Financial Performance (Quarter Ended June 30, 2026)

  • Net Sales/Income from operations: ₹0.00 lakh (zero revenue)
  • Other income: ₹0.23 lakh
  • Total income: ₹0.23 lakh
  • Total expenses: ₹71.45 lakh
  • Loss before tax: ₹71.45 lakh
  • Tax expenses: ₹0.00 lakh
  • Loss for the period: ₹71.45 lakh
  • Total comprehensive income: ₹(71.45) lakh
  • Paid-up equity share capital: ₹3,196.41 lakh (face value ₹10 per share)
  • Reserves: ₹(5,404.16) lakh
  • Earnings per share (Basic): ₹(0.22)
  • Earnings per share (Diluted): ₹(0.22)

Comparative Financials

  • Previous quarter (March 31, 2026): Loss of ₹699.84 lakh
  • Same quarter previous year (June 30, 2025): Loss of ₹44.22 lakh
  • Previous financial year (March 31, 2026): Loss of ₹850.03 lakh

Debt Settlement and Asset Sales

The company's account was categorized as NPA by Allahabad Bank and Andhra Bank in 2014. In April 2017, these banks assigned the debts to M/s. RARE Asset Reconstruction Limited (formerly Raytheon Asset Reconstruction Private Limited) under SARFAESI Act.

  • The company opted for One-Time Settlement and received in-principle approval in March 2021, followed by final approval
  • Total repayment to ARC as of March 31, 2026: ₹100.76 crore from asset sales
  • Additional repayment during current quarter: ₹15.19 crore from advance received on sale of hotel at Tiruppur
  • As of results date: Full repayment completed and No Due Certificate obtained from ARC

Statutory Liabilities Payment

  • Paid earlier year dues: PF, Sales Tax, TDS totaling ₹27.95 lakh
  • Remitted GST: ₹22.02 lakh
  • Current period payments: PF ₹4.76 lakh, Interest on TDS ₹2.32 lakh
  • All known statutory liabilities paid except disputed amounts pending with statutory authorities

Operational Status and Going Concern

  • Company suspended all revenue-generating operations effective March 24, 2020
  • Exploring options to sell part or all revenue-generating assets to settle liabilities
  • Ability to continue as going concern dependent on asset sale realization and surplus after liability settlement
  • Impairment to asset value not ascertainable due to uncertainty on realizable values

Segment Information

  • Single reportable business segment: Operation and running of Hotels (Ind AS 108)
  • Single geographical segment: India
  • All assets located in India
  • Operating results monitored as one single segment

Accounting Policies and Notes

  • Financials prepared in accordance with Indian Accounting Standards (Ind AS)
  • Adopted IndAS-116-Leases effective April 1, 2019 (no material impact)
  • Confirmation of balances not obtained for Loans and Advances and Sundry Creditors (stated at book values)
  • No provision for Gratuity/Leave encashment as all employees except KMP have resigned
  • No provision for Deferred Taxes due to accumulated losses and uncertainty of future profits
  • Pending litigations with bankers and statutory authorities remain status quo except Sales Tax demand remitted

Labour Code Implementation

  • Government consolidated labour regulations into four Labour Codes effective November 21, 2025
  • Company assessed incremental impact as not significant due to existing policy alignment with draft code
  • Impact of notified rules to be evaluated when available

Auditor's Review Report

Krishaan & Co., Chartered Accountants issued limited review report pursuant to Regulation 33 of SEBI LODR Regulations, 2015:

  • Conducted review in accordance with SRE 2410
  • Drew attention to going concern uncertainty due to suspended operations and dependency on asset sales
  • Noted statutory liability payments made except disputed amounts
  • Based on review, financial results comply with disclosure requirements without material misstatement