)
- Loss after tax: ₹(203.35)
- Total Comprehensive Loss: ₹(196.93)
- Basic EPS: ₹(1.69)
Year Ended March 31, 2026:
- Revenue from Operations: ₹30.79
- Other Income: ₹0.40
- Total Revenue: ₹31.19
- Total Expenses: ₹782.21
- Loss before tax: ₹(751.02)
- Loss after tax: ₹(751.02)
- Total Comprehensive Loss: ₹(747.61)
- Basic EPS: ₹(6.25)
- Paid-up Equity Share Capital: ₹1,332.06 lacs (Face Value ₹10 per share)
Financial Performance Highlights (Consolidated - Rs. in Lacs)
Year Ended March 31, 2026:
- Revenue from Operations: ₹58.79
- Other Income: ₹0.41
- Total Revenue: ₹59.20
- Total Expenses: ₹789.23
- Loss before tax: ₹(730.03)
- Loss after tax: ₹(730.03)
- Total Comprehensive Loss: ₹(726.62)
- Basic EPS: ₹(6.07)
Cash Flow Statements (Standalone)
Year Ended March 31, 2026:
- Cash from Operating Activities: ₹(124.16)
- Cash from Investing Activities: ₹(0.32)
- Cash from Financing Activities: ₹(390.30)
- Net Decrease in Cash: ₹(514.78)
- Opening Cash Balance: ₹632.05
- Closing Cash Balance: ₹117.27
Cash Flow Statements (Consolidated)
Year Ended March 31, 2026:
- Cash from Operating Activities: ₹(116.69)
- Cash from Investing Activities: ₹(0.32)
- Cash from Financing Activities: ₹(393.30)
- Net Decrease in Cash: ₹(510.31)
- Opening Cash Balance: ₹632.63
- Closing Cash Balance: ₹122.32
Audit Qualifications
The statutory auditors, Khandelwal & Mehta LLP, issued a qualified opinion on both standalone and consolidated financial results. The qualification relates to the company's treatment of ₹185 lakhs paid towards release of collateral securities, which has been classified as 'Other Financial Assets' since 2021-2022 instead of being expensed. This treatment is not in accordance with generally accepted accounting principles, resulting in:
- Retained Earnings and Current Assets being overstated by ₹185 lakhs as of March 31, 2026
- Standalone Total Assets overstated at ₹460.13 lakhs instead of ₹275.13 lakhs
- Standalone Net Worth overstated at ₹(6540.45) lakhs instead of ₹(6725.45) lakhs
- Consolidated Total Assets overstated at ₹489.17 lakhs instead of ₹304.17 lakhs
- Consolidated Net Worth overstated at ₹(6540.41) lakhs instead of ₹(6725.41) lakhs
Management's Response to Audit Qualification
The management has treated the payment as 'Other Financial Assets' in the interim period pending release of collateral securities by all security holders and states it shall be adjusted in due course after collateral securities are released.
Capital Structure Changes
During the year, the company converted 15,96,450 warrants into equity shares out of 49,50,950 fully convertible share warrants allotted in February 2025 at an issue price of ₹10 per equity share.
Other Notes
- The company/group operates in only one business segment and geographical segment
- No deferred tax asset recognized as company doesn't expect taxable profits in near future
- Figures for previous periods have been regrouped/rearranged for comparability
- Financial results reviewed by Audit Committee and approved by Board
- Statutory auditors carried out limited review of the financial results