Please find enclosed the outcome of board meeting held on February 14, 2026
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Modipon's Board approved the unaudited standalone financial results for the quarter ended December 31, 2025, along with the Limited Review Report by statutory auditor B.M. Chatrath & Co. LLP. The company has not been in operation since it permanently shut down manufacturing in May 2007 and disposed of movable assets by 2010, so the results largely reflect legacy wind-down activity, interest accruals, and disputed liabilities. Total equity remains deeply negative at roughly ₹(920) lakhs (share capital ₹1,157.67 lakhs offset by other equity of ₹(10,367.25) lakhs), with large accumulated losses carried forward. The auditor's review report is unmodified on the face of it but is expressly 'subject to' 12 separate notes (Notes 4–15) flagging serious unresolved matters: unprovided interest of ₹1,000.54 lakhs to a supplier, undisclosed interest exposure to MSME creditors, unconfirmed balances, and disputed tax/OTS issues.
This is a deeply distressed, non-operating entity with negative net worth, ongoing PNB insolvency-related litigation, and unprovided liabilities that could materially worsen reported losses. For shareholders, there is no operating business, no revenue, and the outcome of pending court cases (next hearing February 25, 2026) and the PNB OTS revival remain the key swing factors — the stock is effectively a legacy legal-resolution story rather than an operating investment.