1. The Board considered and approved the Un-audited Financial Results of the Company for the quarter and half year ended 30th September, 2025 along with the Limited Review Report of the ....
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Awaiting price reaction for this filing.
The board approved unaudited financial results for the quarter and half year ended 30 September 2025 along with the auditor's limited review report, and appointed Mr. Shashikant Sandbhor as new Chief Financial Officer effective 13 November 2025. The company explicitly flagged a going concern uncertainty, stating that its entire networth has been eroded and current liabilities exceed current assets, casting doubt on its ability to continue operations. Three commissary units in Bangalore (Oct 2022), Mumbai (Jan 2024), and Gurugram (Sept 2024) have been shut down and shown as discontinued operations. The auditor raised several red flags beyond going concern, including non-recognition of gratuity and leave encashment liabilities under Ind AS 19, EPS not computed per Ind AS 33 (weighted average not used), and non-compliance with MSMED Act on identifying small enterprise creditors. A contingent liability of Rs 290.46 lakhs tied to closed Bangalore unit employees was disclosed, along with a previously undisclosed arbitration settlement of Rs 5.81 lakhs plus old dues of Rs 3.19 lakhs.
This is a serious red flag filing — the explicit going concern warning, fully eroded networth, and multiple auditor qualifications signal deep operational and financial distress. Shareholders should brace for heightened risk and watch closely for progress on the company's planned pivot into supermarket store operations, which management claims will drive positive cash flows and networth recovery.