Annual Report for the FY 2023-24
Awaiting price reaction for this filing.
Maxgrow India Ltd (formerly Frontline Business Solutions Ltd) has submitted its Annual Report for FY 2023-24. The company is a distressed entity that underwent Corporate Insolvency Resolution Process (CIRP) under IBC 2016, initiated on June 04, 2021. The Resolution Plan filed by PP Metallix Limited was approved by NCLT on December 06, 2023. The company has zero revenue from operations for both FY 2023-24 and FY 2022-23. It reported a loss before tax of Rs 11.72 Lakhs for FY 2023-24, compared to a loss of Rs 9.13 Lakhs in the previous year. Other income was merely Rs 0.74 Lakhs. The Monitoring Agency (IMA) managed operations and was dissolved on December 10, 2024, after which the Board was reconstituted on December 20, 2024. Fresh equity shares were issued to Metal Industrial Pte. Limited, while old promoter shares were cancelled. The company is effectively a shell with no active business operations and is in early revival stages under new management.
Shareholders should be cautious—this is a revived insolvency case with no current business operations. The stock may be illiquid or suspended, and significant re-rating depends entirely on new management successfully restarting operations. Compliance history shows multiple irregularities during CIRP period.