Key Update

On 30th June 2026, the company made payment of the entire outstanding interest due up to 30th June 2026 to all holders of the aforementioned Non-Convertible Debentures. Consequently, there is no outstanding interest liability as of the date of this intimation.

Outstanding Principal Default

The redemption of the outstanding principal amount remains delayed. The company attributes this delay to ongoing financial constraints.

Engagement and Efforts

The company continues to engage with the Debenture Holders through the Debenture Trustee and is making efforts to arrange the necessary funds for the redemption of the outstanding principal amount together with applicable interest. The company reaffirms its commitment to fulfilling its obligations and will keep the stock exchange informed of any further material developments.

Instrument Details (From Annexure I)

  • Type of Instrument: 7% Unlisted, Secured, Unrated, Redeemable, Non-Convertible Debentures (Old Series III & Series IV Debentures). ISIN is Not Applicable as they are unlisted.
  • Number of Investors: 20 as of the date of the original default.
  • Original Date(s) of Default: 07 October 2025 and 20 December 2025.
  • Current Default Amount:
  • Principal: Rs. 2,11,50,900 (Rs. 2.1151 Crores)
  • Interest: Nil (Paid in full on 30 June 2026)
  • Details of Obligation:
  • 71,030 Old Series III Debentures and 146,789 Series IV Debentures were issued on 21 September 2022.
  • The instruments have a tenure of 3 years and carry interest at 7% per annum, payable half-yearly on 30 September and 31 March.
  • The due dates for redemption were extended from time to time as per applicable law and Transaction Documents.
  • Total Amount Issued through Debt Securities: Rs. 4.232 Crore (Issued in Four Series). The status of each series is:
  • Series I: Rs. 0.9278 Crore - Redeemed on respective due date.
  • Series II: Rs. 1.1261 Crore - Redeemed on respective due date.
  • Series III: Rs. 0.6472 Crore - Default in redemption (due on 07 October 2025).
  • Series IV: Rs. 1.4679 Crore - Default in redemption (due on 20 December 2025).
  • Total Financial Indebtedness: The entity's total financial indebtedness, including short-term and long-term debt, is Rs. 30.25 Crore.
  • Estimated Impact: The company is facing financial constraints which have affected its ability to meet certain payment obligations. It continues to take necessary steps to address the situation.

This disclosure, signed by Managing Director Sandeep Kirtikumar Gandhi (DIN: 00941665), was filed from Mumbai.