Approve and consider unaudited financial result quarter ended June 2025 for the FY 2025-26.
Awaiting price reaction for this filing.
The Board approved the unaudited standalone results for Q1 FY26 on October 6, 2025. The company has been under CIRP since June 2019, went into liquidation in October 2020, and was acquired by Grow House Agro Ltd through an e-auction in December 2024, with a sale certificate issued in March 2025. An NCLT order dated June 10, 2025 authorized the revival as a going concern, with new management (Nikunj Shah as MD/CFO) taking charge and Grow House Agro permitted to issue 95 lakh new equity shares worth Rs 9.5 crore. Operational activities have been suspended since Q3 FY2018-19, net worth is eroded, and the company continues to incur losses. The auditor issued a disclaimer of opinion, citing inability to verify opening balances, trade receivables/payables, inventory, fixed assets, bank statements, statutory liabilities, related party transactions, and numerous Ind AS compliance issues spanning 24 specific items.
This filing signals a turnaround attempt — a new promoter (Grow House Agro) is infusing capital and wiping past liabilities, but existing shareholders face heavy dilution as promoter shares are canceled and public holding is cut to 5%. The disclaimer of opinion from auditors, with 24 unresolved items and explicit going-concern doubt, means investors should treat the financials with extreme caution until new management publishes verified, post-revival numbers.