In Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, this is to inform you that the Board of Directors of M/s Glaam ....
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Glaam Up Jwel Limited (formerly Gleam Fabmat Limited) reported standalone net profit of Rs. 11.87 Lacs for FY 2025-26, up from Rs. 1.01 Lacs in the previous year. Revenue from operations stood at Rs. 1,239.27 Lacs, relatively flat compared to Rs. 1,226.17 Lacs. However, auditors issued a QUALIFIED opinion due to two major issues: (1) Default on Rs. 2.06 Crore Axis Bank credit facility pending before Debt Recovery Tribunal since 2019 with no provision for interest; (2) GST penalty of Rs. 2,223.54 Lacs (Rs. 22.23 Crores) imposed for alleged fraudulent Input Tax Credit availment - disclosed as contingent liability as management contests the order. If this penalty is recognized, the company would show a net loss of Rs. 2,207.21 Lacs and negative net worth of Rs. 1,236.29 Lacs. The company has shifted business to diamond and precious metals trading from Gujarat after its Delhi premises were sealed.
The stock carries extreme risk due to the qualified audit opinion and a massive contingent GST liability (Rs. 2,223 Lacs) that exceeds total equity. If the penalty materializes, shareholder value would be completely wiped out. The DRT case on bank default and ongoing GST dispute create significant legal and regulatory uncertainties for investors.