RP Committee Meeting Outcomes

The RP Committee meeting was held on August 11, 2026 (11:30 a.m. to 12:30 p.m.) and approved the following agenda items:

  • Approved unaudited financial results for quarter ended June 30, 2026, along with Limited Review Report from statutory auditors
  • Decided to convene the 31st Annual General Meeting for year ended March 31, 2026, on Friday, September 25, 2026, through Video Conferencing (VC)
  • Approved appointment of M/s. RSMJ and Associates, Chartered Accountants as Scrutinizer for the ensuing AGM
  • Approved appointment of M/s. Pranay Mandhana & Associates as Secretarial Auditor for FY 2026-27
  • Approved appointment of CDSL (Depository) and MUFG Intime (India) Private Limited (Registrar and Share Transfer Agent) for providing e-voting platform for the AGM
  • Took on record that all Statutory Compliance Certificates were filed with BSE for quarter ended June 30, 2026

Financial Results for Quarter Ended June 30, 2026

Income Statement (Amounts in Rs. Lakhs):

  • Total Income: Rs. 3.098 (compared to Rs. 56.538 in previous quarter and Rs. 0.033 in same quarter previous year)
  • Other Income: Rs. 3.098 (compared to Rs. 56.538 in previous quarter and Rs. 0.033 in same quarter previous year)
  • Revenue from Operations: Nil (blank in all comparative periods)

Expenses (Amounts in Rs. Lakhs):

  • Employee benefit expenses: Rs. 0.780 (consistent with previous periods)
  • Finance Cost: Nil (compared to Rs. (0.001) in previous quarter)
  • Depreciation & amortisation expense: Rs. 0.140 (compared to Rs. 0.307 in previous quarter and Rs. 0.300 in same quarter previous year)
  • Other expenditure: Rs. 14.7267 (compared to Rs. 14.597 in previous quarter and Rs. 16.766 in same quarter previous year)
  • Total Expenses: Rs. 15.647 (compared to Rs. 15.683 in previous quarter and Rs. 17.846 in same quarter previous year)

Profit/Loss Metrics:

  • Net Loss before Tax (after Exceptional): Rs. (12.548) (compared to profit of Rs. 39.451 in previous quarter and loss of Rs. (17.813) in same quarter previous year)
  • Net Loss after Tax: Rs. (12.548) (compared to profit of Rs. 39.451 in previous quarter and loss of Rs. (17.813) in same quarter previous year)
  • Total Comprehensive Income: Rs. (12.548) (compared to Rs. 39.451 in previous quarter and Rs. (17.813) in same quarter previous year)

Per Share Data:

  • Basic EPS: Rs. (0.083) (compared to Rs. 0.261 in previous quarter and Rs. (0.118) in same quarter previous year)
  • Diluted EPS: Rs. (0.083) (compared to Rs. 0.261 in previous quarter and Rs. (0.118) in same quarter previous year)

Balance Sheet Items:

  • Equity Share Capital: Rs. 1,512.94 Lakhs (as of March 31, 2026)
  • Other Equity: Rs. (27,435.308) Lakhs (negative balance as of March 31, 2026)

Corporate Insolvency Resolution Process (CIRP) Status

The company has been under Corporate Insolvency Resolution Process since March 11, 2024, pursuant to NCLT Order No. C.P. (IB) 314/MB/2023. Management of the company vests with Resolution Professional Mr. Ashok Kumar Golechha (IBBI Reg. No. IBBI/IPA-002/IP-N000932/2019-20/12973).

Key developments in the CIRP process:

  • Canara Bank classified the company's loan account as "Fraud" on February 17, 2026
  • NCLT Mumbai Bench-II rejected the Resolution Plan submitted by Authum Investment and Infrastructure Limited (Successful Resolution Applicant) vide order dated July 7, 2026, in IA (IBC)(Plan) No.41/MB/2025 in CP (IB) No.314/MB/2023
  • NCLT directed re-initiation of CIRP from preparation of fresh Information Memorandum and issuance of fresh Form G
  • The fresh CIRP process must be completed within 120 days from date of order uploading, with no extensions permitted

Auditor's Qualified Review Report

The statutory auditors (Satyaprakash Natani & Co., FRN: 115438W) issued a qualified review report highlighting:

  • Material uncertainty related to going concern due to ongoing CIRP process
  • Inventories classified as work in progress recorded at historical cost due to unavailability of net realizable value
  • Certain books of account, supporting documents, and reconciliations are under verification as part of CIRP process
  • Inability to comment on consequential impact regarding expected credit loss/impairment, completeness of liabilities, claims submitted, and going concern assumption
  • The impact of these uncertainties on financial results is not ascertainable

Additional Notes

  • No complaints were pending, received, disposed, or unsolved as of June 30, 2026
  • The company has adopted Ind AS 116 "Leases" effective April 1, 2019
  • Previous period figures have been regrouped where necessary for current period presentation