Key Quantitative Figures

  • Quarter Ended September 30, 2023: Net Loss of ₹833.90 lakhs
  • Quarter Ended June 30, 2023: Net Loss of ₹863.70 lakhs
  • Quarter Ended September 30, 2022: Net Loss of ₹816.05 lakhs
  • Half Year Ended September 30, 2023: Net Loss of ₹1,697.60 lakhs
  • Half Year Ended September 30, 2022: Net Loss of ₹1,632.10 lakhs
  • Year Ended March 31, 2023: Net Loss of ₹3,276.92 lakhs
  • Depreciation Expense: ₹833.90 lakhs (Q2 FY24), ₹863.70 lakhs (Q1 FY24), ₹816.05 lakhs (Q2 FY23)
  • Earnings Per Share (Basic & Diluted): (₹2.69) for Q2 FY24, (₹2.79) for Q1 FY24, (₹2.63) for Q2 FY23
  • Paid-up Equity Share Capital: ₹3,100.49 lakhs with face value of ₹10.00 per share
  • Total Assets: ₹34,705.95 lakhs as at September 30, 2023 (₹36,403.55 lakhs as at March 31, 2023)
  • Property, Plant and Equipment: ₹12,620.64 lakhs
  • Investments: ₹7,553.00 lakhs
  • Loans: ₹7,038.98 lakhs
  • Cash and Cash Equivalents: ₹3,197.42 lakhs
  • Borrowings: ₹22,028.20 lakhs
  • Deferred Tax Liabilities: ₹3,226.00 lakhs

Dates of Action

  • CIRP Initiation: January 11, 2021
  • Liquidation Order: April 28, 2022
  • E-Auction: August 16, 2024
  • Transfer Date: November 7, 2024 (control transferred to Successful Bidder)
  • Sale Certificate: January 23, 2025
  • Payment Completion: November 28, 2024 (Section 53(1) of IBC)
  • NCLT Relief Order: February 26, 2026
  • Financial Results Date: September 30, 2023 (quarter end)
  • Report Date: May 30, 2026

Parties Involved

  • Auditor: S K Bhavsar & Co., Chartered Accountants (Firm Registration No.: 145880W)
  • Resolution Professional: Mr. Saurabh Kumar Tikmani
  • Liquidator: Mr. Gajesh Labhchand Jain
  • Successful Bidder: Not named in document
  • Applicant for CIRP: Axis Bank Limited
  • Regulatory Bodies: SEBI, NCLT Mumbai Bench

Basis for Disclaimer of Conclusion

Auditors were unable to obtain sufficient appropriate evidence due to:

  • Complete non-availability of primary books of accounts, original vouchers, and underlying IT servers
  • Inability to conduct physical verification of fixed assets and inventories
  • Inability to ascertain potential impairment under Ind AS 36
  • Inability to verify historical balances of trade receivables, cash and bank balances, loans and advances, trade payables, borrowings, and statutory dues
  • Inability to evaluate financial impact of shifting bases of accounting during CIRP and Liquidation phases
  • Inability to ascertain completeness and accuracy of provisions for taxation, employee benefits, contingent liabilities, related party transactions, and reconstructed prior-period comparatives
  • Non-operational framework for Internal Financial Controls and routine SEBI LODR compliances during transitionary phase

NCLT Relief Order Impact (February 26, 2026)

  • All pre-transfer dues and liabilities permanently extinguished
  • Existing equity share capital stands cancelled
  • Company adopted Fresh Start Accounting effective Transfer Date of November 7, 2024
  • Successful Bidder not liable for statutory/regulatory non-compliances occurring prior to Transfer Date
  • Non-compliance penalties/fines by BSE and NSE for non-publication of results waived

Corporate History and Reconstruction

  • Company underwent Corporate Insolvency Resolution Process (CIRP) from January 2021
  • Liquidation proceedings initiated from April 2022
  • No Resolution Plan received by final submission date (November 15, 2021)
  • Company acquired as going concern via e-auction on August 16, 2024
  • Financial results reconstructed on "best-effort basis" from fragmented data, previous filings, and summary statements from Liquidator
  • Current management does not take responsibility for accuracy, completeness, or veracity of pre-acquisition financial data

Accounting Periods

  • Pre-CIRP Period (Sep-2019 to Dec-2020): Prepared under Ind AS on going concern basis
  • CIRP Period (Jan-2021 to Apr-2022): Prepared under supervision of RP, assets at net realisable values
  • Liquidation Period (May-2022 to Nov-2024): Prepared on liquidation basis under Liquidator supervision
  • Post-Going-Concern-Sale Period (Dec-2024): Fresh Start Accounting adopted from Transfer Date (November 7, 2024)

Operational Status

  • Operational activities were suspended during CIRP and liquidation periods
  • Company was not a going concern during January 2021 to November 2024
  • Going concern assumption appropriate from quarter ended December 31, 2024 onwards

Financial Impact Assessment

Financial impact of scope limitations could not be determined due to pervasive limitations affecting Statement of Profit and Loss, Statement of Assets and Liabilities, and Cash Flow Statement.