Board Meeting Details
The Board of Directors meeting was held on Friday, August 07, 2026, commencing at 04:00 PM and concluding at 05:30 PM.
Board Approvals
The Board considered and approved:
- Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026, along with Limited Review Report of Statutory Auditors
- Board's Report, Corporate Governance Report, and Management Discussion and Analysis Report for financial year ended March 31, 2026
- Draft notice convening 20th Annual General Meeting of members
- Appointment of M/s. Dharmesh Parekh & Associates, Chartered Accountant - Proprietor as Internal Auditor for FY2026-27 (w.e.f. April 1, 2026 to March 31, 2027)
Financial Results - Standalone (Quarter Ended June 30, 2026)
Income:
- Revenue from Operations: ₹114.98 lakh
- Other Income: ₹6.70 lakh
- Total Income: ₹121.68 lakh
Expenses:
- Operating expenses: ₹38.56 lakh
- Employee Benefits Expense: ₹40.24 lakh
- Finance Costs: ₹11.41 lakh
- Depreciation & Amortisation: ₹43.97 lakh
- Other Expenses: ₹289.27 lakh
- Total expenses: ₹423.45 lakh
Profit/(Loss):
- Loss before exceptional items and tax: ₹(301.77) lakh
- Loss before tax: ₹(301.77) lakh
- Tax: ₹80.56 lakh (Deferred Tax Asset)
- Loss after tax: ₹(221.21) lakh
Earnings Per Share:
- Basic EPS: ₹(0.50)
- Diluted EPS: ₹(0.50)
Capital Structure:
- Paid-up equity share capital: ₹4,231.00 lakh (face value ₹10 per share)
Financial Results - Consolidated (Quarter Ended June 30, 2026)
Income:
- Revenue from Operations: ₹114.98 lakh
- Other Income: ₹6.70 lakh
- Total Income: ₹121.68 lakh
Expenses:
- Operating expenses: ₹38.56 lakh
- Employee Benefits Expense: ₹40.24 lakh
- Finance Costs: ₹11.41 lakh
- Depreciation & Amortisation: ₹43.97 lakh
- Other Expenses: ₹289.27 lakh
- Total expenses: ₹423.45 lakh
Profit/(Loss):
- Loss before exceptional items and tax: ₹(301.77) lakh
- Loss before tax: ₹(301.77) lakh
- Tax: ₹80.56 lakh (Deferred Tax Asset)
- Loss after tax: ₹(221.21) lakh
- Share of net profit of associates and joint ventures: ₹8.37 lakh
- Loss for the period: ₹(212.84) lakh
Earnings Per Share:
- Basic EPS: ₹(0.50)
- Diluted EPS: ₹(0.50)
Capital Structure:
- Paid-up equity share capital: ₹4,231.00 lakh
Internal Auditor Appointment
M/s. Dharmesh Parekh & Associates appointed as Internal Auditor for FY2026-27. The proprietor has over 26 years of post-qualification experience, and the firm was established in 2013 as a proprietorship firm. Areas of expertise include bank audits, corporate and non-corporate audits, statutory audit, internal audit, tax audit, VAT audit, GST audit, income tax, indirect tax - GST, company law matters, and project finance - CMA preparation.
Legal and Regulatory Matters
1. Forensic Audit: Economic Offence Wing of Mumbai Police conducting forensic audit against the company for period FY 2011-12 to 2017-18. Company is defending/pursuing legal cases against itself and its past directors.
2. Mira Education Trust Civil Suit: Mira Education Trust filed civil suit before Honorable Vadodara Civil Judge (CD) against Zebar Realty LLP, in which company has been named as defendant.
3. Vadodara Property Dispute:
- Company received summons on March 22, 2024 and March 30, 2024 from court in Vadodara, Gujarat for physical appearance in case filed by Zebar Realty LLP regarding forceful occupation of property by Mira Education Trust
- FIR filed on February 26, 2025 against company, its Managing Director, Directors and KMPs by Vadodara Detection of Crime Branch on orders of Land Grabbing Committee, Vadodara
- Two Independent Directors arrested by Vadodara Crime Branch from Mumbai on March 2, 2025
- Special Criminal Application (SCRA) No 3449 of 2025 filed before Gujarat High Court by company and its directors/KMPs on March 3, 2025
- Regular bail granted to both arrested directors by Special Court, Vadodara City on March 10, 2025
- Anticipatory bail granted to Independent Directors by Special Court, Vadodara on March 10, 2025
- Anticipatory bail granted to Executive directors and company secretary by Special Court, Vadodara on March 20, 2025
- Gujarat High Court order dated March 20, 2025 granted interim relief restraining police authorities from taking coercive action and not to file any chargesheet without prior permission of Gujarat High Court
- Company continues to pursue legal options
4. Security Deposit with Mira Education Trust:
- Company gave refundable security deposit of ₹136.18 crores to Mira Education Trust as per Facilitation Service Agreement dated March 1, 2012
- Total refundable security deposit to be provided was ₹143 crores
- Deposit to be refunded within five years from date total refundable deposit was paid
- Company received ₹5 lakhs during quarter ended June 30, 2026
- Total received towards refund of security deposit till June 30, 2026: ₹17.95 crores
5. Vidya Bharti Samiti Arbitration Award:
- Company awarded arbitration award from Vidya Bharti Samiti regarding minimum guarantee charges and refund of security deposit of ₹29 crores
- Received letter dated April 10, 2026 from Vidya Bharti Samiti about closure of their only school in Jaipur, Rajasthan, stating inability to honor arbitration award
- Company exploring legal options against Vidya Bharti Samiti
Subsidiaries and Associates
The consolidated financial results include:
- JT Infrastructure Private Limited - Associate Company (50%)
- Aaviv Tutorials LLP - Capital Investment in LLP (51%)
- Aaviv Tutorials - Capital Investment in Partnership Firm (51%)
Accounting Policies and Notes
- Financial results prepared in accordance with Indian Accounting Standard 34 (Ind AS 34)
- Company falls within single primary business segment "Educational Services"
- Previous period figures regrouped/reclassified where necessary
- Income and expenditure billed/incurred on three months/annual basis charged proportionately
- Royalty income booked on receipt/accrued basis without distributing proportionately over remaining quarters
- Consolidated results include share of profit from LLP and Partnership Firm investments