Out come of Board Meeting
Awaiting price reaction for this filing.
The Board approved audited financial results for Q4 and FY ended March 31, 2025, following the company's emergence from Corporate Insolvency Resolution Process (CIRP). The NCLT Ahmedabad had approved the resolution plan of M/s Mercury Terra Firma on November 27, 2024, making it the new promoter with 94.80% of the restructured share capital. The Board approved a major capital reduction: existing promoter shares stand cancelled, and public shareholders' shares are being reduced to 6 shares for every 100 held, with no payment for fractional shares. The company reported a massive loss of Rs. 72.37 crore for FY25, with total income of just Rs. 13.55 lakh, net worth turning negative at Rs. (36.05) crore, and exceptional items of Rs. 60.08 crore (write-off of pre-CIRP liabilities). The statutory auditor (K P J & Co.) issued a qualified opinion, citing reliance on prior auditor's opening balances and a provisional balance sheet. The Board also appointed Riddhi Shah as Secretarial Auditor for five years (FY26–FY30) and sought a three-month extension for holding the AGM due to ongoing restructuring.
Existing public shareholders will face severe dilution — losing 94% of their holdings — with the new promoter (Mercury Terra Firma) taking 94.8% control. The stock will effectively represent a restructured entity with no current operations; near-term price action will be driven by the capital reduction record date and resumption of business plans rather than fundamentals, given the negative net worth and non-operational status.