Date: May 29, 2026

KMP / Board / Auditor Changes

Not Specified

Dividend Declaration or Non-Declaration

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Board Meeting Outcomes

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Financial Results

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Auditor’s Report

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Disinvestment / Strategic Actions

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Other Operational / Legal / Strategic Disclosures

Default Disclosure

Current Default Amount (INR Crores):

  • Prudence ARC: Principal ₹16.44, Interest ₹3.75 (Total: ₹20.19)
  • Axis Bank Limited: Principal ₹7.65, Interest ₹4.51 (Total: ₹12.16)

Total Default: ₹33.35 Crores (Principal: ₹24.09 Crores, Interest: ₹9.26 Crores)

Details of Outstanding Obligations:

  • Axis Bank Ltd – Term Loan: Outstanding ₹7.16 Crores, Tenure 2 Years, Interest Rate 11.65%
  • Axis Bank Ltd – OD: Outstanding ₹4.98 Crores, Tenure 2 Years, Interest Rate 11.20%
  • Prudence ARC: Outstanding ₹20.19 Crores, Tenure 2 Years, Interest Rate 13.75%

Corporate Insolvency Resolution Process (CIRP)

The Company is under Corporate Insolvency Resolution Process since 16.12.2022 as per Honorable NCLT order dated 16.12.2022. The claim verification process is ongoing.

Invoked Corporate Guarantees

Apart from direct borrowings, the following corporate guarantees issued by the company have been invoked:

  • Axis Bank Ltd: For Sri Gayatri Education Society, Amount ₹7.3 Crores, Secured
  • Prudence ARC: For Lakshya Forum for Competitions Private Limited, Amount ₹16.69 Crores, Secured

Additional Notes

1. The loans from Prudence ARC were previously held by Assets Care & Reconstruction Enterprises Limited and were reassigned to Prudent ARC Limited vide deed of Assignment dated 11th August, 2023.

2. Shamrao Vithal Co-op Bank Ltd (SVC) submitted a claim of ₹49.72 crore for a corporate guarantee issued for subsidiary Labh Ventures India Pvt Ltd. This claim was rejected as the guarantee was not invoked by the Insolvency Commencement Date (16-12-2022). SVC Bank's appeal to NCLAT is pending.

3. No changes have occurred in the previously submitted information due to the ongoing CIRP proceedings.

Resolution Professional Details

Mr. Arihant Nenawati (IP Reg. No: IBBI/IPA-001/IP-P00456/2017-2018/10799) is the current Resolution Professional, appointed by NCLT on 22nd January, 2024, replacing the Interim Resolution Professional, Mr. Ashwin Bhavanji Shah. The Committee of Creditors was constituted on 21-08-2023.