Board Meeting Details

The Board of Directors meeting was held on Tuesday, 27th October 2026 at 04:00 p.m. at the Registered Office of the Company at Oxford Centre, 10 Shroff Lane, next to Colaba Market, Colaba - 400005. The meeting commenced at 04:00 p.m. and concluded at 04:30 p.m.

Financial Results (Standalone)

Quarterly Performance (Q2 September 2026)

  • Total Income: ₹115.02 lakhs (all from Other Income)
  • Total Expenditure: ₹5.85 lakhs
  • Employee benefits expense: ₹0.75 lakhs
  • Other Expenses: ₹5.10 lakhs
  • Net Profit/(Loss): ₹109.17 lakhs
  • Earnings Per Share (Basic & Diluted): ₹1.46

Half-Yearly Performance (H1 September 2026)

  • Total Income: ₹243.28 lakhs
  • Total Expenditure: ₹15.75 lakhs
  • Net Profit/(Loss): ₹227.53 lakhs
  • Earnings Per Share (Basic & Diluted): ₹3.03

Comparative Figures

  • Previous Quarter (Q1 June 2026): Net Profit ₹118.36 lakhs, EPS ₹1.58
  • Corresponding Quarter Previous Year (Q2 September 2025): Net Profit ₹105.44 lakhs, EPS ₹1.41
  • Previous Full Year (March 2026): Net Profit ₹390.90 lakhs, EPS ₹5.21

Financial Position (Standalone as at September 30, 2026)

  • Total Assets: ₹17,514.25 lakhs
  • Total Liabilities: ₹23,696.34 lakhs
  • Net Worth: ₹(6,182.09) lakhs (negative)
  • Paid-up equity share capital: ₹750.00 lakhs (Ordinary shares of ₹10 each)
  • Other Equity: ₹(6,932.09) lakhs (negative)

Financial Ratios (Standalone)

  • Debt Equity Ratio: -1.85 (negative)
  • Current Ratio: 20.53
  • Long term debt to Working Capital: 22.11
  • Current Liability Ratio: 0.00
  • Total debts to Total Assets: 0.65

Cash Flow Statement (Standalone Half-Year ended September 30, 2026)

  • Net Cash from Operating Activities: ₹(17.20) lakhs
  • Net Cash from Investing Activities: ₹223.31 lakhs
  • Net Cash from Financing Activities: ₹0.00 lakhs
  • Net Increase/(Decrease) in cash and cash equivalents: ₹6.12 lakhs
  • Cash and cash equivalent at beginning: ₹60.69 lakhs
  • Cash and cash equivalent at end: ₹66.81 lakhs

Consolidated Financial Results

Quarterly Performance (Q2 September 2026)

  • Total Income: ₹115.02 lakhs
  • Total Expenditure: ₹5.89 lakhs
  • Net Profit/(Loss): ₹109.13 lakhs
  • Earnings Per Share (Basic & Diluted): ₹1.46

Half-Yearly Performance (H1 September 2026)

  • Total Income: ₹243.28 lakhs
  • Total Expenditure: ₹15.88 lakhs
  • Net Profit/(Loss): ₹227.40 lakhs
  • Earnings Per Share (Basic & Diluted): ₹3.03

Consolidated Financial Position (as at September 30, 2026)

  • Total Assets: ₹17,248.64 lakhs
  • Total Liabilities: ₹23,670.45 lakhs
  • Net Worth: ₹(6,449.23) lakhs (negative)

Audit Qualifications and Review Report

Statutory Auditors, Rawat & Associates Chartered Accountants, issued a qualified review report with the following key issues:

1. Classic Credit Limited (CCL) Receivable

  • Company has ₹167.02 crores recoverable from CCL
  • CCL has not commenced repayment as per Arbitration Award
  • No evidence provided of CCL's financial capacity to repay
  • Recoverability considered doubtful, requiring full impairment
  • Quantified Impact: If adequate provision made, carrying value of receivable would be lower by ₹167.02 crores, and profit/retained earnings would be lower by same amount

2. Punjab National Bank Interest Liability

  • PNB (erstwhile Oriental Bank of Commerce) filed application before DRT on August 6, 2003 for recovery of ₹46.76 crores
  • Bank discontinued interest recognition from April 1, 2003
  • Company has not recognized interest expense from April 1, 2011
  • Company claimed interest deduction under Income-tax Act without recognizing expense in books
  • Non-compliance with Ind AS 109 and Ind AS 37
  • Financial Impact: Not quantified or ascertainable

3. Panther Investrade Limited (PIL) Receivable

  • ₹3.56 crores recoverable from PIL, with proceedings pending before DRT
  • No sufficient evidence provided regarding recoverability
  • Recoverability considered doubtful
  • Financial Impact: Not quantified or ascertainable

4. Dividend Income Recognition

  • Recognized dividend income of ₹3.49 lakhs during the period
  • No sufficient evidence provided regarding ownership of underlying shares/securities
  • Entitlement to dividend income cannot be verified
  • Financial Impact: Not quantified or ascertainable

5. Going Concern Assumption

  • Accounts prepared on going concern basis despite:
  • SEBI cancellation of stock-broker registration
  • NSE declaration as defaulter
  • Supreme Court dismissal of appeal
  • Doubtful recovery of significant assets
  • Substantial accumulated losses
  • Significant uncertainty exists about going concern appropriateness
  • Financial Impact: Not quantified or ascertainable

Management's Response to Qualifications

  • For quantified qualification (CCL receivable): Management concurs with auditor's view
  • For unquantified qualifications: Management concurs with auditor's opinion, citing inability to ascertain impacts due to various uncertainties

Regulatory and Legal Context

  • SEBI cancelled company's registration as stock-broker
  • National Stock Exchange declared company as defaulter
  • Company's appeal dismissed by Supreme Court
  • Company Law Board order (December 23, 2008) restrained Directors from functioning, with limited relaxation granted on July 20, 2010
  • Matter still pending before appropriate authority
  • SFIO investigation ongoing

Additional Notes

  • Financial results prepared in accordance with Ind AS
  • Figures for previous periods/year re-classified/re-arranged/re-grouped where necessary
  • Deposits with NSE, ICICI Bank, HDFC Bank and accrued interest subject to reconciliation
  • Demat account includes shares and securities of market value ₹1063.73 lakhs as on September 30, 2026, with ownership unclear