Key Financial Figures

Financial Performance (₹ in Lakhs):

  • Revenue from operations: FY26 - Nil, FY25 - Nil
  • Other Income: FY26 - ₹11.16, FY25 - ₹0.18
  • Total Expenditure: FY26 - ₹6.99, FY25 - ₹8.72
  • Profit/(Loss) before Tax: FY26 - ₹4.16 (Profit), FY25 - (₹8.54) (Loss)
  • Tax Expense: FY26 - Nil, FY25 - Nil
  • Profit/(Loss) after Tax: FY26 - ₹4.16, FY25 - (₹8.54)
  • Earnings Per Share: FY26 - ₹1.73, FY25 - (₹3.56)

Financial Position as at March 31, 2026 (₹ in Lakhs):

  • Inventories: ₹797.20 (Kandivali property)
  • Cash and Cash Equivalents: ₹0.84
  • Other Current Assets: ₹426.28
  • Other Current Liabilities: ₹3,050.95
  • Trade Payables: ₹0.73
  • Share Capital: ₹24.00 (2,40,000 equity shares of ₹10 each)
  • Retained Earnings: (₹1,850.63)

Dates of Action

  • Annual General Meeting: September 28, 2026 at 11:30 AM
  • Register of Members closure: September 22-28, 2026
  • E-voting period: September 25-27, 2026
  • Board Meeting dates: May 30, August 07, August 25, November 05, 2025; January 08, February 11, 2026
  • Auditor resignation effective: August 04, 2026

Parties Involved

Board of Directors:

  • Mr. Uday K. Mota (Managing Director)
  • Mr. Nainesh K. Shah (Director)
  • Mr. Vimal K. Shah (Director)
  • Mrs. Renuka G. Shroff (Independent Director)
  • Mr. Vineeetkumar S. Mishra (Independent Director)

Key Managerial Personnel:

  • Mr. Harsh Shedge (Company Secretary and Compliance Officer)
  • Mr. Rajesh Mohanty (Chief Financial Officer)

Auditors:

  • Statutory Auditor (resigned): J.D. Zatakia & Co., Chartered Accountants
  • Proposed Statutory Auditor: Ankit Goyanka & Associates, Chartered Accountants
  • Secretarial Auditor: Dholakia & Associates LLP, Company Secretaries
  • Internal Auditor: Ms. Ankita Tajane

Other Parties:

  • Registrar & Share Transfer Agent: Satellite Corporate Services Private Limited
  • Scrutinizer for e-voting: Mr. Nrupang B. Dholakia

Business Operations and Context

The company is engaged in real estate property development but has not carried out any commercial activities during the year. The company reported it is "waiting for right opportunity to commence the business activity" and has not generated revenue from operations.

Material Developments

Auditor Change:

M/s. J.D. Zatakia & Co., Chartered Accountants resigned as statutory auditors effective August 04, 2026. The Board has recommended appointment of M/s. Ankit Goyanka & Associates, Chartered Accountants (Firm Registration No. 154590W) to fill the casual vacancy, subject to shareholder approval at the AGM.

Property Litigation:

The company disclosed ongoing litigation concerning its Kandivali property (valued at ₹797.20 lakhs) which is subject to disputes over title and development rights. The matter is pending before the Hon'ble High Court, and the company has represented that based on legal assessment, it has a sustainable case. No adjustment has been made to the financial statements pending final adjudication.

Director Changes:

  • Mrs. Renuka Shroff Gautam and Mr. Vineetkumar Shatrughna Mishra appointed as Independent Directors on May 30, 2025
  • Ms. Bhavisha Kantilal Dedhia resigned as Director effective November 05, 2025
  • Ms. Surabhi Shewaramani resigned as Company Secretary effective January 08, 2026
  • Mr. Harsh Shedge appointed as Company Secretary effective February 11, 2026
  • Mr. Vimal Kishor Shah retires by rotation and seeks re-appointment

Capital Structure Impact

No change in share capital during the year. The company has 2,40,000 equity shares of ₹10 each outstanding.

Cash Flow Implications

  • Net cash used in operating activities: ₹(3.26) lakhs
  • Net cash from investing activities: ₹3.89 lakhs
  • Net cash from financing activities: ₹(0.05) lakhs
  • Net increase in cash: ₹0.58 lakhs

Governance Matters

  • The company is not required to comply with corporate governance provisions under Regulation 15(2) of SEBI LODR due to size criteria
  • CSR provisions under Section 135 of Companies Act not applicable
  • No fraud reported during the year under Section 143(12)
  • No deposits accepted from public under Section 73

Forward-looking Statements

The company stated it is "optimistic of growth in the Real Estate Sector and is waiting for right opportunity to commence the business activity" but provided no specific guidance or projections.