Auditor disclaims FY2024 results; doubts over continued operation

Board approved standalone FY2024 results on September 26, 2025. The auditor issued a disclaimer of opinion due to missing records, unreconciled balances, suspected fraud, unpaid government dues and unverified inventory, loans and litigation. It also flagged doubt about continued operation. Net worth had been fully eroded by March 2019, no significant business followed the 2018 insolvency process, and loan defaults totaled Rs 228.27 crore.