Board Meeting Details
The meeting was held at the registered office at 503, Shri Krishna Complex, Opp. Laxmi Industrial Estate, New Link Road, Andheri West, Mumbai–400053. It commenced at 4:00 PM and concluded at 6:15 PM.
The Board approved:
1. The Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026
2. The Limited Review Report on the Unaudited Financial Results for the quarter ended June 30, 2026
Standalone Financial Results (Rs. in Lakhs)
Income Statement for Quarter Ended June 30, 2026:
- Revenue from operations: ₹5.50 lakh
- Total Income: ₹5.50 lakh
- Total expenses: ₹32.32 lakh
- Depreciation and amortization expense: ₹0.56 lakh
- Other expenses: ₹31.76 lakh
- Loss from operations before exceptional items: ₹(26.82) lakh
- Tax expense: ₹(0.09) lakh
- Net Loss for the period: ₹(26.73) lakh
- Total Comprehensive Income: ₹(26.73) lakh
Comparative Performance:
- Quarter ended March 31, 2026: Net Loss ₹(5.09) lakh
- Quarter ended June 30, 2025: Net Loss ₹(14.44) lakh
- Year ended March 31, 2026: Net Loss ₹(29.78) lakh
Capital Structure:
- Paid-up equity share capital: ₹5,778.15 lakh (Face Value of ₹1 each)
- Basic and diluted Earnings per share: ₹(0.005)
Consolidated Financial Results (Rs. in Lakhs)
Income Statement for Quarter Ended June 30, 2026:
- Total Income: ₹5.50 lakh
- Total expenses: ₹131.37 lakh
- Operating expenses: ₹95.60 lakh
- Depreciation and amortization expense: ₹0.56 lakh
- Other expenses: ₹35.20 lakh
- Loss from operations before exceptional items: ₹(125.87) lakh
- Tax expense: ₹(0.09) lakh
- Net Loss for the period: ₹(125.78) lakh
- Attributable to Holding: ₹(64.15) lakh
- Attributable to NCI: ₹(61.63) lakh
- Total Comprehensive Income: ₹(125.78) lakh
Comparative Performance:
- Quarter ended March 31, 2026: Net Loss ₹(343.16) lakh
- Quarter ended June 30, 2025: Net Loss ₹(70.87) lakh
- Year ended March 31, 2026: Net Loss ₹(1,866.42) lakh
Capital Structure:
- Paid-up equity share capital: ₹5,778.15 lakh (Face Value of ₹1 each)
- Basic and diluted Earnings per share: ₹(0.02)
Auditor's Qualified Opinion
Auditors ASGR & Co. issued a qualified conclusion on both standalone and consolidated results with the following concerns:
1. Impairment of Financial Assets: Company has not provided for impairment of financial assets using expected credit loss (ECL) approach as required by Ind AS 109, despite finance activities constituting over 50% of funds.
2. Impairment Analysis: Company has not carried out impairment analysis of loans and advances given to various companies as required by Ind AS 36, though there are indications of impairment.
3. RBI Registration Compliance: Management has not provided assessment regarding applicability of Section 45-IA of RBI Act, 1934, raising questions about whether registration is required.
4. SEBI Investigation: Company has received notices from SEBI with investigation ongoing. ED has frozen some shares. Financial impact not ascertainable pending completion.
5. Merchandizing Agreements: Company has not deliberated on economic benefits realizable from merchandizing agreements entered into.
6. Statutory Compliance: Company has not complied with statutory liabilities such as Professional tax and TDS due to shortage of funds caused by losses in LLC T20 Cricket League.
Management's Response to Qualifications
Management states:
- No provision for impairment considered necessary as they don't foresee potential credit loss
- Internal assessment indicates financial instruments are secure and parties are creditworthy
- No reasonable indication of loss expected at this stage
- Fully cooperating with SEBI in ongoing proceedings
- Investigation impact cannot be determined at this stage
- No other ongoing proceedings related to share freezing to their knowledge
- Economic benefits from merchandise agreements come from interest payments
- Statutory non-compliance due to fund shortage from LLC T20 Cricket League losses
Subsidiaries Included in Consolidation
The consolidated results include:
- Kumite 1 League Private Limited
- Pacific Star Sports Services L.L.C.
Total loss of ₹99.04 lakh from these subsidiaries for the quarter ended June 30, 2026 was reviewed by other auditors.
Additional Notes
- Company is primarily engaged in Sports Promotion business with no separate reportable segments
- Figures for corresponding periods have been regrouped and rearranged for comparability
- Financial results prepared in accordance with Indian Accounting Standards (Ind AS)
- Results reviewed by Audit Committee and taken on record by Board of Directors