Reason for Delay

The delay is attributed to the ongoing Corporate Insolvency Resolution Process (CIRP) and related legal proceedings:

  • The company was admitted into CIRP by NCLT Mumbai Bench order dated September 5, 2018, following an application by State Bank of India under Section 7 of IBC, 2016.
  • NCLT ordered consolidation of CIRP of 13 Videocon Group entities including Value Industries on August 8, 2019.
  • Mr. Abhijit Guhathakurta was appointed as Resolution Professional on September 25, 2019, taking over management on September 27, 2019, suspending board powers.
  • NCLT approved resolution plan submitted by Twin Star Technologies Limited on June 8, 2021 (order uploaded June 14, 2021).
  • Bank of Maharashtra and IFCI Limited filed appeals before NCLAT (Company Appeal (AT) (Ins.) No. 503 and 505 of 2021), which stayed the NCLT approval order on July 19, 2021, directing Resolution Professional to continue management.
  • NCLAT set aside the resolution plan approval on January 5, 2022, remitting matter back to Committee of Creditors (CoC).
  • CoC decided to re-invite fresh expressions of interest on January 12, 2022.
  • Twin Star Technologies challenged NCLAT order in Supreme Court (Civil Appeals 509, 512 and 894 of 2022).
  • Supreme Court made oral remarks on February 14, 2022, directing Resolution Professional and CoC not to proceed with CIRP until further orders, maintaining status quo.

Pending Financial Results

The company has not submitted financial results for multiple previous periods:

  • Quarters ended: June 30, 2024; September 30, 2024; December 31, 2024; March 31, 2025 (annual); June 30, 2025; September 30, 2025; December 31, 2025; March 31, 2026 (annual); and June 30, 2026.

Auditor Appointments

  • M/s KVA & Co., Chartered Accountants were appointed as Statutory Auditors with CoC approval on June 17, 2022, for 5 years from April 1, 2019 to March 31, 2024. They issued limited review/audit reports from June 30, 2019 to March 31, 2024.
  • M/s. GAMP & Co. were appointed as Statutory Auditors in the 51st CoC meeting on July 7, 2025, for 5 years from April 1, 2024 to March 30, 2029.

Financial Impact

The company cannot prepare September 30, 2026 quarter results until all previous quarters' results (from June 2024 to June 2026) are finalized, as they are prerequisite from an accounting standpoint. Financial impact not quantified in the disclosure.