Consider and approve the following : 1) Unaudited standalone financial results for the quarter ended June 30, 2023 2) Unaudited standalone financial results for the quarter ended September ....
Awaiting price reaction for this filing.
The board approved a large batch of delayed standalone financial results covering nine quarters from June 2023 through March 2025. The company has had zero revenue from operations since its insolvency process began, with only Rs 0.59 lakh of other income in Q1 FY24 against expenses of Rs 142.34 lakh, producing a net loss of Rs 141.75 lakh. The company has been under Corporate Insolvency Resolution Process (CIRP) since June 2019, was ordered into liquidation in October 2020, and was recently sold via e-auction to Grow House Agro Limited, which received the sale certificate in March 2025 and nominated a new board. The auditor (N.K. Sarraf & Associates) issued a disclaimer of opinion, citing inability to verify opening balances, evidence of suspected fraudulent transactions from FY18, non-deposit of statutory dues (PF, ESIC, GST, TDS, Income Tax), and missing documentation for inventory, fixed assets, borrowings, and trade balances.
This filing is highly negative for shareholders: operations have been suspended since Q4 FY19, the company is in liquidation, the auditor explicitly flagged going concern doubts, and existing equity is unlikely to retain value as a new promoter (Grow House Agro) has taken control. Shareholders should expect minimal recovery and significant dilution or restructuring under the new management.