Key Quantitative Figures

  • Net Loss for FY24: ₹49.28 lakh (compared to ₹55.53 lakh in FY23)
  • Earnings Per Share (EPS): (₹2.07) for FY24 (compared to (₹2.33) in FY23)
  • Total Income: ₹152 thousand (only other income, no revenue from operations)
  • Total Expenses: ₹494.40 lakh
  • Employee Benefits Expense: ₹24.80 lakh
  • Depreciation & Amortization: ₹407.14 lakh
  • Other Expenses: ₹62.45 lakh
  • Paid-up Equity Share Capital: ₹23.82 crore (2,38,25,000 equity shares of ₹10 each)
  • Authorized Share Capital: ₹40.00 crore
  • Bank Balances: ₹1.377 lakh in cash/cash equivalents + ₹4.29 lakh in other bank balances
  • Inventories: ₹180.405 lakh (raw materials, work-in-progress, finished goods, stores & spares)
  • Trade Receivables: ₹119.654 lakh
  • Non-current Borrowings: ₹317.14 lakh
  • Current Borrowings: ₹1,079.771 lakh
  • Trade Payables: ₹557.805 lakh
  • Other Current Liabilities: ₹38.557 lakh
  • Current Tax Liabilities: ₹20.91 lakh
  • Deferred Tax Liabilities: ₹299.01 lakh
  • Negative Net Worth: (₹1,567.353 lakh) in other equity

Dates of Action

  • CIRP Initiation Date: August 13, 2024 (NCLT order date)
  • IRP Appointment Date: August 13, 2024 (Mr. Ravindra Chaturvedi)
  • RP Change Date: January 17, 2025 (Ms. Namrata Amol Randeri appointed)
  • Resolution Plan Approval: May 11, 2026 (by NCLT)
  • FY24 Financial Year End: March 31, 2024
  • AGM Date: July 24, 2026
  • Record Date for AGM: July 17, 2026
  • E-voting Period: July 21, 2026 (9:00 AM) to July 23, 2026 (5:00 PM)

Parties Involved

  • Resolution Professional: Ms. Namrata Amol Randeri (IBBI Regn. No. IBBI/IPA-001/IP-P01585/2019-2020/12495)
  • Interim Resolution Professional: Mr. Ravindra Chaturvedi (IBBI Regn. No. IBBI/IPA-001/IP-P00792/2017-2018/11359)
  • Financial Creditor: JM Financial Asset Reconstruction Company Limited
  • Successful Resolution Applicant: Beaufond Industries Limited
  • Statutory Auditors: M/s. A N Shah & Associates, Chartered Accountants
  • Secretarial Auditor: Ms. Riddhi Krunal Shah, Practicing Company Secretary
  • Bankers: Indian Overseas Bank, JM Financial Asset Reconstruction Company Ltd.
  • RTA: XL Softech Limited
  • Committee of Creditors: Approved continuation of statutory auditors

Operational Status

  • Manufacturing operations at Solapur plant remained suspended throughout FY24 due to financial and regulatory issues
  • No revenue from operations generated during the year
  • Company operates in single segment: Active Pharmaceutical Ingredients (APIs)
  • No subsidiary, joint venture or associate companies

Capital Structure Impact

  • No change in share capital during FY24
  • Authorized capital: ₹40.00 crore
  • Paid-up capital: ₹23.82 crore
  • All equity shares are of ₹10 each fully paid

Corporate Governance

  • Board met 4 times during FY24
  • Board composition as of March 31, 2024: 2 Non-Executive Promoter Directors, 3 Independent Directors
  • No KMP appointed as required under Section 203 of Companies Act, 2013
  • No internal auditor appointed
  • Company complied with SEBI LODR regulations until CIRP commencement

CIRP Developments

  • CIRP commenced on August 13, 2024, after FY24 ended
  • Moratorium under Section 14 of IBC came into effect
  • Powers of Board of Directors suspended and vested with Resolution Professional
  • Resolution Plan by Beaufond Industries approved by NCLT on May 11, 2026
  • Plan envisages revival of company as going concern

AGM Arrangements

  • 31st AGM to be held on July 24, 2026 through VC/OAVM
  • Single agenda item: Adoption of audited financial statements
  • E-voting facility provided through NSDL
  • Physical attendance dispensed with, no proxy facility available

Auditor Qualifications

  • Statutory auditors highlighted several issues:
  • Non-provision of interest cost as loans assigned to ARC
  • Bank balance confirmations not available for all accounts
  • Deferred tax calculation not carried out
  • Provisions and employee benefit liabilities not verified
  • Non-regularity in depositing statutory dues
  • Non-appointment of internal auditor and KMP

Secretarial Audit Report

  • Secretarial auditor reported non-compliances:
  • Non-payment of undisputed statutory dues
  • Non-appointment of KMP and internal auditor
  • Non-implementation of digital database for insider trading
  • Non-payment of listing fees to BSE
  • Non-compliance with Structural Digital Database (SDD)