Board Meeting Details

The Board meeting commenced at 4:00 PM and concluded at 5:15 PM on 13 November 2026. The Board considered and approved/noted two key items.

1. Financial Results Approval

The Board approved the unaudited quarterly financial results along with notes and the Independent Auditor's Limited Review Report for the quarter and half year ended 30 September 2026.

2. BSE Fine Resolution

The Board took note of a fine imposed by BSE amounting to ₹1,04,000 plus GST @18% of ₹18,720, aggregating to ₹1,22,720, on account of delay in filing the Annual Report under Regulation 34 of SEBI LODR.

The Company had paid a processing fee of ₹11,800 (inclusive of GST of ₹1,800) towards the application for waiver of the fine. After deduction of TDS of ₹1,000 (10% of professional fee of ₹10,000), the net amount payable towards professional fee was ₹10,800.

Pursuant to timely submission of the Company's response with clarifications and corrective actions, BSE communicated via email dated 11 November 2026 confirming withdrawal of the fine.

Financial Results (Quarter ended 30 September 2026)

Income Statement (₹ in Lakhs):

  • Revenue from operations: 1.04
  • Other income: 22.73
  • Total income: 23.77
  • Total expenses: 57.21
  • Changes in inventories: 1.05
  • Employee benefits expense: 15.48
  • Depreciation and amortization: 2.46
  • Other expenses: 38.22
  • Loss before tax: (33.44)
  • Net loss for the quarter: (33.44)
  • Other comprehensive income: (13.41)
  • Total comprehensive income: (46.85)
  • Earnings per share (Basic & Diluted): (0.06)

Financial Results (Half year ended 30 September 2026)

Income Statement (₹ in Lakhs):

  • Revenue from operations: 110.70
  • Other income: 65.16
  • Total income: 175.86
  • Total expenses: 227.96
  • Loss before tax: (52.10)
  • Net loss for half year: (52.10)
  • Other comprehensive income: 75.89
  • Total comprehensive income: 23.79
  • Earnings per share (Basic & Diluted): (0.10)

Comparative Figures (₹ in Lakhs)

Quarter Comparison (30.09.2026 vs 30.09.2025):

  • Revenue from operations: 1.04 vs 253.95
  • Net loss: (33.44) vs (45.93)

Half Year Comparison (30.09.2026 vs 30.09.2025):

  • Revenue from operations: 110.70 vs 415.34
  • Net loss: (52.10) vs (145.27)

Balance Sheet Position (as at 30 September 2026)

Assets (₹ in Lakhs):

  • Total assets: 4,431.11
  • Non-current assets: 1,629.73 (Property, plant and equipment: 1,629.73)
  • Current assets: 1,703.28
  • Investments: 991.92
  • Trade receivables: 0.15
  • Cash and cash equivalents: 15.75
  • Bank balances other than cash: 364.00
  • Other current assets: 331.46
  • Assets held for sale/disposal: 1,098.10

Equity and Liabilities (₹ in Lakhs):

  • Total equity: 405.18
  • Equity share capital: 2,612.12
  • Other equity: (2,206.94)
  • Current liabilities: 4,025.93
  • Borrowings: 2,176.50
  • Trade payables: 2.15
  • Other current liabilities: 1,821.76
  • Provisions: 25.52

Cash Flow Statement (Half year ended 30 September 2026)

Cash Flows (₹ in Lakhs):

  • Net cash from operating activities: 274.20
  • Net cash used in investing activities: (226.65)
  • Withdrawal/(placement) of fixed deposits: (230.00)
  • Interest income: 3.34
  • Dividend income: 0.01
  • Net cash used in financing activities: (59.52) (Short-term borrowings repaid)
  • Net decrease in cash: (11.97)
  • Opening cash balance: 27.72
  • Closing cash balance: 15.75

Critical Accounting Notes

1. Basis of Preparation: Financial results prepared in accordance with Ind AS 34 and SEBI LODR Regulation 33 requirements.

2. Other than Going Concern Basis: Financial statements prepared on an "Other than Going Concern" basis due to material uncertainties regarding operational viability. The Company's net worth has been substantially eroded and current liabilities exceeded current assets as of 30 September 2026.

3. Asset Disposal Plan: Management has initiated a structured plan for orderly disposal of remaining assets:

  • Industrial land classified as non-current asset with estimated realization period of 2-3 years
  • Plant and machinery, furniture, fixtures, and investments classified as current assets for near-term realization
  • Assets valued at lower of historical cost or Net Realizable Value
  • Financial investments carried at fair value per Ind AS 109

4. ECB Loan Reclassification: The Company received an interest-free ECB loan of USD 13.85 million from a 29% shareholder starting FY 2002-03. Partial repayments of USD 0.50 million (2009) and USD 1.23 million (2016) were made. Lenders agreed to moratorium with repayment schedule starting April 2030. Due to long-standing non-recourse nature and absence of repayment demand, the loan was reclassified as other equity as at 31 March 2025.

5. Audit Review: Statutory auditors (Laxminiwas & Co.) issued an unmodified limited review report with Emphasis of Matter regarding the "Other than Going Concern" basis.