Alps Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
Awaiting price reaction for this filing.
Alps Industries has filed its unaudited financial results for the quarter ended June 30, 2025 (Q1 FY26), which were reviewed by the Resolution Professional since the company's Board of Directors' powers remain suspended. The company is currently under the Corporate Insolvency Resolution Process (CIRP) under the IBC, 2016, following NCLT admission of the insolvency petition on September 13, 2024, with EARC (Edelweiss Assets Reconstruction Company) holding over 99% of secured debt and claiming Rs. 6,11,939.59 lakh. The Committee of Creditors has voted in favour of one of the 13 resolution plans received, which is now pending NCLT approval. The statutory auditor (A S GOEL & Co) issued a qualified opinion, noting that the company has not provided for liabilities of Rs. 2,17,409.40 lakh towards waived interest and principal, which would increase losses and reduce shareholders' funds if recognized. The Board also approved the appointment of O. Aggarwal & Co as the new statutory auditor (replacing the resigning A S GOEL & Co), re-appointment of Sandeep Agarwal as Managing Director, and the 53rd AGM notice.
This is a high-risk situation for shareholders: the company is in active insolvency proceedings with a qualified audit opinion and massive unprovided liabilities, meaning reported financials likely understate the true losses. The ongoing NCLT approval of a resolution plan will be the key determinant of any recovery for equity holders, which is typically minimal in CIRP outcomes. The auditor change and suspended Board powers further confirm the distressed status of the company.