Board Meeting Details

The Board meeting was held via Video Conferencing/Other Audio-Visual Means on Friday, 23 October 2026, commencing at 02:36 P.M. IST and concluding at 03:10 P.M.

Key Matters Approved

1. Appointment of Internal Auditor

The Board approved the appointment of M/s. M C Asawa & Co., Chartered Accountants, Nagpur (Firm Registration No. 008041C) as the Internal Auditor for Financial Year 2026-27. This follows the resignation of previous internal auditor M/s. V. K. Surana & Co., Chartered Accountants (Firm Reg. no. 110634W), effective 21 October 2026 due to unavoidable circumstances.

M/s. M C Asawa & Co. is led by CA Mukund Sarda (FCA) and has over 12 years of relevant audit and assurance experience, including work with Deloitte Haskins & Sells LLP, Mumbai. The firm has served clients across trading, manufacturing, healthcare, logistics, real estate and infrastructure sectors.

2. Approval of Unaudited Standalone Financial Results

The Board approved the Unaudited Standalone Financial Results for the quarter and half-year ended 30 September 2026, along with the Limited Review Report issued by the statutory auditors.

Financial Performance Highlights (Figures in ₹ Lakhs):

Quarter Ended 30 September 2026:

  • Revenue from operations: ₹0.00
  • Total expenses: ₹10.67
  • Loss before tax: ₹(10.67)
  • Net loss after tax: ₹(10.67)
  • Basic and diluted EPS: ₹(0.03)

Half-Year Ended 30 September 2026:

  • Revenue from operations: ₹7.63
  • Total expenses: ₹24.86
  • Loss before tax: ₹(17.23)
  • Net loss after tax: ₹(17.23)
  • Basic and diluted EPS: ₹(0.06)

Balance Sheet Position as at 30 September 2026:

  • Total assets: ₹312.84 lakhs
  • Total equity: ₹309.28 lakhs
  • Equity share capital: ₹305.69 lakhs
  • Current liabilities: ₹3.56 lakhs

Cash Flow for Half-Year Ended 30 September 2026:

  • Net cash from operating activities: ₹282.05 lakhs
  • Net cash from investing activities: ₹7.80 lakhs
  • Net cash from financing activities: ₹0.00
  • Net increase in cash & cash equivalents: ₹289.85 lakhs
3. Revised Policies

The Board approved 12 revised policies effective from 23 October 2026:

Recommended by Nomination and Remuneration Committee:

1. Nomination and Remuneration Policy

2. Terms and Conditions of Appointment/Re-appointment of Independent Directors

3. Criteria for Making Payments to Non-Executive Directors

4. Code of Conduct for the Board of Directors and Senior Management Personnel

5. Policy to Promote Diversity on the Board of Directors

6. Familiarisation Programme for Independent Directors

Recommended by Audit Committee:

7. Related Party Transaction Policy

8. Vigil Mechanism/Whistle Blower Policy

Other policies approved:

9. Preservation of Documents and Archival Policy

10. Policy for Determination of Materiality of Events or Information

11. Code of Conduct for Prevention of Insider Trading and Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information

12. Policy on Prevention of Sexual Harassment of Women at Workplace (POSH Policy)

The revised Policy for Determination of Materiality authorizes Key Managerial Personnel under Regulation 30(5) to determine materiality of events. The revised POSH Policy authorizes Ms. Neha Hardeepsingh Narang, Non-Executive Non-Independent Woman Director, to oversee policy implementation but not conduct statutory inquiries.

4. Appointment of Chairman of Executive Committee

The Board appointed Mr. Amit Suresh Ninawe, Executive Director and Chief Financial Officer, as Chairman of the Executive Committee effective 23 October 2026. The Committee composition:

  • Chairman: Mr. Amit Suresh Ninawe
  • Member: Mr. Lalit Naresh Nagdev
  • Member: Ms. Neha Hardeepsingh Narang
5. Designation of Company Secretary

The Board designated Ms. Ankita Hande, Company Secretary, as the Designated Person responsible for furnishing information regarding beneficial interest in shares under Rule 9(4) and Rule 9(5) of the Companies (Management and Administration) Rules, 2014.

Additional Information

The Board took note of the minutes of preceding Board Meeting and committee meetings, and the Action Taken Report for statutory and SEBI regulatory disclosures.

The financial results have been prepared in accordance with Indian Accounting Standards and account for the demerger of jewelry business that became effective on 17 October 2025, with resulting company shares allotted on 8 November 2025.

Attachments

  • Unaudited Standalone Financial Results for quarter and half-year ended 30 September 2026
  • Limited Review Report by statutory auditors

Auditor's Review

M/s. Bohara Shah & Co., Chartered Accountants (ICAI Firm Registration No. 143865W) issued an unmodified review report stating nothing has come to their attention suggesting material misstatement in the financial results.