Annual Report for the FY 2021-22
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Maxgrow India Ltd (formerly Frontline Business Solutions Ltd) submitted its Annual Report for FY 2021-22 while under Corporate Insolvency Resolution Process (CIRP). The company had zero revenue from operations during the year, similar to FY 2020-21. Loss before tax widened to Rs. 23.16 Lakhs from Rs. 9.69 Lakhs in the previous year, nearly doubling the losses. The CIRP was initiated on June 4, 2021, following an NCLT order, and the Resolution Plan filed by PP Metallix Limited was approved by the Committee of Creditors on January 24, 2022, and subsequently by NCLT on December 6, 2023. The Monitoring Agency reconstituted the Board of Directors on September 19, 2024, with the new Board becoming effective from December 20, 2024. Fresh equity shares were issued to Metal Industrial Pte. Limited, while old promoter shares were extinguished.
The company remains non-operational with no revenue, but the successful completion of CIRP and reconstitution of the Board marks a new beginning. Shareholders should note that the old equity shares held by promoters and public shareholders with more than 1,000 shares were cancelled and fresh shares were issued to the new investor, fundamentally changing the company's ownership structure.