Following Business matters were transacted at the Board Meeting held today - a) The Un-audited Financial Results of the Company for the Quarter ended 30th June, 2025, b) Convening ....
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The Board approved unaudited standalone financial results for Q1 FY26 (quarter ended 30th June, 2025). Revenue from operations was NIL, unchanged from the corresponding quarter last year, with no other income either. Total expenses stood at Rs. 5.99 lakhs (vs Rs. 6.16 lakhs in Q1 FY25), comprising mainly employee costs of Rs. 4.40 lakhs and other expenses of Rs. 1.59 lakhs. The company posted a loss after tax of Rs. 5.99 lakhs (vs Rs. 6.16 lakhs loss in Q1 FY25), translating to an EPS of (0.20). The auditor flagged an Emphasis of Matter regarding old fixed assets worth Rs. 52.36 lakhs (Land, Building, Plant & Machinery) taken over by Maharashtra State Financial Corporation (MSFC) back in 1998 that have not been written off, along with secured loans of Rs. 1.04 crore from MSFC and Rs. 16.24 lakhs from SICOM still on the books. The Board also fixed the 32nd AGM for 30th September 2025, appointed M/s. Girish Murarka & Co. as Secretarial Auditor, and constituted an internal team as Internal Auditor for FY 2025-26.
The company continues to generate zero operating revenue and remains in losses, though the loss has narrowed marginally. The long-standing MSFC asset seizure issue (over 25 years old) remains unresolved on the books and represents a material overhang on the company's true financial position that retail investors should track.