Key Quantitative Figures

  • Revenue from Operations: ₹0.00 lakh for Q1 FY25 (June 2024), preceding quarter (March 2024), and year-ago quarter (June 2023)
  • Other Income: ₹0.00 lakh for Q1 FY25 vs ₹75.80 lakh in preceding quarter
  • Total Expenses: ₹512.50 lakh for Q1 FY25, comprising solely of Depreciation and Amortization Expenses of ₹512.50 lakh
  • Net Loss: ₹512.50 lakh for Q1 FY25, compared to ₹1,153.10 lakh loss in preceding quarter and ₹863.70 lakh loss in year-ago quarter
  • Earnings Per Share: Basic and Diluted loss per share of (₹1.65) for Q1 FY25
  • Paid-up Equity Share Capital: ₹3,100.49 lakh with face value of ₹10.00 per share

Dates of Action

  • Quarter Ended: June 30, 2024
  • Transfer Date (acquisition as going concern): November 7, 2024
  • Sale Certificate Date: January 23, 2025
  • NCLT Relief Order Date: February 26, 2026
  • Auditor's Report Date: May 30, 2026
  • CIRP Initiation: January 11, 2021
  • Liquidation Order: April 28, 2022
  • E-Auction: August 16, 2024
  • Payment Completion to Stakeholders: November 28, 2024

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 disclosure
  • Applicant for CIRP: Axis Bank Limited

Financial Impact Disclosure

Auditors issued disclaimer of conclusion due to complete non-availability of primary books of accounts, original vouchers, and underlying IT servers from the historical period. The current management prepared financial results on a "best-effort basis" using fragmented data and summary statements from the Liquidator.

Capital Structure Impact

NCLT Order dated February 26, 2026 permanently extinguished all pre-transfer dues and liabilities and cancelled existing equity share capital. Fresh Start Accounting adopted effective November 7, 2024 transfer date.

Operational Status

During the period under review (Q1 FY25), 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

Financial results for historical periods (Sep 2019-Dec 2024) reconstructed from fragmented data, previous filings, and summary statements provided by the Liquidator. The newly reconstituted Board does not take responsibility for accuracy of pre-acquisition period data.