Financial Performance (FY2025-26)

Williamson Magor reported a net loss of ₹12.54 million for FY26, with total revenue of ₹1,527.179 million primarily from provision write-backs of ₹1,511.786 million. The company's net worth is fully eroded at ₹(2,159.061) million. After adjusting for audit qualifications, the standalone net loss stands at ₹6.83 crore with negative net worth of ₹28.30 crore.

Key financial highlights:

  • Revenue from Operations: ₹15.393 million (Previous year: ₹28.549 million)
  • Other Income: ₹1,511.786 million (Primarily from provision write-backs)
  • Total Expenditure: ₹21.85 crore (adjusted)
  • Total Assets: ₹4,019.558 million (₹37.77 crore adjusted)
  • Total Liabilities: ₹6,178.619 million (₹66.08 crore adjusted)
  • Earnings Per Share: ₹-1.14 (₹-62.42 adjusted)

Regulatory Actions

RBI cancelled the company's NBFC Certificate of Registration (No. N.05.05534) in June 2022. The company's appeal was rejected by the appellate authority in May 2023. A writ petition is pending before the Hon'ble High Court of Calcutta since January 2024 seeking restoration of the license.

Defaults and Borrowings

The company has defaulted on total borrowings of ₹51.99 crore, including:

  • Secured Borrowings: ₹16.48 crore (HDFC Bank: ₹6.48 crore, InCred Financial Services: ₹10.00 crore)
  • Unsecured Borrowings: ₹35.52 crore from body corporates
  • Debt Securities: ₹3.35 crore in Non-Convertible Debentures

The company did not recognize ₹4.29 crore interest expense on inter-corporate borrowings for FY26, citing disputes/negotiations with lenders.

Legal Proceedings

Arbitration Award

An arbitral tribunal (ICC) issued a final award dated September 29, 2025, holding the company and others jointly liable to pay ₹5,089.591 million to Real Touch Finance Ltd. (assignee of InCred). The company has filed a petition under Section 34 of the Arbitration Act before the Delhi High Court on February 5, 2026, challenging the award.

Other Legal Cases

  • HDFC Bank filed suit before Calcutta High Court against company for loan default repayment
  • High Court order restrained company from transferring/encumbering any assets in IL&FS Financial Services case
  • Corporate Insolvency Resolution Process pending against group companies before NCLT/NCLAT

Non-Convertible Debentures Settlement

Company defaulted on ₹10.00 crore NCDs issued to IL&FS Financial Services Limited. A one-time settlement agreement was dated May 5, 2023, involving sale of Neemrana land (156 acres) for ₹9.03 crore, with proceeds to settle outstanding dues.

Annual General Meeting

The 75th AGM will be held on September 28, 2026, to adopt financial statements and appoint two new directors - Mr. Arup Pal and Mr. Subhajit Majumdar.

Audit Qualifications

M/s. V. Singhi & Associates issued a qualified opinion citing:

1. Material uncertainty regarding going concern status due to eroded net worth and defaults

2. Non-recognition of interest expense on borrowings

3. Default in repayment of principal and interest to lenders

4. Recognition of deferred tax assets without virtual certainty

5. Lack of balance confirmations for receivables/liabilities

6. Adjustments from Neemrana land sale proceeds not fully ascertained

Director Disqualifications

Mr. Lakshman Singh, Mr. Chandan Mitra, Ms. Lyla Cherian, and Mr. Tabrez Ahmed are disqualified under Section 164(2)(b) of the Companies Act, 2013, due to default in NCD redemption.