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The Board approved the unaudited financial results for the quarter ended June 30, 2025, with a clean (unqualified) Limited Review Report from statutory auditor Mahendra N. Shah & Co. The key decision is approval to sell the company's main property – Plot No. B-18, Gandhinagar Electronic Estate (12,022 sq m land plus factory building) – to Tirex Transmission Private Limited for INR 29 crore; the buyer is unrelated to the promoters and the deal will be carried out at arm's length. During the quarter, the company also booked a one-time gain of Rs. 226.81 lakhs on the sale of a smaller sub-plot (B-17/P/5), shown under other income. The Board also raised the authorized ceiling for loans, investments, guarantees and securities from Rs. 35 crore to Rs. 60 crore, and scheduled an EGM for September 1, 2025 to seek shareholder consent for the property sale and expanded borrowing limits.
This is a major corporate action – the sale of the company's principal operating asset for Rs. 29 crore, which is a large sum relative to FY25 revenue of about Rs. 17.79 crore. For shareholders, completion would significantly boost the company's cash position but hinges on shareholder approval at the September 1 EGM and GIDC clearances; the management has stated operations will shift to a new location so turnover will not be affected.