Key Quantitative Figures

  • Quarter ended December 31, 2019: Net Loss of ₹865.70 lakhs
  • Quarter ended September 30, 2019: Net Loss of ₹1,157.30 lakhs
  • Quarter ended December 31, 2018: Net Profit of ₹257.60 lakhs
  • Nine months ended December 31, 2019: Net Loss of ₹3,451.00 lakhs
  • Basic EPS: (₹2.792) for Q3 FY20, (₹3.733) for Q2 FY20, ₹0.831 for Q3 FY19
  • Paid-up Equity Share Capital: ₹3,100.49 lakhs throughout all periods
  • Face Value per Share: ₹10.00

Dates of Action

  • CIRP initiated: January 11, 2021
  • Liquidation Order: April 28, 2022
  • Transfer Date (acquisition as going concern): November 7, 2024
  • Sale Certificate issued: January 23, 2025
  • NCLT Relief Order: February 26, 2026
  • Board approval date: May 30, 2026

Parties Involved

  • Resolution Professional: Mr. Saurabh Kumar Tikmani
  • Liquidator: Mr. Gajesh Labhchand Jain
  • Auditor: S K Bhavsar & Co. (Firm Registration No.: 145880W)
  • Successful Bidder: Not named in disclosure
  • Applicant for CIRP: Axis Bank Limited

Basis for Disclaimer of Conclusion

Auditor was 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 of provisions for taxation (Ind AS 12), employee benefits (Ind AS 19), contingent liabilities, and related party transactions

NCLT Relief Order Impact (February 26, 2026)

  • All pre-transfer dues and liabilities permanently extinguished
  • Existing equity share capital stands cancelled
  • Fresh Start Accounting adopted effective November 7, 2024 (Transfer Date)
  • 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

Financial Results Reconstruction

  • Prepared on "best-effort basis" by current management
  • Based on fragmented data, previous filings, and summary statements provided by Liquidator
  • Current management does not take responsibility for accuracy, completeness, or veracity of underlying financial data
  • Comparative figures similarly reconstructed from available fragmented records

Operational Status During Period

  • Quarter ended December 31, 2019: Operational activities suspended
  • CIRP period (Jan 2021-Apr 2022): Moratorium under Section 14 of IBC imposed
  • Liquidation period (May 2022-Nov 2024): Company not a going concern
  • Post November 7, 2024: Acquired as going concern by Successful Bidder

Capital Structure Impact

  • Pre-transfer equity share capital of ₹3,100.49 lakhs cancelled/extinguished without payment
  • Fresh Start Accounting implemented from Transfer Date