Key Developments

Corporate Insolvency Resolution Process (CIRP)

  • National Company Law Tribunal (NCLT), Mumbai Bench initiated Corporate Insolvency Resolution Process (CIRP) against the company vide order dated April 29, 2026
  • CIRP initiated based on petition filed by M/s. Golden Medows Export Private Limited (Operational Creditor) under Section 9 of Insolvency and Bankruptcy Code, 2016
  • Mr. Rajneesh Kumar Aggarwal (IP Registration No. IBBI/IPA-001/IP-P00886/2017-18/11483) appointed as Resolution Professional (RP)
  • Powers of Board of Directors suspended pursuant to Insolvency Commencement Order
  • RP managing affairs of company in accordance with provisions of the Code
  • Invitation for Expression of Interest in Form-G published on May 1, 2026 with submission deadline of May 13, 2026

Financial Performance (FY 2025-26)

  • Revenue from Operations: ₹1,003.99L (from sale of equity shares)
  • Other Income: ₹0.14L (sundry debit balance written off)
  • Total Revenue: ₹1,004.13L (compared to ₹17.04L in previous year)
  • Profit/(Loss) before Tax: (₹221.39)L (compared to (₹57.62)L in previous year)
  • Finance Cost: ₹71.84L (compared to ₹24.42L in previous year)
  • Net Profit/(Loss) after Tax: (₹165.66)L (compared to (₹43.14)L in previous year)
  • Loss brought forward: (₹1,990.64)L
  • Loss carried forward: (₹2,156.31)L
  • Earnings Per Share: (₹0.31) per share of ₹10 each
  • Paid-up Equity Share Capital: ₹5,376.00L (53,760,000 equity shares of ₹10 each)
  • Deferred Tax Assets: ₹757.45L (₹701.71L in previous year)

Inventories and Investments

  • Inventories Value: ₹3,460.85L (primarily investments in quoted and unquoted shares)
  • Quoted Shares: ₹912.36L (including Scan Infrastructure Services Ltd and Pine Animation Ltd)
  • Unquoted Shares: ₹2,548.49L (including various private limited companies)
  • Audit Qualification: Valuation of unquoted shares subject to independent valuer assessment

Annual General Meeting

  • 44th AGM Date: September 21, 2026 at 12:15 PM IST
  • Mode: Video Conferencing/Other Audio Visual Means without physical presence
  • Record Date: September 14, 2026
  • Book Closure: September 15, 2026 to September 21, 2026 (both days inclusive)
  • Business to be transacted:
  • Adoption of audited standalone financial statements for FY 2025-26
  • Re-appointment of Mr. Kawarlal K. Ojha (DIN: 07459363) as Director retiring by rotation

Regulatory Compliance and Penalties

  • SEBI LODR Non-compliance: Penalty of ₹1,06,200 levied by BSE for non-appointment of qualified Company Secretary as Compliance Officer (Regulation 6(1))
  • Secretarial Audit Report: Qualified opinion citing non-compliance with Regulation 6(1) of SEBI LODR
  • Income Tax Disputes: Multiple disputes totaling approximately ₹766.83 crore including interest
  • Default in Loan Repayments: Default in repayment of various short-term borrowings totaling ₹994.47L with interest defaults

Board and Management

  • Suspended Managing Director: Kawarlal K. Ojha (DIN: 07459363)
  • Independent Directors: Anupam Shrivastava, Rukmani Devi, Sunita Rani Parida
  • Key Managerial Personnel:
  • Rajesh B Patole (Chief Financial Officer)
  • Poonam Shah (Company Secretary, appointed November 28, 2025)
  • Statutory Auditors: M/s. Rajesh Kumar Gokul Chandra & Associates (now known as SGAJ & Associates)
  • Internal Auditors: M/s. Mahato Prabir & Associates
  • Secretarial Auditors: Mr. Sanjay Kumar Vyas

Corporate Governance

  • Board met 6 times during FY 2025-26
  • All Board Committees (Audit, Nomination & Remuneration, Stakeholders' Relationship) functional
  • Whistle Blower Policy/Vigil Mechanism in place
  • Code of Conduct for Directors and Senior Management affirmed

Shareholding Pattern

  • Promoter Holding: 1.89% (1,016,285 shares)
  • Public Holding: 98.11%
  • Dematerialized Holdings: 98.11% of public shareholding
  • Top Shareholders: Premsagar Vinimay Private Limited (1.86%), various corporate entities

Subsequent Events

  • Sale of 160,812 equity shares of Pursottam Investofin Ltd (₹64.32L) completed after March 31, 2026
  • Purchase of shares worth ₹221.50L during FY 2025-26 transferred to Demat account after year-end
  • Delay in share transfers attributed to technical reasons

Financial Impact

  • Going concern basis appropriate despite CIRP as resolution process is ongoing
  • No dividend declared due to accumulated losses
  • Company not registered as NBFC with RBI despite being in finance and investments business
  • Default in repayment of multiple short-term borrowings with interest overdue