The Board in its meeting held today has considered and approved the Monitoring Agency report dated February 14 2026 for the quarter ended as on December 31 2025 in relation to Right issue ....
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The Board approved the Monitoring Agency (MA) report dated February 14, 2026 submitted by CARE Ratings for the Rs. 74.11 crore Rights Issue (open September 26 – October 17, 2025) for the quarter ended December 31, 2025. The company states it has fully utilized funds across all stated objects: Rs. 33 crore for loan repayment, Rs. 14.75 crore for working capital, Rs. 9.11 crore for lending to subsidiary Mehai Aqua Pvt Ltd, Rs. 16.50 crore for general corporate purposes, and most of the Rs. 0.75 crore issue expenses. However, the MA flagged serious concerns: the company failed to provide required supporting documents, management and CA certificates on gross proceeds, details of GCP usage, and approvals despite repeated follow-ups. The MA explicitly stated it could not verify whether utilization matched the disclosed objects. Certificates were issued on net proceeds rather than the mandated gross proceeds basis.
This is a negative signal for shareholders. The MA's inability to verify fund usage raises governance and transparency red flags. Additionally, the share price collapsed from Rs. 6.22 at listing (October 24, 2025) to Rs. 1.61 by February 11, 2026 – a ~74% decline – eroding significant shareholder value since the Rights Issue.