Annual Report for the FY 2022-23
Awaiting price reaction for this filing.
Maxgrow India Ltd has submitted its 30th Annual Report for FY 2022-23. The company has been under Corporate Insolvency Resolution Process (CIRP) since June 2021 when NCLT Mumbai admitted the application. A resolution plan by PP Metallix Limited was approved by the Committee of Creditors in January 2022 and received NCLT approval on December 6, 2023. A Monitoring Agency managed the company until it was dissolved on December 10, 2024, after the Board was reconstituted on September 19, 2024. Financially, the company reported zero revenue from operations for both FY 2022-23 and FY 2021-22, with other income of Rs. 0.84 lakhs. The loss before tax reduced significantly to Rs. 9.13 lakhs from Rs. 23.16 lakhs in the previous year. No dividend was recommended due to the financial position and ongoing CIRP proceedings.
Shareholders should note that the company has been effectively non-operational for over 3 years. The resolution plan implementation involves cancellation of existing promoter and public shares (holding more than 1000 shares) and issuance of fresh shares to Metal Industrial Pte. Limited, which will significantly dilute or eliminate existing shareholder value.