Annual Report of the Company for the FY 2024-25
Awaiting price reaction for this filing.
Ushdev International submitted its 31st Annual Report for FY25 to BSE. The company has been under the Corporate Insolvency Resolution Process (CIRP) since May 2018, and the original resolution plan from Singapore-based Taguda Pte. Ltd. collapsed after the applicant failed to make payments — the lenders invoked the bid bond in February 2024. NCLAT has directed NCLT to decide on liquidation within three months, the Supreme Court dismissed the applicant's appeal on July 23, 2025, and the matter now awaits NCLT's final ruling. Financially, standalone turnover fell to Rs. 1,232.79 lakh from Rs. 1,503.28 lakh in FY24, and total revenue dropped to Rs. 1,476.88 lakh from Rs. 1,671.84 lakh. The loss before finance cost, depreciation and tax widened sharply to Rs. (931.25) lakh from Rs. (258.42) lakh, while loss after tax surged to Rs. (1,644.50) lakh compared to Rs. (973.48) lakh previously. The company had no metal trading operations during the year and continues to operate under Interim Monitoring Agency oversight with its Board of Directors suspended.
Shareholders face an extremely high-risk situation with the company on the verge of liquidation; existing equity holders are very likely to face total loss if NCLT orders liquidation. The sharply worsening losses and absence of core trading operations underline that any recovery value depends entirely on the pending NCLT outcome, not on operating performance.