Nature of Event

Regulatory filing disclosing Corporate Insolvency Resolution Process (CIRP) status and unaudited financial results for quarter and half-year ended 30th September 2026.

Key Developments

Corporate Insolvency Resolution Process (CIRP) Status

  • CIRP application against company admitted by Hon'ble National Company Law Tribunal (NCLT), Kolkata Bench
  • Admission order dated 27.09.2024, communicated to Interim Resolution Professional (IRP) on 30.09.2024
  • Powers of Board of Directors suspended with effect from 27.09.2024
  • CIRP process currently in progress
  • Management and operations being managed by Interim Resolution Professional under Section 20 of IBC
  • Committee of Creditors (CoC) in first meeting held on October 28, 2024 confirmed Sandeep Khaitan as Resolution Professional (voting results declared November 07, 2024)
  • Case reference: C.P.(IB) No. 24/KB/2024

Financial Results Authorization

  • Financial results signed by Resolution Professional Sandeep Khaitan due to suspended board powers
  • Results taken on record and authorized for issue on 05th November, 2026
  • Meeting conducted from 04:30 PM to 05:00 PM on 05th November, 2026

Financial Results Summary

Balance Sheet Position (as at 30.09.2026)

  • Total Assets: ₹23,919.27 lakh (Previous: ₹23,913.76 lakh as at 31.03.2026)
  • Property, Plant & Equipment: ₹23,724.19 lakh (unchanged)
  • Investments: ₹44.79 lakh (unchanged)
  • Cash & Cash Equivalents: ₹5.47 lakh (Previous: ₹6.44 lakh)
  • Total Equity: ₹15,136.84 lakh (Previous: ₹15,186.38 lakh)
  • Equity Share Capital: ₹1,850.00 lakh (185,00,000 equity shares of ₹10 each)
  • Other Equity: ₹13,286.84 lakh
  • Current Liabilities: ₹8,782.43 lakh
  • Borrowings: ₹5,583.90 lakh (unchanged)
  • Trade Payables: ₹577.34 lakh (unchanged)
  • Provisions: ₹561.06 lakh (unchanged)
  • Current Tax Liabilities: ₹408.46 lakh (unchanged)
  • Other Current Liabilities: ₹1,651.68 lakh

Statement of Profit & Loss

  • Half-year ended 30.09.2026: Net Loss of ₹49.54 lakh
  • Quarter ended 30.09.2026: Net Loss of ₹25.54 lakh
  • Previous year ended 31.03.2026: Net Loss of ₹89.42 lakh
  • Revenue from Operations: Zero for all periods
  • Other Income: Zero for current periods (Previous year: ₹4.35 lakh)
  • Other Expenses: ₹49.54 lakh for half-year (Previous year: ₹93.77 lakh)
  • Earnings Per Share: (0.27) basic and diluted for half-year

Segment Information

  • Company operates in two segments: Sugar and Construction
  • Sugar mill at Motihari, Bihar remained non-operational and closed due to:
  • Cost ineffectiveness from old plant and machinery
  • Financial crunch
  • Labour unrest at the Mill
  • Both segments reported zero revenue
  • Total segment assets: ₹23,919.27 lakh
  • Total segment liabilities: ₹8,782.43 lakh

Cash Flow Statement

  • Net cash from operating activities: (₹0.96) lakh
  • No cash flows from investing or financing activities
  • Cash and cash equivalents at end: ₹5.47 lakh

Audit Qualification

BDS & Co., Chartered Accountants issued a qualified opinion citing:

  • Material uncertainty regarding going concern assumption due to CIRP admission
  • Company admitted into IBC 2016 filed by Stress Assets Stabilization Fund invoking corporate guarantee for Eastern Sugar & Industries Limited
  • Financial statements prepared on going concern basis despite CIRP proceedings

Shareholding Pattern

  • Promoter/Promoter Group holding: 15.11% (27,95,949 shares)
  • Major shareholders include:
  • Bimal Kumar Nopany Family Trust: 12,60,000 shares (6.81%)
  • Estate of Bimal Kr Nopany: 7,34,467 shares (3.97%)
  • Nopany Investments Pvt Ltd: 7,13,477 shares (3.86%)
  • Note: Shree Bimal Kumar Nopany expired on August 20, 2020, but shares still held in his name with probate execution pending