Annual Report for the FY 2020-21
Awaiting price reaction for this filing.
Maxgrow India Ltd (formerly Frontline Business Solutions Limited) has submitted its Annual Report for FY 2020-21, filed with a significant delay due to the company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The company reported zero revenue from operations and a net loss of Rs. 9.69 Lakhs for the year, compared to a loss of Rs. 12.76 Lakhs in the previous year. The CIRP was initiated in June 2021, and a resolution plan by PP Metallix Limited was approved by the Committee of Creditors in January 2022, with NCLT confirmation in December 2023. Post-CIRP completion, the Monitoring Agency reconstituted the Board of Directors in September 2024, and the Monitoring Committee was dissolved in December 2024. No dividend was recommended, and there was no change in share capital during the year.
The company was under insolvency proceedings for most of the period, resulting in significant governance disruptions and delayed reporting. With the new reconstituted board now in place, the company is working to regularize compliances. Shareholders should note the extreme delay in reporting and the company's currently dormant operational status.