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Modipon Limited's Board has approved the unaudited standalone financial results for the quarter ended 31 December 2025. The company permanently discontinued manufacturing operations in May 2007 and has since been effectively a non-operating entity, with revenue from operations showing negligible or nil figures. The balance sheet shows deeply negative other equity of around Rs 10,367 lakhs against a share capital of Rs 1,157 lakhs, indicating very heavy accumulated losses. The auditor's Limited Review Report flagged numerous material matters including unprovided interest of Rs 1,000.54 lakhs to a supplier, pending one-time settlement disputes with Punjab National Bank (PNB), ongoing NCLT/DRAT/Delhi High Court litigation, unprovided central excise liability of Rs 58.05 lakhs, and significant related-party transactions with Ashoka Mercantile Limited (AML) where unallocated balances of over Rs 725 lakhs remain in unsecured loans. The auditor issued its review conclusion subject to notes 4 to 15, highlighting pervasive uncertainties.
This is a deeply distressed, non-operating shell company with negative net worth and multiple unresolved legal/financial disputes. For shareholders, this signals severe going-concern risk, potential further erosion of value from unprovided liabilities, and no visible path to operational revival. The stock is likely illiquid and suitable only for high-risk speculative exposure, if at all.