Outcome of Board Meeting
Awaiting price reaction for this filing.
The Board approved long-pending unaudited/audited financial results for 8 quarters spanning June 2021 to March 2023, filed nearly 2-4 years late. The company underwent Corporate Insolvency Resolution Process (CIRP) from June 2019 and was ordered into liquidation in October 2020. Operations were suspended since Q4 FY2019 and revenue from operations is NIL for all reported quarters. The company reported a net loss of Rs. 162.80 lakhs for Q1 FY2022 with finance costs of Rs. 92.99 lakhs. Net worth is deeply negative at Rs. (29,520.47) lakhs as of September 2021 against borrowings of Rs. 19,490.37 lakhs. The company was sold via e-auction in December 2024 to M/s. Grow House Agro Limited, and a new Board was nominated in March 2025.
This filing carries serious red flags: auditor issued a Disclaimer of Opinion citing inability to verify most financial items, raised explicit going concern doubts, flagged suspected fraudulent transactions, and noted multiple statutory non-compliances. Existing shareholders face significant uncertainty as the company underwent liquidation and was acquired by a new promoter. Stock remains highly risky and trading should be approached with extreme caution.