Outcome of Board Meeting dated 13th February 2026
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The Board appointed Mr. Manoj Bawa (Chartered Accountant with 35+ years in finance, strategy, M&A and governance) as Non-Executive Independent Director for a 5-year term, and reconstituted the Audit and Nomination & Remuneration Committees accordingly. The Board also approved the unaudited standalone and consolidated financial results for Q3 and nine months ended December 2025. On a standalone basis, the company reported zero revenue from operations and a net loss of Rs. 501.62 lakhs for the quarter (Rs. 1,476.96 lakhs for 9M FY26). The auditor issued a qualified review report flagging serious concerns, including negative net worth, default with Bank of India, unpaid FCCB loans of Rs. 29,085 lakhs overdue since 2011, wilful defaulter classification, and a pending CBI chargesheet against the company and its directors.
Despite a new, experienced Independent Director joining the board, the underlying business remains in deep financial trouble with no operating revenue, a large negative net worth (Rs. 82,653.84 lakhs), and unresolved legal/loan defaults. Shareholders should expect continued going-concern risk and very limited near-term recovery potential; the stock is likely to remain highly speculative.