Monitoring Agency report for the quarter ended 31st March 2026.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Fredun Pharmaceuticals has filed its Q4 FY2026 monitoring report for funds raised via a Preferential Issue of ₹107.78 crore (December 2025). The company states there is "no deviation" in utilization, but CARE Ratings (Monitoring Agency) cannot confirm this as the company failed to provide required documents — including supporting utilization proofs, management certificates, and CA certificates — citing server/software upgrades as the reason. Out of ₹107.78 crore raised, only ₹11.14 crore (~10%) has been utilized so far with ₹96.64 crore remaining unutilized. The earlier monitoring report (Feb 2026) had flagged issues including temporary parking of ₹37 crore in cash credit accounts (non-compliant with SEBI ICDR), loan EMI payments misclassified under working capital, and a ₹3.10 crore discrepancy between actual and reported utilization. The Audit Committee has taken note of the monitoring observations.
This filing raises concerns about fund deployment transparency and data integrity. While the company claims no deviation, the Monitoring Agency's inability to verify utilization — combined with prior flagged discrepancies — suggests investors should monitor future disclosures closely. The company cited IT upgrades as a temporary issue but has not provided clarity on the actual utilization status.