Board Meeting Details
The Board of Directors meeting was held on Wednesday, May 27, 2026, commencing at 14:51 PM and concluding at 15:35 PM. The Board recorded the following approvals:
- Approval of audited financial statements for the Quarter and Financial Year ended March 31, 2026, along with notes, and authorization for directors to sign the same
- Taking on record the draft Auditors Report on the financials for the Financial Year ended March 31, 2026
- Approval of the Audited Financial Results for dissemination to stock exchanges and approval of text of advertisement for publication in newspapers
Financial Results Overview
Financial Performance for FY26:
- Net loss of ₹71.67 lakhs during the year ended March 31, 2026
- Accumulated losses amounting to ₹600.70 lakhs as of March 31, 2026
- Negative net worth of ₹600.71 lakhs (Equity Share Capital: ₹467.64 lakhs + Other Equity: ₹(600.71) lakhs)
Balance Sheet Position as at March 31, 2026:
- Total Assets: ₹0.14 lakhs
- Cash and cash equivalents: ₹0.07 lakhs
- Other current assets: ₹0.07 lakhs
- Short-term borrowings: ₹55.31 lakhs
- Other financial liabilities: ₹28.67 lakhs
- Trade payables to micro and small enterprises: ₹2.87 lakhs
- Provisions: ₹46.35 lakhs
Cash Flow Statement for FY26:
- Net cash used in operating activities: Not quantified in disclosure
- Net decrease in cash and cash equivalents: ₹0.02 lakhs
- Opening cash balance: ₹0.09 lakhs
- Closing cash balance: ₹0.07 lakhs
Material Uncertainty Related to Going Concern
The auditors, Murali & Venkat Chartered Accountants (FRN: 002162S), issued a material uncertainty emphasis regarding the company's ability to continue as a going concern due to:
- Net loss of ₹71.67 lakhs during FY26
- Accumulated losses of ₹600.70 lakhs completely eroding net worth
- Negative net worth position
The company is in the process of listing and resolving issues pending at SEBI, and plans to start commercial operations. The financial statements have been prepared on a going concern basis despite these uncertainties.
Pending Listing Applications with BSE
The disclosure details multiple pending applications with BSE:
1. Listing Application (Case No. 191146): Filed on December 25, 2023. BSE requested amendment to NCLT order regarding capital structure. NCLT disposed of the case stating no revision required. BSE rejected the application. Management is now preparing a fresh application.
2. Revocation Application (Case No. 194527): Filed on February 8, 2024. Status pending review by BSE's listing department.
3. In-principle Approval (Case No. 194545): Filed on February 23, 2024. Status pending review. Company has agreed to pay ₹26,77,420 and created provision in books.
4. Waiver for Penalty (Case No. 199494): Filed on April 8, 2024, for non-filings during CIRP period. Status pending review.
5. Waiver for Listing Fees (Case No. 222007): Filed on January 25, 2025, for suspension period up to FY 2022-23. Company agreed to pay ₹19,57,325 for partial waiver and created provision.
Corporate History and Current Status
The present management took over the company through Corporate Insolvency Resolution Process pursuant to NCLT Order IA (IBC)/69(CHE)/2022 in IBA/709/2019 dated April 25, 2022. The company's securities remain under suspended listing status. The company was incorporated on March 5, 1986, and operates in the business of customary agriculture and other agro-based products.
Financial Impact
The company has created provisions totaling ₹46.35 lakhs for potential payments related to listing applications and fee waivers. The financial impact of the going concern uncertainty is not quantified in the disclosure.