Impex Ferro Tech Limited has informed the Exchange regarding Board meeting held on July 23, 2025.
IMPEXFERRO · price
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Impex Ferro Tech is under Corporate Insolvency Resolution Process (CIRP) since May 2, 2024, with a Resolution Professional now running the company instead of the board. The auditor (V.K. Tulsyan & Co. LLP) issued a Qualified Opinion, flagging four major issues: (1) cumulative interest of Rs. 63,020.22 lakhs (Rs. 630 crore) on bank loans has NOT been recorded in the books, (2) trade receivables, payables and advances remain unconfirmed and unreconciled for long periods, (3) claims by creditors submitted to the Resolution Professional far exceed amounts in the books, and (4) the company changed its credit-loss policy leading to excess provisioning. Revenue from operations crashed to just Rs. 20.79 lakhs in Q1 FY25 versus Rs. 2,446.52 lakhs in the previous quarter. The company reported a net loss of Rs. 158.22 lakhs, taking accumulated losses to Rs. 45,161.54 lakhs (Rs. 451.6 crore), which has fully eroded its net worth. Manufacturing has been shut since October 2022 after DVC disconnected power. A resolution plan has been submitted and an H1 bidder declared, but final NCLT approval is pending. The auditor explicitly flagged 'Material Uncertainty Related to Going Concern' as the company's survival depends on the approved resolution plan.
This is a high-risk situation for shareholders — the auditor has raised serious red flags including going concern uncertainty, qualified opinion, and massive unrecorded liabilities. Existing equity holders are likely to face significant dilution or may be wiped out depending on the resolution plan terms. The stock is highly speculative until the NCLT approves a resolution plan and the new management structure is clear.