Statement of deviation and variation for the quarter ended 31st march 2026
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Apollo Ingredients Limited (formerly Indsoya Limited) has filed a statement of deviation for funds raised through a Rights Issue of Rs. 500 Lakhs on 12-08-2025. The company has reported deviations in the utilization of funds for the quarter ended March 31, 2026. Specifically, Rs. 3 Crore originally allocated for procurement of raw materials and working capital was diverted to advance lease payment. Additionally, unutilized issue expenses of Rs. 2 Lakhs were reallocated to working capital requirements. All these deviations were approved by shareholders at an EGM held on 30-03-2026. The monitoring agency Infomerics Valuation and Rating Limited is overseeing the fund utilization. The Audit Committee has reviewed and approved the deviations, noting they are in the interest of the company, with no comments from auditors.
The deviations are material but appear to be properly sanctioned by shareholders, which may reduce negative market sentiment. However, the redirection of working capital funds to advance lease payments could raise questions about liquidity management and original fund deployment accuracy.