Annual Report and Notice of 2nd AGM (Post CIRP) for the Financial Year 2024-2025.
Awaiting price reaction for this filing.
Harig Crankshafts filed its Annual Report for FY 2024-25 along with the Notice of its 2nd Annual General Meeting (Post CIRP), scheduled for September 29, 2025, via video conferencing. The company, which had been shut since FY 2011 and went through Corporate Insolvency Resolution Process (CIRP), has zero revenue from operations in both FY25 and FY24. Other income dropped sharply to ₹1.14 lakh from ₹7.06 lakh a year earlier. The company posted a Profit After Tax loss of approximately ₹54.33 lakhs in FY25, compared to a profit of ₹3.01 lakhs in FY24, mainly due to an Exceptional Item charge of about ₹4.51 crores and finance costs of ₹70.27 lakhs. Under the NCLT-approved Resolution Plan, Palika Towns LLP now holds 95% of the post-restructured equity, while existing public shareholders were written down to 5%. The company has changed its main objects to real estate development and civil engineering services. The Statutory Auditor has issued a Qualified Opinion, and BSE revoked its earlier trading suspension effective July 8, 2025.
Existing public shareholders have been heavily diluted, with the Resolution Applicant (Palika Towns LLP) now controlling 95% of the company. With no operating business, a business pivot to real estate, and a qualified auditor opinion, investors should view this as a high-risk turnaround story rather than a functioning operating company.