Outcome of Board Meeting
Awaiting price reaction for this filing.
The board approved unaudited standalone financial results for the quarter ended 30 June 2025. The company reported no operational activity during the quarter, with total income of about Rs. 1.14 crore and a net loss of around Rs. 22.23 crore for the period. The statutory auditor, M.B. Gupta & Co., issued a qualified review report, flagging that the company has not filed income tax returns from AY 2012-13 to AY 2023-24. Notes also confirm the company recently came out of NCLT insolvency proceedings, with a resolution plan approved in April 2024, and management is assuming going concern status despite uncertainty.
For shareholders, this is a negative signal — operations remain stalled, losses continue, and the auditor's qualification around years of missing tax returns raises governance concerns. The stock may remain under pressure until the company restarts production under the new resolution plan.