Reason for Delay

The company cites severe administrative difficulties due to major staff shortages in finance, accounting, and compliance teams. This shortage created a backlog over past quarters while management simultaneously worked on resolving other compliance issues.

Pending Results Disclosure

The company confirms readiness to disclose financial results for the following periods:

  • Quarter ended: September 2020, December 2020, March 2021, June 2021, September 2021, December 2021, March 2022, June 2022, September 2022, December 2022, March 2023, June 2023, September 2023, December 2023, March 2024, June 2024, September 2024, December 2024
  • Year ended: March 2025

Financial Results for September 30, 2020

The reviewed unaudited financial results for quarter and half year ended September 30, 2020 show:

Profit & Loss Statement (₹ in Lakhs):

  • Profit/(Loss) from discontinued operations (after tax): ₹838.12 (Quarter), ₹(22.09) (Half Year)
  • Total Comprehensive Income for period: ₹811.43 (Quarter), ₹(75.46) (Half Year)
  • Earnings per equity share (Basic): ₹1.53 (Quarter), ₹(0.04) (Half Year)
  • Earnings per equity share (Diluted): ₹1.53 (Quarter), ₹(0.04) (Half Year)

Balance Sheet Position (₹ in Lakhs):

  • Total Equity: ₹(39,696.66) (negative)
  • Total Liabilities: ₹54,403.97
  • Total Assets: ₹14,707.31

Cash Flow from Discontinued Operations (₹ in Lakhs):

  • Net cash inflow from operating activities: ₹152.13
  • Net cash inflow from investing activities: ₹1,196.18
  • Net cash outflow from financing activities: ₹(1,514.13)
  • Net decrease in cash equivalents: ₹(165.82)

Significant Transactions

During the half year ended September 30, 2020, the company disposed of 3.77 acres of freehold land with a book value of ₹309.72 lakhs for a total consideration of ₹1,239.99 lakhs, resulting in a profit of ₹930.27 lakhs.

Auditor Qualifications

The review report by V.S. Somani & Co. contains qualified conclusions regarding:

1. Non-provision for finance cost exceeding 14.25% p.a. and penal interest on borrowings classified as NPAs by lenders

2. Material uncertainty about going concern basis due to continuous losses, completely eroded net worth, and delays in servicing debt obligations

The impact of these qualifications on financial results is not determinable.

Subsequent Event

Note 7 discloses that on June 23, 2025, the company paid the entire OTS amount of ₹243.45 crores to consortium lenders and obtained No Due Certificates for all settled dues.

Board Approval

The unaudited financial results for September 30, 2020 were reviewed and approved by the Board of Directors at their meeting held on June 2, 2026.

Business Status

The company's manufacturing business was discontinued from December 19, 2012, and it operates within a single reportable business segment of manufacturing polyester products (discontinued).