Key Quantitative Figures

  • Quarterly loss of ₹816.05 lakhs for Q2 FY23 (September 30, 2022)
  • Quarterly loss of ₹816.05 lakhs for Q1 FY23 (June 30, 2022)
  • Half-yearly loss of ₹1,632.10 lakhs for H1 FY23
  • Annual loss of ₹3,260.78 lakhs for FY22
  • Depreciation expense: ₹816.05 lakhs per quarter, ₹1,632.10 lakhs half-yearly, ₹3,264.20 lakhs annually
  • Basic and diluted EPS: (₹2.63) per quarter, (₹5.26) half-yearly, (₹10.52) annually
  • Paid-up equity share capital: ₹3,100.49 lakhs with face value of ₹10.00 per share
  • Total assets: ₹38,051.57 lakhs as of September 30, 2022
  • Property, plant and equipment: ₹16,122.10 lakhs
  • Investments: ₹7,553.00 lakhs
  • Loans: ₹7,038.98 lakhs
  • Borrowings: ₹22,028.20 lakhs
  • Deferred tax liabilities: ₹3,226.00 lakhs

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
  • Payment to stakeholders completed: November 28, 2024
  • 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
  • Successful Bidder: Not named in document
  • Auditor: S K Bhavsar & Co. (Firm Registration No.: 145880W)
  • Managing Director: Arvind Pradhan Bhanushali (DIN: 00134211)

Financial Impact Disclosure

The auditors explicitly state they are unable to determine the financial impact due to pervasive scope limitations including non-availability of books of accounts, original vouchers, underlying servers, and inability to verify asset values, impairment, balances of receivables, payables, borrowings, statutory dues, taxation provisions, employee benefits, contingent liabilities, and related party transactions.

Capital Structure Impact

Pursuant to NCLT Order dated February 26, 2026, all pre-transfer dues and liabilities have been permanently extinguished and existing equity share capital stands cancelled. The Company has adopted Fresh Start Accounting effective from Transfer Date of November 7, 2024.

Operational Status

During the period under review, the Company's operational activities were suspended. The Company was not a going concern during CIRP (Jan 2021-Apr 2022) and liquidation (May 2022-Nov 2024) periods.

Reconstruction Basis

The current management prepared these financial results on a "best-effort basis" as they did not have access to complete books of accounts, original vouchers, and underlying servers from the historical period. The results were reconstructed from fragmented data, previous filings, and summary statements provided by the Liquidator.

Legal Protection

The NCLT Relief Order dated February 26, 2026 provides that the Successful Bidder shall not be held liable for statutory/regulatory non-compliances occurring prior to the Transfer Date (November 7, 2024), including any non-compliance penalties/fines levied by BSE and NSE for non-publication of results.