Financial Results Highlights

  • Revenue from operations: ₹0.00 lakh (compared to ₹64.38 lakh in corresponding quarter previous year)
  • Other income: ₹0.28 lakh (compared to ₹0.33 lakh in corresponding quarter previous year)
  • Total income: ₹0.28 lakh (compared to ₹64.71 lakh in corresponding quarter previous year)
  • Total expenses: ₹10.75 lakh (compared to ₹68.00 lakh in corresponding quarter previous year)
  • Loss before tax: ₹(10.47) lakh (compared to ₹(3.29) lakh in corresponding quarter previous year)
  • Tax expense: ₹0.00 lakh
  • Net loss after tax: ₹(10.47) lakh (compared to ₹(3.40) lakh in corresponding quarter previous year)
  • Paid-up equity share capital: ₹1,710.00 lakh (face value ₹10 per share)
  • Reserves: ₹(51.32) lakh
  • Basic and diluted EPS: ₹(0.61) (compared to ₹(0.02) in corresponding quarter previous year)

Corporate Insolvency Resolution Process Status

The company underwent Corporate Insolvency Resolution Process (CIRP) under IBC 2016:

  • NCLT Mumbai Bench approved resolution plan of Solar Copyer Limited on March 14, 2024
  • CIRP concluded with NCLT approval
  • Monitoring committee constituted per approved resolution plan managed company affairs
  • Monitoring committee reconstituted Board of Directors on February 12, 2025, and stood dissolved

Pending Resolution Plan Modifications

Critical regulatory compliance issue affecting implementation:

  • SEBI amendment dated June 18, 2021, introduced minimum 5% public shareholding requirement for companies undergoing CIRP
  • Existing approved resolution plan would reduce public shareholding below 5% threshold
  • Company filed Interlocutory Application (IBC) with NCLT Mumbai Bench seeking modification of approved resolution plan
  • Application pending with next hearing scheduled for September 7, 2026
  • Bombay Stock Exchange has withheld permission to trade company's securities due to non-compliance

Proposed Capital Structure Changes

Pending NCLT approval of modified resolution plan:

  • Existing share capital reduction without payout to shareholders (on hold)
  • Issuance of 35,000 equity shares (face value ₹10) to Solar Copyer Limited (Resolution Applicant)
  • Issuance of 15,000 equity shares (face value ₹10) to Rutwik Sales Private Limited
  • Settlement of remaining financial creditors' amount (₹155.00 lakh) through equity shares issuance
  • Number of equity shares may be revised based on NCLT modification approval

Debt Treatment

As per approved resolution plan:

  • Outstanding debt of financial creditors: ₹160.00 lakh
  • Debt does not carry interest and is measured at cost
  • Ind AS requirements overridden by resolution plan provisions

Arbitration Proceedings

  • Company initiated commercial arbitration against Ambernath Municipal Council (AMC) for recovery of substantial outstanding contractual dues
  • Matter 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 remain pending from AMC
  • Escrow arrangement with Solar Copyer Limited continues until realization of total contract proceeds

Governance and Approval

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