Financial Results for Quarter Ended June 30, 2026

  • Total Income: ₹0.28 lakh (compared to ₹64.71 lakh in corresponding quarter previous year)
  • Revenue from Operations: Negative ₹64.38 lakh (compared to ₹5.61 lakh negative in previous year)
  • Other Income: ₹0.28 lakh (compared to ₹0.33 lakh previous year)
  • Total Expenses: ₹10.75 lakh (compared to ₹68.00 lakh previous year)
  • Loss Before Tax: ₹10.47 lakh (compared to ₹3.29 lakh loss previous year)
  • Tax Expense: Nil (compared to ₹0.10 lakh previous year)
  • Loss After Tax: ₹10.47 lakh (compared to ₹3.40 lakh loss previous year)
  • Paid-up Equity Share Capital: ₹1,710.00 lakh (Face Value ₹10 per share)
  • Reserves: Negative ₹51.32 lakh
  • Basic EPS: Negative (amount not quantified) compared to negative ₹0.02 previous year

Corporate Insolvency Resolution Process Status

  • Corporate Insolvency Resolution Process (CIRP) concluded with NCLT approval of resolution plan by Solar Copyer Limited on March 14, 2024
  • Monitoring Committee constituted per resolution plan managed company affairs until February 12, 2025
  • Board of Directors reconstituted on February 12, 2025, after which Monitoring Committee dissolved
  • Implementation of full resolution plan pending due to SEBI regulatory change

Regulatory Compliance Issue

  • SEBI amendment dated June 18, 2021 introduced minimum 5% public shareholding requirement for companies undergoing CIRP
  • Company does not meet this threshold as requirement came into effect after plan approval
  • Bombay Stock Exchange withheld permission to trade company's securities
  • Company filed Interlocutory Application (IBC) before NCLT Mumbai Bench seeking modification of approved resolution plan
  • Application pending before Hon'ble NCLT - Mumbai Bench; next hearing scheduled on September 7, 2026
  • Extinguishment of existing share capital and issue of new share capital not yet executed

Resolution Plan Share Issuance Details

  • Solar Copyer Limited to be issued 35,000 equity shares (face value ₹10 each)
  • Rutwik Sales Private Limited to be issued 15,000 equity shares (face value ₹10 each)
  • Remaining financial creditors' amount of ₹155.00 lakh to be settled by issuing equity shares
  • Number of equity shares may be revised due to modifications in Approved Resolution Plan
  • Shares can be issued only after NCLT approval of IA

Debt Treatment

  • Outstanding debt of Financial Creditors: ₹160.00 lakh
  • Debt does not carry interest as per Clause 12 & 13 of Approved Resolution Plan
  • Debt measured at cost rather than fair value due to resolution plan overriding Ind AS requirements

Arbitration Proceedings

  • Company initiated arbitration against Ambernath Municipal Corporation (AMC) for recovery of substantial outstanding contractual dues
  • Matter currently pending before Sole Arbitrator
  • LED & maintenance contract with AMC completed on December 31, 2025
  • Company opted out of contract on behest of sole arbitrator
  • Contractual dues still pending from AMC
  • Escrow arrangement with Solar Copyer continues until realization of total contract proceeds

Governance and Approval

  • Board meeting held on August 13, 2026 from 5:00 PM to 5:30 PM
  • Financial results reviewed by Audit Committee and approved by Board of Directors
  • Results prepared in accordance with Indian Accounting Standards (Ind AS)
  • Limited Review conducted by Sharp Aarth & Co. LLP, Chartered Accountants
  • Company operates in single business segment "LED Products"