Key Quantitative Figures

  • Total Income for FY26: ₹22.29 lakhs (FY25: ₹29.78 lakhs)
  • Net Loss for FY26: ₹(128.71) lakhs (FY25: ₹(543.01) lakhs)
  • Depreciation for FY26: ₹76.31 lakhs (FY25: ₹230.67 lakhs)
  • Bank of India NPA Amount: ₹71.16 crores principal + ₹0.57 crores bank guarantee = ₹71.73 crores as of June 30, 2022
  • Shares forfeited by Bank of India: Promoter/director shares worth ₹474.06 lakhs
  • Outstanding Receivables and Advances: ₹251.70 crores as of March 31, 2026
  • Equity Share Capital: ₹286.27 lakhs (28,626,579 shares of ₹10 each)

Dates of Action

  • AGM Date: August 7, 2026 at 11:30 AM
  • Record Date: July 31 to August 7, 2026 (both days inclusive)
  • E-voting Period: August 4-6, 2026
  • Auditor Change: M/s Amit Ramakant & Co. resigned effective June 20, 2026; M/s Pramod & Associates appointed from July 9, 2026
  • NPA Declaration Date: June 30, 2022 (effective November 27, 2020)

Parties Involved

  • Company Directors: Alok Jain Tijaria (MD), Vikas Jain Tijaria, Praveen Jain Tijaria, Vineet Jain Tijaria (CFO), Avinash Saini, Bhairu Singh, Bharat Sharma, Sonu Surana
  • Proposed Director: Vishakha Saini (DIN: 11800700) as Non-Executive Independent Director
  • Statutory Auditors: M/s Amit Ramakant & Co. (until June 20, 2026), M/s Pramod & Associates (from July 9, 2026)
  • Registrar & Share Transfer Agent: MUFG Intime India Private Limited
  • Lending Bank: Bank of India (initiated IBC proceedings)

Business and Operational Status

  • Textile Division: Closed due to heavy financial burden and no orders
  • Pipe Division: No production due to lack of orders and working capital constraints
  • Bank Accounts: Declared NPA and seized by Bank of India
  • Directors: Making payments/receipts from personal accounts due to frozen company accounts

Legal Proceedings

  • Bank of India vs. Tijaria Polypipes: Case filed under Section 7 of IBC for ₹79.97 crores outstanding (CP No. (IB) - 54/7/JPR/2023 at NCLT Jaipur)
  • One-Time Settlement: Company's writ petition challenging OTS rejection dismissed by Rajasthan High Court
  • Historical Case: Directors acquitted of charges under Companies Act, 1956 after appeal

Auditor Qualifications

Statutory auditors issued a disclaimer of opinion highlighting:

  • No interest provision on NPA account since July 2022
  • Lack of confirmations for receivables and advances of ₹251.70 crores
  • Plant and machinery not verified for impairment in FY26
  • Tax assets of ₹26.09 lakhs without assessment status
  • Directors making transactions from personal accounts in violation of Income Tax Act

Capital Structure Impact

  • Promoter Shareholding Changes: Bank of India forfeited and sold promoter shares to recover dues
  • No Fresh Issuance: No preferential allotment or share issuance during FY26

Cash Flow Implications

  • Negative Operating Cash Flow: Due to continued operational losses
  • Directors' Personal Funds: Used for company expenses due to frozen bank accounts
  • No Dividend Declared: Due to accumulated losses

Forward-looking Statements

Management aims to settle NPA through OTS with Bank of India and resume operations when conditions improve. Production remains suspended in both divisions due to financial constraints.