Outcome of Board meeting
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. Standalone revenue from operations for Q3 was nil versus ₹101 lakhs in the year-ago quarter, and the company reported a net loss of ₹167.53 lakhs for the nine-month period. Net worth is negative at ₹116.86 lakhs, with total liabilities of ₹2,461.92 lakhs exceeding total assets of ₹2,345.06 lakhs. The auditor issued a Qualified Opinion flagging three issues: non-provision of ₹156.42 lakhs in interest on delayed NBFC loan repayments (which would widen the loss to ₹199.40 lakhs), an income-tax lien on the Axis Bank account, and default in statutory dues (PF, ESIC, PT, TDS totaling ₹19.23 lakhs). Several NBFC loans are in default, a Redfort Capital loan has been declared NPA with arbitration pending in the Delhi High Court, and the company is under settlement review with all NBFCs while taking on no new projects. A preferential allotment of 20,56,965 shares was completed, materially diluting promoter Sushila Rupani's stake from 39.72% to 18.06%. The Board did not consider the resignations of Executive Director Ranjan Chona and Managing Director Lalit Chouhan.
The financial position is severely distressed — negative net worth, qualified audit opinion, NPA-tagged loans, and ongoing NBFC restructuring raise serious going-concern questions. Shareholders face deepening losses, potential further dilution, and uncertainty around settlement outcomes; combined with the unresolved key-director resignations, this is a high-risk situation likely to weigh on stock sentiment.