Annual Report for the FY 2023-24
IMPEXFERRO · price
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Impex Ferro Tech has filed its Annual Report for FY 2023-24 along with the notice for its 29th AGM, scheduled for June 10, 2025 via video conferencing. The company is currently under Corporate Insolvency Resolution Process (CIRP), which commenced on May 2, 2024 after NCLT Kolkata admitted a petition filed by operational creditor Auroma Coke Limited over an unpaid claim of Rs. 2.75 crore. Revenue from operations crashed 80.82% to Rs. 2,750.21 lakhs (from Rs. 14,338.17 lakhs), and the company posted a net loss of Rs. 2,982.85 lakhs versus a Rs. 3,359.78 lakhs loss in the prior year. Resolution Professional Mr. Ashok Kumar Sarawagi now runs the company as the Board's powers stand suspended; the CFO and Company Secretary resigned in April 2024, and the Managing Director is described as unapproachable. No dividend was recommended due to CIRP, and the annual accounts were prepared on a going concern basis despite the insolvency proceedings.
Shareholders face major uncertainty as the company is in insolvency resolution; equity holders are likely to see significant dilution or losses depending on the resolution plan finally approved by NCLT.