Key Quantitative Figures

  • Net Loss for Year Ended March 2025: ₹0.79 lakh (Previous year: ₹18.12 lakh loss)
  • Total Assets as of March 2025: ₹36.64 lakh (Previous year: ₹39.98 lakh)
  • Property, Plant and Equipment: ₹19.40 lakh (Previous year: ₹2.07 lakh, with ₹17.33 lakh added due to liquidation revaluation)
  • Cash and Cash Equivalents: ₹4.81 lakh (Previous year: ₹0.82 lakh)
  • Other Current Assets: ₹12.43 lakh (Previous year: ₹19.77 lakh)
  • Equity: ₹19.41 lakh (Previous year: ₹20.20 lakh)
  • Other Current Liabilities: ₹17.24 lakh (Previous year: ₹19.79 lakh)
  • Revenue from Operations: ₹0 (Previous year: ₹0)
  • Other Income: ₹0 (Previous year: ₹3.26 lakh interest income)
  • Finance Costs: ₹1,000 (Both years)
  • Other Expenses: ₹7.90 lakh (Previous year: ₹18.44 lakh)
  • Earnings Per Share: Not quantified (Previous year: Not quantified)

Dates of Action

  • Board Meeting Date: 06th May 2025 (commenced 02:30 PM, concluded 03:30 PM)
  • NCLT Admission Order: 03rd October 2018 (initiated Corporate Insolvency Resolution Process)
  • NCLT Liquidation Order: 01st September 2022 (directed liquidation of company)
  • E-Auction Sale Notice: 18th February 2023
  • Qualified Bidder Declaration: 07th March 2023
  • E-Auction Date: 16th March 2023
  • Letter of Intent Issued: 18th March 2023
  • Sale Certificate Date: 14th June 2023
  • Auditor's Report Date: 18th September 2025
  • Limited Review Report Date: 08th May 2026

Parties Involved

  • Interim Resolution Professional/Resolution Professional/Liquidator: Mr. Anup Kumar Singh
  • Successful Bidder: Indo Aquatics Limited
  • Assignee: Reddy Investments Private Limited
  • Statutory Auditors: SAI AND CO, Chartered Accountants (FRN: 019545S)
  • Proprietor: CA Bandi Poorna Sai Kumar (Membership No: 244881)
  • Managing Director: S V R Murthy (DIN: 08251740)
  • Director: P V Subba Rao (DIN: 00545224)
  • Regulatory Bodies: NCLT Hyderabad Bench, SEBI, BSE Limited
  • Power Purchaser: Andaman and Nicobar Administration
  • Lenders: State Bank of India (Kolkata), SREI Equipment Finance Private Limited, SBI Global Factors Limited

Financial and Operational Impact

  • The company underwent liquidation proceedings with NCLT Hyderabad Bench initiating Corporate Insolvency Resolution Process on 03.10.2018 and ordering liquidation on 01.09.2022.
  • The liquidator sold the company as a going concern to Indo Aquatics Limited for ₹1.94 crore through e-auction process, with Sale Certificate issued on 14.06.2023.
  • Indo Aquatics Limited subsequently assigned all rights, duties, and obligations to Reddy Investments Private Limited due to challenges in safeguarding rights and interests at the Andaman & Nicobar Islands power plant location.
  • All pre-liquidation liabilities have been extinguished and transferred to capital reserve.
  • The company has minimal operational activity with no revenue generation in current or previous year.
  • Fixed assets were revalued due to liquidation process, increasing by ₹17.33 lakh.

Capital Structure Impact

  • Equity share capital remains at 14,96,330 shares of ₹10 each, totaling ₹1.49 crore.
  • Share application money pending allotment of ₹19.40 lakh to be issued to Reddy Investments Private Limited.
  • The company plans to offer minimum 5% shares to existing public shareholders as per SEBI guidelines once trade suspension is revoked.

Auditor's Qualifications and Emphasis of Matter

Auditors issued a modified opinion with multiple emphasis of matter points:

  • NCLT liquidation proceedings and subsequent acquisition by Indo Aquatics Limited assigned to Reddy Investments Private Limited
  • Fixed assets not physically verified during the year
  • No actuarial valuation for employees' gratuity as required by Ind AS 19
  • Incomplete disclosures for related party transactions (Ind AS24) and segment reporting (Ind AS108)
  • Non-compliance with various Schedule III disclosure requirements
  • Unable to verify ageing of trade receivables and payables
  • No information provided for MSME vendor verification
  • Insufficient audit evidence for contingent liabilities
  • Inventories not physically verified
  • Non-accounting of interest expense on certain loans from 2014-2023
  • Unable to confirm balances from various lenders, trade payables, and other parties

Contingent Receivables

  • The company estimates approximately ₹513.00 crore receivable from Andaman & Nicobar Administration regarding power price fixation dispute, contingent on final decision of JERC/APTEL/Hon'ble Supreme Court.
  • This relates to a longstanding dispute over project cost fixation (₹77.64 crore vs ₹74.96 crore) and subsequent calculations.