Board Meeting Details
The Board of Directors meeting was held on Wednesday, 12th August, 2026, starting at 4:00 p.m. and concluding at 4:10 p.m.
Financial Results Approval
The Board discussed and approved the Un-Audited Financial Results (Both Standalone and Consolidated) of the Company for the first quarter and three months ended on June 30, 2026, pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015.
Standalone Financial Results (₹ in Lakh)
Quarter Ended June 30, 2026:
- Net Sales/Income from Operations: Nil
- Other operating income: ₹2.06
- Total Income from operations: ₹2.06
- Employee benefit Expenses: ₹2.35
- Finance Costs: ₹26.90
- Depreciation and amortisation expenses: ₹1.21
- Other expenses: ₹4.25
- Total Expenses: ₹34.70
- Loss before tax: ₹(32.64)
- Tax expense: Nil
- Loss for the period: ₹(32.64)
- Loss attributable to shareholders: ₹(32.64)
Comparative Periods:
- Quarter Ended March 31, 2026: Profit of ₹9.83 lakh (Audited)
- Quarter Ended June 30, 2025: Loss of ₹(48.12) lakh (Unaudited)
- Year Ended March 31, 2026: Loss of ₹(124.38) lakh (Audited)
Consolidated Financial Results (₹ in Lakh)
Quarter Ended June 30, 2026:
- Net Sales/Income from Operations: Nil
- Other operating income: ₹2.06
- Total Income from operations: ₹2.06
- Employee benefit Expenses: ₹2.39
- Finance Costs: ₹26.90
- Depreciation and amortisation expenses: ₹1.21
- Other expenses: ₹4.29
- Total Expenses: ₹34.79
- Loss before tax: ₹(32.72)
- Deferred Tax: Nil
- Loss for the period: ₹(32.72)
- Minority Interest: ₹(0.004)
- Loss attributable to shareholders: ₹(32.72)
Comparative Periods:
- Quarter Ended March 31, 2026: Profit of ₹8.71 lakh (Audited)
- Quarter Ended June 30, 2025: Loss of ₹(48.12) lakh (Unaudited)
- Year Ended March 31, 2026: Loss of ₹(125.70) lakh (Audited)
Subsidiary Information
The consolidated results include the results of subsidiary entity: Sterling Resort Private Limited.
Business Segment Information
The Company was previously engaged in two reportable segments (Real Estate and Resorts & Club Membership) but pursuant to a lease agreement entered into with Pushpadevi Goenka Trust on April 1, 2024, the business model is undergoing transition. Segment-wise revenue, results, and capital employed have not been presented as management considers it not practicable to provide such disclosures.
Legal and Regulatory Matters
Asset Transfer Investigation (2018):
- Company received letter dated 15.06.2018 from BSE and email communication dated 06.08.2018 from SEBI regarding clarification on transfer of substantial company projects/land parcels/assets in FY 2009-10
- Appointed independent professional D. Shah & Associates, Chartered Accountants for investigation
- Scrutiny report received on 02/11/2018 and placed before Audit Committee and Board
- Board decided on 14th December, 2018 to engage legal professionals to discuss scrutiny report
- Company filed civil suit no.21 of 2019 in court of civil judge (S.D.) at Sanand on 18/04/2019 against Paksh Developers Private Limited and directors Mrs. Meeta Mathur, Mr. Ankit Mathur, Mr. Kunal Mathur and Mr. Anurag D. Agrawal
- Company filed civil suit no.32 of 2019 in court of civil judge (S.D.) at Kalol on 26/04/2019 against same parties
- Order received from Kalol Court on 31.03.2023 - company finalizing further course of action
- Order from Sanand Court pending as on date
- Financial impact unable to be disclosed as matter is subjudice
NCLT Matters:
- Company received Order from Hon'ble NCLT delivered dated 13.09.2023
- Company under process of assessing financial impact
- Specific NCLT Order under rule 11 of NCLT in D-IA/66(AHM) in CP NO.65 of 2017 delivered on 28th September 2022:
- Agendas at Serial No. 6 & 7 in AGM dated 20-09-2022 stands removed
- Company shall not pass any resolution till disposal of main company petition regarding disposal of assets or creating third-party interest
- Company filed appeal at NCLAT, New Delhi
- Financial impact yet to be decided by Board
FIR against Resort Manager:
- Company lodged FIR on 06/11/2019 against Resort Manager Mr. Kishan P. Somani for misappropriation/siphoning of company's collection from customers amounting ₹16.85 lakhs
- Amount accounted and debited to Mr. K.P. Somani
- Outstanding balance: ₹17.55 Lakhs
- Company provided for ₹17.55 Lakhs as on 31st March, 2022 as Expected Credit Loss
Settlement with Ex-Director:
- During FY 2023-24, company settled/adjusted dues from ex-director amount of ₹1,34,06,775 (advance received during FY 2016-17) against deposit outstanding
- Interest @12% till 31st March, 2023 on mutual understanding
- Balance deposit payable paid ₹1,94,36,044 during quarter ended 30th June, 2023
- Stock in trade in name of ex-director amounting ₹24,99,000
- Mutual settlement received sum of ₹72,00,000 shown as advance received against stock in trade
- To be adjusted on completion of various formalities
Lease Agreement Impact
- Company entered into lease agreement with Pushpadevi Goenka Trust
- No depreciation provided for Greenwood Lake Resort asset for quarters ending 30th June, 2025, 30th September, 2025 and 31st December, 2025
Labour Code Implementation
- Ministry of Labour and Employment consolidated 29 labour legislations into 4 Labour Codes effective from 21st November, 2025
- Company currently evaluating financial and operational impact
- Monitoring finalization of centre/state rules and government clarifications
Auditor Review
- Financial results reviewed by statutory auditors Nahta Jain and Associates
- Limited Review Reports issued for both standalone and consolidated results
- Auditors drew attention to the legal matters described above but did not modify their conclusion
Additional Information
- Figures for previous periods have been regrouped, reclassified and restated where necessary
- The statement includes formulae for computation of various financial ratios