Board Meeting Details

The Board of Directors meeting was held on September 11, 2026, commencing at 11:20 AM and concluding at 02:10 PM. The board approved the unaudited financial results along with the limited review report for the quarter ended June 30, 2026.

Financial Results Overview

Quarter Ended June 30, 2026 (Unaudited):

  • Net Loss: ₹3.01 lakhs
  • Employee benefits expenses: ₹1.75 lakhs
  • Other expenses: ₹1.26 lakhs
  • Total expenditure: ₹3.01 lakhs
  • Basic and Diluted EPS: (₹0.06)
  • Paid-up equity share capital: ₹467.64 lakhs (face value ₹10 per share)

Comparative Performance:

  • Previous quarter (March 31, 2026): Net Loss ₹6.11 lakhs
  • Same quarter previous year (June 30, 2025): Net Loss ₹5.50 lakhs
  • Full year previous year (March 31, 2026): Net Loss ₹71.68 lakhs

Accumulated Losses:

The company has accumulated losses of ₹603.71 lakhs as of June 30, 2026, which has completely eroded its net worth, making it negative.

Auditor's Review

Murali & Venkat, Chartered Accountants (FRN: 002162S), reviewed the financial results and issued an unmodified opinion. Their limited review was conducted in accordance with Standard on Review Engagements (SRE) 2410.

Material Uncertainty Related to Going Concern

The auditors highlighted that the company's net loss of ₹3.00 lakhs during the quarter and accumulated losses of ₹603.71 lakhs indicate a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. However, management maintains that the financial statements have been prepared under the going concern assumption as the company is in the process of listing and resolving issues pending at SEBI, with plans to commence commercial operations.

Emphasis of Matter Points

The auditors emphasized five key matters:

1. NCLT Resolution and Listing Status: The present management took over through Corporate Insolvency Resolution Process pursuant to NCLT Order IA (IBC)/69(CHE)/2022 in IBA/709/2019 dated April 25, 2022. Securities remain under suspended listing status. A listing application was filed with BSE (case number 191146) on December 25, 2023, with queries received on February 27, 2025, and responses submitted on March 8, 2025. BSE requested an amendment to the NCLT order regarding capital structure, but NCLT disposed of the case, stating no revision was required as capital structure is explicitly mentioned in the Resolution Plan. BSE rejected the listing application, and management is now filing a fresh application.

2. Revocation Application: Filed with BSE (case number 194527) on February 8, 2024 - status pending review.

3. In-principle Approval: Applied with BSE (case number 194545) on February 23, 2024 - status pending review. Management has agreed to pay ₹26,77,420 and created a provision in books.

4. Waiver for Penalty: Filed for waiver of penalty for non-filings during CIRP period (case number 199494) on April 8, 2024 - status pending review.

5. Waiver for Listing Fees: Filed for waiver of listing fees during suspension period up to FY 2022-23 (case number 222007) on January 25, 2025. Company has agreed to pay ₹19,57,325 for partial waiver and created provision.

Financial Position Highlights

As of June 30, 2026:

  • Cash and cash equivalents: ₹0.07 lakhs
  • Total assets: ₹0.14 lakhs
  • Equity share capital: ₹467.64 lakhs
  • Other equity: (₹603.71) lakhs (negative)
  • Financial liabilities: ₹2.53 lakhs
  • Other current liabilities: ₹30.82 lakhs
  • Provisions: ₹46.35 lakhs
  • Total equity and liabilities: ₹46.35 lakhs

Cash Flow Statement

For quarter ended June 30, 2026:

  • Net cash flow from operating activities: (₹1.19) lakhs
  • Net cash flow from financing activities: ₹1.19 lakhs
  • Net increase/(decrease) in cash: ₹0.00 lakhs
  • Opening cash balance: ₹0.07 lakhs
  • Closing cash balance: ₹0.07 lakhs

Additional Notes

1. The company was incorporated on March 5, 1986, and operates in customary agriculture and other agro-based products.

2. Financial results prepared in accordance with Indian Accounting Standards (Ind AS).

3. The company was taken over under IBC code by new management, and business is yet to commence.

4. Previous period/year figures have been regrouped/reclassified where necessary.

Publication and Availability

The unaudited financial results will be published in newspapers and are available on the company's website (www.sipindustries.com) and BSE website (www.bseindia.com).