Financial results for the quarter ended June 30, 2021
Awaiting price reaction for this filing.
The board approved standalone unaudited financial results for eight quarters spanning Q1 FY22 to Q4 FY23. The company reported zero revenue from operations across all periods, with a net loss of Rs 162.80 lakh in Q1 FY22 and a full-year FY21 loss of Rs 638.24 lakh. The statutory auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion, stating they could not obtain sufficient evidence and the financials may contain material misstatements. The company has been under CIRP since June 2019, ordered into liquidation in October 2020, and was sold via e-auction in December 2024 to M/s Grow House Agro Limited, which has nominated a new board. The auditor flagged multiple serious issues including suspected fraudulent transactions, non-deposit of statutory dues (PF, ESIC, GST, TDS, Income Tax), fraudulent-looking trade receivables, and missing records for inventory, fixed assets, and bank statements.
The company is effectively defunct from an operations standpoint — no revenue, negative net worth of approximately Rs 295 crore, and ongoing liquidation/IBC proceedings create extreme risk for shareholders. The disclaimer of opinion and going concern doubt mean these results carry very low reliability, and existing equity holders face significant dilution or wipeout risk under the new ownership.