Corporate Insolvency Resolution Process (CIRP) Details

The Corporate Insolvency Resolution Process (CIRP) was initiated against the company pursuant to NCLT order dated October 10, 2019. Mr. Rajendra K. Bhuta (Registration No. IBBI/IPA-001/IP-P00141/2017-18/10305) was appointed as Interim Resolution Professional and subsequently as Resolution Professional.

Key CIRP Timeline:

  • NCLT ordered liquidation on January 9, 2024
  • NCLAT judgment dated May 06, 2025 set aside liquidation order and remanded matter to NCLT
  • Resolution Plan approved by NCLT on October 16, 2025
  • CIRP proceedings concluded with implementation of Resolution Plan

During CIRP, powers of Board of Directors remained suspended under Section 17 of IBC.

Financial Performance

Standalone Financials (₹ in lakhs):

| Particulars | FY 2025-26 | FY 2024-25 |

| Revenue from operations | 0.02 | 99.86 |

| Other Income | 399.02 | 92.22 |

| Total Income | 399.04 | 192.08 |

| Depreciation & Amortization | 108.86 | 37.94 |

| Finance Cost | 0.02 | 0.08 |

| Other Expenses | 211.36 | 188.21 |

| Extraordinary Items | 1,564.13 | 0 |

| Profit/Loss After Tax | (3,921.64) | (30.28) |

| EPS (Basic & diluted) | (36.63) | 0.35 |

Consolidated Financials (₹ in lakhs):

| Particulars | FY 2025-26 | FY 2024-25 |

| Total Income | 510.89 | 232.57 |

| Net Loss | (3,831.96) | (54.96) |

| EPS (Basic & diluted) | (35.79) | (0.51) |

Extraordinary Items: ₹1,564.13 lakhs represents liabilities for claims admitted under CIRP.

Share Capital

  • Authorized Share Capital: ₹12,00,00,000/-
  • Paid-up Share Capital: ₹10,70,62,770/-
  • No change in share capital during the year
  • No dividend recommended for FY 2025-26

Subsidiaries

1. Prabhatech Global Industries Private Limited (100% subsidiary)

  • Net Profit: ₹110.67 lakhs

2. Prabhat Telecoms Hong Kong Limited (100% subsidiary, defunct company)

Management Changes

Directors Appointed (November 03, 2025):

  • Mr. Anil Kumar Sinha (Executive Director)
  • Mr. Chhedilal Pandey (Non-Executive, Non-Independent Director)
  • Mr. Bipin Tiwari (Non-Executive, Non-Independent Director)

Directors Removed (November 03, 2025):

  • Mr. Vishwamani Matamani Tiwari (Managing Director)
  • Mr. Parag Rameshchandra Malde (Whole Time Director)
  • Mr. Alberto Agostinomario Zummo (Independent Director)
  • Ms. Geeta Krishna Bhosle (Independent Director)
  • Ms. Nidhi Prem Chanddodhia (Independent Director)

Key Managerial Personnel Changes:

  • Mr. Kamlesh Mohan Gori appointed as CEO (w.e.f. April 30, 2026)
  • Mr. Shivanshu Pandey appointed as Managing Director (w.e.f. May 15, 2026)
  • Mr. Aakash Vishwamani Tiwari appointed as Additional Director (w.e.f. May 15, 2026)
  • Ms. Sanjana Kumari appointed as Company Secretary (w.e.f. August 18, 2026)

Statutory Auditors

M/s. Harish Arora & Associates, Chartered Accountants (Firm Registration No. 015226C) were statutory auditors. Their tenure expired and they have been proposed for reappointment for a second term of five years.

Audit Opinion: Qualified opinion due to possible effects of non-ascertainment of adequate provision pertaining to impairment of assets/liabilities and non-sustainable debt.

Secretarial Audit

M/s. Shekhawat & Associates conducted secretarial audit and reported several non-compliances:

  • Non-appointment of qualified Company Secretary as Compliance Officer
  • Delayed filing of financial results and secretarial compliance report
  • Non-maintenance of functional website
  • Non-appointment of independent directors and board committees
  • Non-appointment of internal auditor

Corporate Governance

During CIRP period, corporate governance requirements were not complied with:

  • No board committees constituted
  • No independent directors appointed
  • No board evaluation conducted
  • No nomination and remuneration policy applicable

Post-resolution plan implementation, the process for reconstitution of board and committees is underway.

Related Party Transactions

Transactions with related parties amounting to ₹8.01 lakhs were at arm's length basis. Major transactions include rent income from Prabhat Charter Infra Services Private Limited (₹5.90 lakhs) and rent received (₹2.11 lakhs).

Other Key Disclosures

  • Name Change: Company name changed from Prabhat Technologies (India) Limited to Prabhat Entertainment Limited
  • Business Change: Objects clause amended to change business focus from telecom to music creation, production, publishing, distribution and commercialization of audio-visual content
  • Share Trading: Securities suspended from trading w.e.f. January 20, 2024 due to procedural reasons
  • Employee Strength: 6 employees as on March 31, 2026
  • CSR: Not applicable to the company

Financial Impact Assessment

The implementation of resolution plan and CIRP proceedings had significant financial impact including recognition of extraordinary items of ₹1,564.13 lakhs and substantial net losses. The company is in the process of business revival and restructuring under the new management.