Summary of Key Information:
Reporting Period: Quarter ended June 30, 2025 (Q1 FY26)
Nature of Filing / Announcement: Outcome of Board Meeting - Unaudited Standalone Financial Results under Regulation 33 of SEBI LODR
Audit Opinion:
Disclaimer of Conclusion - The statutory auditor, M/s ARTHA & Associates, issued a limited review report with a disclaimer of conclusion on the financial results due to multiple material uncertainties.
Key Financial Highlights [₹ in Lakhs]:
Standalone Results:
Revenue from Operations: ₹450.00 (vs ₹210.00 in Q1 FY25, +114.3% YoY)
Other Income: ₹6.75 (vs ₹416.39 in Q1 FY25)
Total Income: ₹456.75 (vs ₹626.39 in Q1 FY25, -27.1% YoY)
EBITDA: Not disclosed
Net Profit: ₹36.78 (vs Net Loss of ₹99,759.94 in Q1 FY25)
EPS: ₹0.01 basic and diluted (vs ₹(37.86) basic and ₹(37.71) diluted in Q1 FY25)
Other Equity: Not specified
Cash and Cash Equivalents: Not specified
Debt: Not specified
Expenses Breakdown [₹ in Lakhs]:
Employee benefits expense: ₹49.56
Finance costs (net): ₹-
Depreciation and amortization expense: ₹151.18
Legal & Professional: ₹35.78
Other Expenses & Impairments of receivables: ₹183.45
Total Expenses: ₹419.97
Consolidated Results:
Not prepared - The Resolution Professional was unable to consolidate subsidiary accounts as they are also undergoing CIRP and have not finalized their financial statements.
Segment-wise Performance:
The company identified two reportable segments: "Developing and Operating Free Trade & Warehousing Zone (FTWZ)" and "Special Economic Zone (SEZ)" within India. However, due to unavailability of discrete historical data, segment disclosures were made applying exemption under Paragraph 29 of Ind AS 108.
Corporate Actions:
No dividend declarations, share splits, bonus issues, buybacks, or capital structure changes reported.
Interim Finance: Raised ₹237.24 lakhs from Committee of Creditors (CoC) members during the quarter to meet cash flow deficiency and maintain going concern status. This is treated as unsecured borrowing with no interest accounted as repayment is contingent on CIRP outcome.
Corporate Insolvency Resolution Process (CIRP):
- Company undergoing CIRP pursuant to NCLT order dated April 23, 2024 (CP (IB) 3143/MB/2019)
- Powers of Board suspended and vested with Resolution Professional Mr. Pankaj Mahajan under Section 17 of IBC
- IBBI Registration No: IBBI/IPA-001/IP-P00836/2017-2018/11420
Subsidiary CIRP Status:
- Arshiya Northern FTWZ Limited (ANFTWZ): Under CIRP since November 14, 2022
- NCR Rail Infrastructure Limited: Under CIRP since March 7, 2024
Director Disagreement:
Suspended director conveyed unwillingness to sign financial statements due to disagreement regarding receivable balances of Arshiya Lifestyle Limited and certain disputed liabilities/expenses.
Other Significant Information:
Major Operational Disruptions:
- Between July 30-August 2, 2024: 50 out of 71 employees resigned without notice period or handover
- Current employee strength: 9 employees
- Key accounting personnel resigned on December 31, 2025, creating void in financial reporting
- Furlough letters issued to some employees who remain on rolls without pay
Contract Terminations:
- Ascendas Panvel FTWZ Limited terminated sub-lease agreement with Arshiya Lifestyle Limited on July 26, 2024
- Anomalous Infra Private Limited terminated sub-lease agreement with Arshiya Panvel FTWZ Services Private Limited on July 26, 2024
- Both terminations cited 'Event of Default' under respective agreements
Significant Exposures and Contingencies:
- Corporate guarantees given: ₹103,850.00 lakhs (₹28,450.00 lakhs to ANFTWZ lenders, ₹75,400.00 lakhs to NCR Rail lenders)
- Investment in ANFTWZ: ₹44,625.29 lakhs
- Loans to ANFTWZ: ₹12,913.66 lakhs
- Property, Plant & Equipment: ₹56,971.87 lakhs (gross block)
- Inventory: ₹16,505.97 lakhs
- VAT refunds receivable: ₹1,876.65 lakhs (pending appeals)
- Advance to related party for land purchase: ₹5,000.00 lakhs with fair value adjustment of ₹1,965.15 lakhs
Accounting Treatment Reversals:
Scheme of Arrangement demerging domestic business to NCR Rail Infrastructure Limited (formerly Arshiya Rail Infrastructure Limited) became non-est per NCLAT order dated March 14, 2024. Financial statements from April 1, 2022 to March 31, 2023 restated with reversed accounting treatment.
ESOP Disclosures:
Employee Stock Option Scheme 2019 disclosures reproduced without change from previous year. No updated assessment of options outstanding due to significant employee attrition.
Employee Benefits:
No actuarial valuation obtained for gratuity liability and leave encashment obligation for the quarter.