Key Reasons for Delay
Corporate Insolvency Resolution Process (CIRP):
- The company is undergoing CIRP under Insolvency and Bankruptcy Code 2016 pursuant to NCLT Mumbai order dated April 23, 2024
- Mr. Pankaj Mahajan (IBBI/IPA-001/IP-P00836/2017-2018/11420) appointed as Resolution Professional
- Powers of Board of Directors suspended for duration of CIRP, exercised exclusively by Resolution Professional
Operational Disruptions:
- Registered office relocated from "205, 206 (Part), 2nd Floor, Ceejay House, Shiv Sagar Estate, F Block, Dr. Annie Besant Road, Worli, Mumbai – 400 018" to "Arshiya FTWZ, CO-1, Survey Nos. 178/3 & 178/4, At Post - Sai Village, Taluka - Panvel, District – Raigad, Pin Code – 410 221" effective April 29, 2024
- Movement of all records and corporate staff created significant logistical challenges
- Between July 30 and August 2, 2024, 50 out of 71 employees resigned without serving notice period or completing formal handovers
- This mass attrition materially disrupted business operations and impacted timely finalization of financial accounts
Data Collection Challenges:
- Resolution Professional currently gathering necessary financial information and supporting documentation
- Non-receipt of financials from multiple subsidiaries creating consolidation challenges
- Resolution Professional working to compile required data for accurate regulatory compliance
Financial Impact
Financial impact not quantified in the disclosure. The delay affects both unaudited standalone and consolidated financial results for quarter and half year ended September 30, 2026.
Resolution Professional Details
- Name: Pankaj Mahajan
- IBBI Registration: IBBI/IPA-001/IP-P00836/2017-2018/11420
- AFA Details: AA1/11420/02/311226/108808 (Valid until December 31, 2026)
- Digital signature date: November 13, 2026 at 19:02:23 +05:30
Forward Statement
The company is making every effort to submit the unaudited standalone and consolidated financial results at the earliest possible date.