Board Meeting Outcome

A meeting of the Board of Directors was held on Monday, 25th May 2026 from 07:00 PM to 07:35 PM at the registered office of the company. The board considered and approved the following matters:

1. Audited Standalone Financial Results

The Board approved the audited standalone financial results along with independent audit report for the quarter ended 31st March 2026. The results were prepared pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015.

2. Statement of Deviation or Variation under Regulation 32

The Board discussed compliance with Regulation 32 of SEBI (LODR) Regulations and concluded it is not applicable to the company as the company has not issued any shares by way of public issue, right issue, or preferential issue during the quarter and year ended 31st March 2026.

3. Resignation of Directors

The Board took note of the resignation of:

  • Mr. Rajendra Prasad (DIN: 10871533), Executive Director, resigned effective 17th April 2026 due to personal reasons
  • Mr. Umesh Kumar (DIN: 7015921), Non-Executive Director, resigned effective 17th April 2026 due to personal reasons

Financial Results Summary

Statement of Assets and Liabilities (as at 31st March 2026)

  • Total Assets: ₹2,978.75 lakhs (Previous year: ₹1,004.50 lakhs)
  • Non-Current Assets: ₹2,910.98 lakhs (Previous: ₹970.67 lakhs)
  • Property, Plant and Equipment: ₹0.02 lakhs (Previous: ₹45.33 lakhs)
  • Non-Current Investments: ₹2,910.96 lakhs (Previous: ₹50.00 lakhs)
  • Loans (Non-Current): ₹0.00 lakhs (Previous: ₹875.34 lakhs)
  • Current Assets: ₹67.59 lakhs (Previous: ₹33.65 lakhs)
  • Cash and Cash Equivalents: ₹1.20 lakhs (Previous: ₹1.29 lakhs)
  • Bank Balances: ₹52.66 lakhs (Previous: ₹19.66 lakhs)
  • Other Current Financial Assets: ₹13.72 lakhs (Previous: ₹12.49 lakhs)
  • Equity: ₹850.64 lakhs (Previous: ₹887.53 lakhs)
  • Equity Share Capital: ₹3,460.92 lakhs (unchanged)
  • Other Equity: (₹2,610.28) lakhs (Previous: (₹2,573.39) lakhs)
  • Liabilities: ₹2,128.11 lakhs (Previous: ₹116.97 lakhs)
  • Non-Current Borrowings: ₹2,121.04 lakhs (Previous: ₹113.65 lakhs)
  • Current Financial Liabilities: ₹7.07 lakhs (Previous: ₹3.32 lakhs)

Statement of Profit and Loss (Year ended 31st March 2026)

  • Profit/(Loss) before tax: (₹970.11) lakhs (Previous year: (₹36.88) lakhs)
  • Total tax expense: ₹0.40 lakhs (Previous: ₹0.00 lakhs)
  • Profit/(Loss) for the period: (₹970.11) lakhs (Previous: (₹36.88) lakhs)
  • Total Comprehensive Income: (₹970.11) lakhs (Previous: (₹36.88) lakhs)

Cash Flow Statement (Year ended 31st March 2026)

  • Net cash from operating activities: (₹967.27) lakhs (Previous: (₹33.23) lakhs)
  • Net cash used in investing activities: ₹1,002.75 lakhs (Previous: not clearly stated)
  • Net cash used in financing activities: ₹0.00 lakhs (Previous: ₹32.92 lakhs)
  • Net increase in cash: ₹43.52 lakhs (Previous: ₹20.95 lakhs)
  • Cash at end of period: ₹53.87 lakhs (Previous: not stated)

Independent Auditor's Report

Auditor: VRSK & ASSOCIATES, Chartered Accountants

Opinion: Qualified opinion

Basis for Qualified Opinion

The auditors expressed a qualified opinion due to:

1. Non-provision of interest on loans

2. Non-compliance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013

3. The financial statements may not give a true and fair view due to these issues

Key Audit Matters

1. Loan Transactions: Significant loans amounting to ₹2,121.04 lakhs where terms such as repayment schedule, rate of interest, securities, and overdue amounts were not properly documented

2. Fair Valuation of Investments: Investments in unquoted instruments requiring significant judgment in valuation due to unavailability of quoted prices and limited market liquidity

Other Regulatory Compliance Issues

  • The company should be registered under section 45-IA of the Reserve Bank of India Act, 1934 but is not registered
  • Cash losses of ₹37.82 lakhs in current year and ₹8.53 lakhs in previous year
  • Default in repayment of loans with lenders initiating CIRP proceedings against the company
  • Internal financial controls have deficiencies that may affect reliability of financial reporting
  • Company may not be capable of meeting its liabilities falling due within one year from balance sheet date

Undertaking for Non-Applicability of Regulation 32

The company submitted an undertaking stating that Regulation 32 of SEBI (LODR) Regulations is not applicable as the company has not issued any shares by way of public issue, rights issue, or preferential issue during the quarter and year ended 31st March 2026.