In compliance with Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Board of Directors of the Company (Power Suspended) as per the provision ....
Awaiting price reaction for this filing.
CMI Ltd's Board (with powers suspended) has approved the audited financial results for Q4 and FY ending March 31, 2025, under the supervision of Resolution Professional Mr. Deepak Maini. The company is currently under the Corporate Insolvency Resolution Process (CIRP) after NCLT Delhi admitted Canara Bank's petition on July 28, 2023, for a default of Rs. 164.86 crore. Total income for FY25 nearly doubled to Rs. 5,807.70 lakhs (from Rs. 2,975.44 lakhs in FY24), but the company posted a wider net loss of Rs. 1,103.16 lakhs (vs Rs. 832.56 lakhs). Net worth is fully eroded at negative Rs. 14,644.21 lakhs, with accumulated losses of Rs. 16,247.28 lakhs against a paid-up capital of just Rs. 1,602.74 lakhs. The auditor issued a qualified (modified) opinion citing going concern uncertainty and inability to verify multiple financial items. No resolution plan has been approved by the Committee of Creditors, and an application for liquidation is pending before the NCLT.
This filing is highly negative for shareholders — the company remains in active insolvency proceedings with its net worth completely wiped out, widening losses, and a liquidation application now pending. Equity holders face a high risk of total loss, as under IBC resolution or liquidation, financial creditors and workmen dues are typically paid before shareholders receive anything.