Key Quantitative Figures

Quarterly Performance (Q2 FY26 ended September 30, 2025):

  • Revenue from Operations: ₹0.00 lacs
  • Other Income: ₹0.00 lacs
  • Total Revenue (Net): ₹0.00 lacs
  • Depreciation and Amortization Expenses: ₹269.85 lacs
  • Total Expenses: ₹269.85 lacs
  • Loss before tax: ₹(269.85) lacs
  • Net Loss for the period: ₹(269.85) lacs
  • Basic and Diluted Loss per share: ₹(0.87)

Half Yearly Performance (H1 FY26 ended September 30, 2025):

  • Revenue from Operations: ₹0.00 lacs
  • Other Income: ₹0.00 lacs
  • Total Revenue (Net): ₹0.00 lacs
  • Depreciation and Amortization Expenses: ₹539.70 lacs
  • Total Expenses: ₹539.70 lacs
  • Loss before tax: ₹(539.70) lacs
  • Net Loss for the period: ₹(539.70) lacs
  • Basic and Diluted Loss per share: ₹(1.74)

Balance Sheet as at September 30, 2025:

  • Total Assets: ₹26,647.89 lacs
  • Property, Plant and Equipment: ₹4,895.61 lacs
  • Capital work-in-progress: ₹2,268.10 lacs
  • Investments: ₹7,653.00 lacs
  • Loans: ₹7,038.98 lacs
  • Other non-current assets: ₹803.30 lacs
  • Inventories: ₹27.90 lacs
  • Trade receivables: ₹556.00 lacs
  • Cash and cash equivalents: ₹3,056.42 lacs
  • Other current assets: ₹348.58 lacs
  • Equity Share Capital: ₹3,100.49 lacs (Face Value: ₹10.00)
  • Other Equity: ₹(1,395.59) lacs
  • Total Equity: ₹1,704.90 lacs
  • Borrowings (Non-current): ₹17,579.59 lacs
  • Deferred tax liabilities: ₹3,226.00 lacs
  • Borrowings (Current): ₹1,000.00 lacs
  • Trade payables: ₹1,386.00 lacs
  • Other current liabilities: ₹1,434.00 lacs
  • Current Tax Liabilities: ₹317.40 lacs

Cash Flow Statement for H1 FY26:

  • Net Cash from Operating Activities: ₹0.00 lacs
  • Net Cash used in Investing Activities: ₹0.00 lacs
  • Net Cash from Financing Activities: ₹0.00 lacs
  • Net change in Cash: ₹0.00 lacs
  • Opening Cash Balance: ₹3,056.42 lacs
  • Closing Cash Balance: ₹3,056.42 lacs

Dates of Action

  • Corporate Insolvency Resolution Process (CIRP) initiated: January 11, 2021
  • Company ordered into liquidation: April 28, 2022
  • Transfer Date (acquisition as going concern): November 7, 2024
  • Distribution to creditors completed: November 28, 2024
  • Sale Certificate issued: January 23, 2025
  • NCLT Relief Order: February 26, 2026 (in I.A. No. 840 of 2025)
  • Financial Results approved by Board: May 30, 2026

Parties Involved

  • Auditor: S K Bhavsar & Co. (Firm Registration No.: 145880W)
  • Regulatory Bodies: SEBI, NCLT Mumbai Bench (Court-IV), BSE, NSE
  • Management: New management took control on November 7, 2024
  • Managing Director: Arvind Pradhan Bhanushali (DIN: 00134211)

Purpose and Rationale

The financial results represent the first reporting under new management after the company was acquired as a going concern from liquidation. The NCLT Relief Order provides statutory reliefs for revival, including extinguishment of pre-transfer liabilities and immunity for past non-compliances.

Financial and Operational Impact

  • The company has zero operational revenue since acquisition
  • Losses are solely due to depreciation charges on existing assets
  • All pre-transfer liabilities have been extinguished pursuant to NCLT order
  • Assets have been recorded at management-determined values under fresh start accounting
  • Trading in equity shares remains suspended on BSE and NSE

Capital Structure Impact

  • Entire existing equity share capital stands cancelled without payment to shareholders
  • Company is entitled to issue 1,00,00,000 new equity shares (95% to New Promoters/Acquirer & Nominees, 5% to public/strategic investors)
  • Paid-up Equity Share Capital remains at ₹3,100.49 lacs until new allotment

Going Concern Assessment

The Board acknowledges material uncertainty regarding going concern due to:

  • Pending SEBI approvals
  • Trading suspension on BSE and NSE
  • Regularization of various regulatory compliances

However, based on legal protections under IBC and active revival efforts, financial results have been prepared on a going concern basis.

Comparative Figures Limitations

Comparative figures for previous periods have been compiled from fragmented records as the company was under liquidation without formal Ind AS compliant financial statements. The NCLT has granted immunity for non-preparation of financial statements for periods prior to Transfer Date. These comparative figures have not been reviewed by the auditor.