Board Meeting Details

The Board of Directors meeting was held on December 10, 2025, commencing at 4:00 PM and concluding at 6:00 PM. The board approved the unaudited standalone financial results and statements for the quarter ended September 30, 2025.

Financial Results (Amounts in ₹ Lakhs)

Quarter Ended September 30, 2025

  • Revenue from operations: ₹0
  • Other Income: ₹0
  • Total Revenue: ₹5
  • Total Expenses: ₹5.57
  • Profit before tax: ₹(5.57) loss
  • Tax expense: ₹0
  • Profit/(Loss) for the period: ₹(5.57) loss
  • Earnings Per Share (Basic): ₹(0.26) loss
  • Earnings Per Share (Diluted): ₹(0.26) loss
  • Paid-up Equity Share Capital: ₹218.33 (Face Value ₹10 per share)

Half Year Ended September 30, 2025

  • Profit before tax: ₹(6.80) loss
  • Tax expense: ₹0
  • Profit/(Loss) for the period: ₹(6.80) loss
  • Earnings Per Share (Basic): ₹(0.31) loss
  • Earnings Per Share (Diluted): ₹(0.31) loss

Comparative Figures

For previous year ended March 31, 2025 (Audited):

  • Total Revenue: ₹263.55
  • Profit before tax: ₹(14.99) loss
  • Profit/(Loss) for the year: ₹(15.76) loss
  • Earnings Per Share: ₹(0.72) loss

Balance Sheet Position (as of September 30, 2025)

  • Total Assets: ₹79.83
  • Shareholders' funds: ₹(765.50) [Negative net worth]
  • Non-current liabilities: ₹56.59
  • Current liabilities: ₹37.97
  • Total Liabilities: ₹179.83
  • Net Worth: ₹(765.80) [Negative]

Cash Flow Statement (Half Year Ended September 30, 2025)

  • Net cash used in operating activities: ₹(21.02)
  • Net cash generated from financing activities: ₹21.02
  • Net increase/(decrease) in cash: ₹0.00
  • Cash and cash equivalents at beginning: ₹3.78
  • Cash and cash equivalents at end: ₹3.78

Auditor's Limited Review Report Qualifications

PAMS & Associates issued a qualified limited review report citing:

Statutory Non-Compliance

The Company has not complied with several provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 including non-filing/delay in filing statutory returns, non-holding of Annual General Meeting, and non-submission of quarterly results.

Ind AS Transition & Records Limitation

The Company has not maintained adequate and continuous financial records for intervening periods, which impacts the reliability of opening balances and comparatives.

Going Concern Uncertainty

The Company has incurred continuous losses, its net worth is fully eroded, and operations remain largely suspended. These conditions cast significant doubt on the Company's ability to continue as a going concern.

Adjournment of Quarterly Board Meeting

The Company adjourned the Quarterly Board Meeting to finalize accounts as the corporate office was taken over by ICICI Bank under provisions of the SARFAESI Act.

Loans, Advances, Receivables and Payables

The balances of loans and advances, trade receivables, and trade payables are subject to reconciliation and have not been confirmed by respective parties. Consequently, auditors were unable to obtain sufficient audit evidence regarding accuracy, completeness, and existence of these balances.

Management's Response to Qualifications

Management provided a Statement of Impact of Audit Qualification stating that the qualified opinion does not require any adjustment to the reported figures. The impact remains unchanged:

  • Turnover/Total income: ₹0
  • Total Expenditure: ₹6.8
  • Net Profit/(Loss): ₹(6.8)
  • Earnings Per Share: ₹(0.31)
  • Total Liabilities: ₹179.83
  • Net Worth: ₹(765.80)

Management attributed the non-compliance to ICICI Bank taking over the corporate office under SARFAESI Act, restricting access to books of accounts, laptop, files, and financial records. The Company has been submitting pending compliances through email to BSE, and the matter relating to relisting of securities is pending before Securities Appellate Tribunal (SAT). The Company is taking steps to file pending statutory statements under Ministry of Corporate Affairs Companies Compliance Facilitation Scheme 2026 (CCFS-2026) by August 31, 2026.