Board Meeting Details

The meeting was held on Friday, 17th July, 2026 at the registered office of the Company at 503, Shri Krishna Complex, Opp. Laxmi Industrial Estate, New Link Road, Andheri West, Mumbai–400053. The meeting commenced at 6:30 PM and concluded at 10:00 PM.

Matters Approved by the Board

1. The Audited Standalone and Consolidated Financial Results for the quarter and year ended 31st March, 2026

2. The Auditor's Report on the Financial Results for the quarter and year ended 31st March, 2026

3. Adopted the declaration regarding the Auditor's Report with modified opinion(s) pursuant to Regulation 33(3)(d) of SEBI (LODR) Regulation, 2015

4. Adopted related party transaction statement as on 31st March, 2026 under regulation 23(9) of SEBI LODR Regulations, 2015

Standalone Financial Results (Rs. in Lakhs)

Quarterly Performance

  • Quarter ended 31.03.2026 (Audited): Net Loss of ₹5.09 lakhs
  • Quarter ended 31.12.2025 (Unaudited): Net Loss of ₹2.28 lakhs
  • Quarter ended 31.03.2025 (Unaudited): Net Loss of ₹3,390.47 lakhs

Annual Performance

  • Year ended 31.03.2026 (Audited): Net Loss of ₹29.78 lakhs
  • Year ended 31.03.2025 (Audited): Net Loss of ₹4,210.58 lakhs

Key Financial Metrics (Standalone)

  • Revenue from Operations: ₹0.65 lakhs (FY26) vs ₹39.90 lakhs (FY25)
  • Total Income: ₹0.65 lakhs (FY26) vs ₹118.14 lakhs (FY25)
  • Total Expenses: ₹30.91 lakhs (FY26) vs ₹1,493.16 lakhs (FY25)
  • Exceptional Items: ₹2,832.92 lakhs (both FY26 and FY25)
  • Basic and diluted EPS: ₹(0.01) (FY26) vs ₹(0.73) (FY25)
  • Paid-up equity share capital: ₹5,778.15 lakhs (unchanged)

Consolidated Financial Results (Rs. in Lakhs)

Quarterly Performance

  • Quarter ended 31.03.2026 (Audited): Net Loss of ₹343.16 lakhs
  • Quarter ended 31.12.2025 (Unaudited): Net Loss of ₹617.91 lakhs
  • Quarter ended 31.03.2025 (Unaudited): Net Loss of ₹4,307.35 lakhs

Annual Performance

  • Year ended 31.03.2026 (Audited): Net Loss of ₹1,866.36 lakhs
  • Year ended 31.03.2025 (Audited): Net Loss of ₹4,795.50 lakhs

Key Financial Metrics (Consolidated)

  • Revenue from Operations: ₹91.74 lakhs (FY26) vs ₹694.37 lakhs (FY25)
  • Total Income: ₹91.74 lakhs (FY26) vs ₹772.61 lakhs (FY25)
  • Total Expenses: ₹1,958.58 lakhs (FY26) vs ₹1,933.51 lakhs (FY25)
  • Exceptional Items: Investment Impairment Provision ₹972.79 lakhs, Goodwill Impairment Provision ₹2,659.19 lakhs (both in FY25)
  • Basic and diluted EPS: ₹(0.32) (FY26) vs ₹(0.83) (FY25)
  • Paid-up equity share capital: ₹5,778.15 lakhs (unchanged)

Balance Sheet Position (Consolidated, as at March 31, 2026)

Assets (Rs. in Lakhs)

  • Total Non-Current Assets: ₹16,538.65
  • Total Current Assets: ₹13,346.96
  • Total Assets: ₹29,885.61

Equity and Liabilities (Rs. in Lakhs)

  • Equity Share Capital: ₹5,778.15
  • Other Equity: ₹22,537.65
  • Non-Controlling Interest: ₹(510.81)
  • Total Equity: ₹27,805.00
  • Total Current Liabilities: ₹2,080.61
  • Total Equity and Liabilities: ₹29,885.61

Auditor's Report - Qualified Opinion

Independent Auditor A S G R & CO (Firm Registration Number: 148769W) issued a qualified opinion on both standalone and consolidated financial results citing several matters:

Basis for Qualified Opinion

1. Non-provision for impairment of financial assets as required by Ind AS 109 - Expected Credit Loss approach not applied for loans and advances representing over 50% of funds

2. No impairment analysis conducted for loans and advances to various companies despite indications of impairment (Ind AS 36)

3. No assessment of RBI registration requirements under Section 45-IA of RBI Act, 1934 for substantial investments and loans outstanding

4. SEBI notices received during the quarter - impact not ascertainable pending investigation completion; ED has frozen some shares

5. No deliberation on economic benefits realizable from Merchandizing Agreements entered by the Company

6. Non-compliance with statutory liabilities such as Professional tax and TDS - financial and legal implications not quantifiable

Key Audit Matter

Loans & Advances: High degree of complexity and judgment involved in estimating credit impairment provisions. Management required to exercise judgment in historical default rates, probability of future defaults, and significant assumptions regarding various scenarios.

Related Party Transactions (FY26)

Related Parties

  • Key Managerial Personnel: Mr. Shahnawaz Sayed (Executive Director, CFO), Mr. Rohit Purohit (Independent Director), Mrs. Cathrine Fernandez (Independent Director), Mr. Shikhar Khandelwal (Independent Director), Mr. Nayan Sablok (Company Secretary)
  • Wholly owned Subsidiary: Kumite 1 League Private Limited
  • Foreign Subsidiary: Pacific Star Sports

Transaction Details

1. Mohamed Ali Rajabali Budhwani (Managing Director): Rent Paid - Amount not specified

2. Mohamed Ali Rajabali Budhwani: Advances Return - ₹21.50 lakhs (Opening Balance: ₹147.93 lakhs, Closing Balance: ₹126.43 lakhs)

3. Shahnawaz Sayed: Remuneration - Amount not specified

4. Shikhar Khandelwal: Sitting Fees - ₹1.20 lakhs (Opening Balance not specified, Closing Balance: ₹0.63 lakhs)

5. Shekhar Mennon: Sitting Fees - Amount not specified (Opening Balance: ₹1.71 lakhs, Closing Balance: ₹1.71 lakhs)

6. Cathrine Fernandez: Sitting Fees - ₹1.20 lakhs (Opening Balance not specified, Closing Balance: ₹0.63 lakhs)

7. Cathrine Fernandez: Professional Fees - ₹0.50 lakhs (Opening Balance not specified, Closing Balance not specified)

8. Rohit Purohit: Sitting Fees - ₹1.20 lakhs (Opening Balance not specified, Closing Balance: ₹0.81 lakhs)

9. Nayan Sablok: Company Secretary Fees - Amount not specified