Regulatory Compliance Clarification by Gallantt Ispat Limited
Gallantt Ispat Limited provided a formal clarification to the National Stock Exchange of India Limited regarding a discrepancy observed in its submitted financial results for Q1 FY27.
Date and Nature of Exchange Query
- The company received a query from the NSE via email dated August 28, 2026.
- The exchange noted a discrepancy in the standalone and consolidated unaudited financial results for the quarter ended June 30, 2026, which were submitted by the company on July 27, 2026.
- The specific issue raised was that the figures for standalone and consolidated results were identical, which appeared inconsistent with the prescribed format under Schedule III of the Companies Act, 2013 or Indian Accounting Standards.
Company's Clarification on Financial Results
- The company explained that its wholly-owned subsidiary, Suryalaxmi Technologies Private Limited, qualifies as such under Section 2(87) of the Companies Act, 2013.
- Suryalaxmi Technologies Private Limited has generated no revenue and no profit till date.
- The management is planning to set up business units through this subsidiary in the future, but no business has been explored as of the date of this communication.
- Because the subsidiary is inactive with no financial activity, the standalone financial results and consolidated financial results are identical.
Regulatory Compliance Assertion
- The company asserted that it has fully complied with the requirements of Schedule III of the Companies Act, 2013 and Indian Accounting Standards by presenting the results in this manner, given the subsidiary's inactive status.