Key Financial Figures (Quarter ended December 31, 2025)
All figures are in Indian Rupees (₹ lakhs, except per share data).
- Total Revenue (Net): ₹0.00
- Total Expenses: ₹269.85
- Depreciation and Amortization Expenses: ₹269.85 (constituting the entire expense for the period)
- Profit/(Loss) before tax: (₹269.85)
- Net Profit/(Loss) for the period: (₹269.85)
- Total Comprehensive income for the period: (₹269.85)
- Paid-up Equity Share Capital: ₹3,100.49 lakhs
- Face Value per Equity Share: ₹10.00
- Basic & Diluted Loss per share: (₹0.87)
Key Financial Figures (Other Periods)
- Quarter ended September 30, 2025: Net Loss of ₹269.85 lakhs; EPS of (₹0.87)
- Quarter ended December 31, 2024: Net Loss of ₹504.60 lakhs; EPS of (₹1.63)
- Nine Months ended December 31, 2025: Net Loss of ₹809.55 lakhs; EPS of (₹2.61)
- Nine Months ended December 31, 2024: Net Loss of ₹1,522.30 lakhs; EPS of (₹4.91)
- Year ended March 31, 2025 (Audited): Net Loss of ₹2,092.86 lakhs; EPS of (₹6.75); Reserves of (₹855.89) lakhs
Dates of Action
- Corporate Insolvency Resolution Process (CIRP) Initiated: January 11, 2021
- Liquidation Order Date: 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 Pronounced: February 26, 2026 (Subsequent to the quarter end)
- Board Approval of Results: May 30, 2026
Parties Involved
- Auditor: S K Bhavsar & Co., Chartered Accountants (Firm Reg. No.: 145880W)
- Regulator: Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench (Court-IV)
- Management: New management post-acquisition; Managing Director - Arvind Pradhan Bhanushali (DIN:00134211)
Purpose & Rationale
The report and financial results are a regulatory disclosure required under SEBI LODR Regulation 33. The financials reflect the company's performance under new management following its acquisition as a going concern out of liquidation.
Financial & Operational Impact
- The company reported no revenue from operations for all periods presented in the quarterly results table.
- The entire expense base for the current quarters consists of depreciation and amortization.
- The NCLT Relief Order dated February 26, 2026, has extinguished all pre-transfer dues and liabilities, which have been written back to Capital Reserve under Fresh Start Accounting.
- The existing equity share capital stands cancelled without payout. The company is entitled to issue 1,00,00,000 new equity shares.
Capital Structure Impact
- The pre-acquisition share capital of ₹3,100.49 lakhs (face value ₹10) has been cancelled.
- The post-acquisition capital structure is pending the allotment of 1,00,00,000 new equity shares.
Going Concern Assessment & Material Uncertainty
The financial results have been prepared on a going concern basis. However, the auditor's report emphasizes a material uncertainty regarding the company's ability to continue as a going concern. This is subject to the successful completion of pending SEBI approvals, the lifting of the trading suspension on BSE and NSE, and the regularization of various regulatory compliances.
Emphasis of Matter by Auditor
The auditor drew attention to four key matters:
1. Unreviewed Comparative Figures & NCLT Immunity: Comparative figures for previous periods were compiled from fragmented records and were not reviewed. The NCLT has granted immunity for non-preparation of financial statements prior to the transfer date.
2. Subsequent Event (NCLT Relief Order): The order legally confirms board reconstitution, extinguishment of pre-transfer liabilities, capital cancellation, and grants immunity under Section 32A of the IBC.
3. Fresh Start Accounting: Adopted effective November 7, 2024, leading to the write-back of pre-transfer liabilities to Capital Reserve and recording of assets at management-determined values.
4. Going Concern Assessment: As disclosed in Note 5, the going concern assumption is subject to material uncertainty.
The auditor's conclusion is not modified in respect of these matters.