Novus Loyalty's monitoring agency reports zero utilization of Rs. 41.84 crore IPO proceeds for business objects in Q4 FY26.
Only Rs. 6.34 crore utilized for offer-related expenses, with remaining funds held in fixed deposits and bank accounts.
Report discloses historical non-compliance with Companies Act Section 185 due to Rs. 1.19 crore loans to directors.
CARE Ratings confirms no material deviations from offer document but notes potential regulatory penalty risk from past actions.