Alps Industries Limited has informed the Exchange regarding Board meeting held on August 14, 2025.
Awaiting price reaction for this filing.
Alps Industries' board met on August 14, 2025 and approved unaudited Q1 FY26 results (quarter ended June 30, 2025) along with the 53rd AGM notice and Directors' Report. The company is under Corporate Insolvency Resolution Process (CIRP) after NCLT admitted an insolvency petition by Edelweiss ARC (EARC) on September 13, 2024; EARC holds over 99% of secured debt with claims of Rs. 6,11,939.59 lakh. CoC voted in favor of one of 13 resolution plans on June 27, 2025, which is now pending NCLT approval. Statutory auditor A S GOEL & Co resigned and M/s O. Aggarwal & Co was appointed for a four-year term; a new secretarial auditor was also appointed. The auditor issued a qualified opinion flagging that the company has not provided for Rs. 217,409.40 lakh in interest and waived principal liability, which would increase losses and erode shareholders' funds. The company also disclosed ongoing loan defaults beyond 30 days under SEBI's default disclosure circular.
This filing carries very high risk signals for shareholders: the company is in active insolvency, the auditor qualified the accounts over a Rs. 2,174 crore unprovided liability, and the future of the business depends entirely on NCLT approving the pending resolution plan. Shareholders' equity could be substantially diluted or wiped out depending on the resolution outcome.