The Exchange had sought clarification from BIL VYAPAR LIMITED for the quarter ended 30-Sep-2024 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
BILVYAPAR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Binani Industries Limited has responded to NSE's clarification request regarding procedural issues in their Q2 FY25 financial results filing. The company explained that subsidiary count discrepancy was due to auditors' error, standalone and consolidated results appeared similar because the remaining subsidiary has minimal operations, and the delayed submission was due to slow internet connectivity. The financial results reveal a critically distressed company with zero operating income, accumulated losses of Rs. 21,682 lakh, and liabilities exceeding assets by Rs. 18,543 lakh. Auditors have highlighted that the going concern assumption is inappropriate and results are prepared on a liquidation basis. Outstanding corporate guarantees amount to Rs. 8,025 lakh (Edayar Zinc) and Rs. 5,171 lakh (BIL Infratech) with only Rs. 2,149 lakh provisioned.
This is a highly distressed company with severely eroded net worth and negative equity. The stock carries extreme risk as the company is essentially in wind-down mode with no operating business and significant contingent liabilities still unresolved. Shareholders face potential total loss of investment value.