With reference to the above, we wish to inform the exchanges that the Board of Directors of the company at their meeting held today i.e. 14th November, 2025 commenced at 6:00 PM and concluded ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Board approved unaudited standalone financial results for Q2 FY26 ended September 30, 2025, along with the limited review report. Mr. Anirudh Sethi was re-appointed as Managing Director for another five years, and notice for an Extraordinary General Meeting (EOGM) on December 12, 2025 was approved. The company posted near-zero revenue and a small loss before tax of Rs. 0.05 lakh in the quarter, with total assets of Rs. 1,770.80 lakhs and equity of just Rs. 91.57 lakhs. The statutory auditor M Sahu & Co issued a 'Disclaimer of Conclusion', flagging missing documents for non-current investments of Rs. 113.67 lakhs (no impairment provided), an unprovided income tax demand of Rs. 357.63 lakhs for AY 2017-18, and inventory of Rs. 1,648.18 lakhs valued using a stale May 2023 report. The auditor explicitly flagged material uncertainty on the going concern assumption because non-moving inventory equals 93% of total assets, and noted that CBDT has frozen the company's bank account due to the unpaid tax demand.
This is a highly negative filing for shareholders — the auditor could not conclude on the financials, the company's bank account has been frozen by the tax department, and there is material doubt about the company's ability to continue as a going concern. Expect sharp negative sentiment and elevated risk on the stock; management's shift to an 'asset-light' model is the only mitigating factor mentioned.