Outcome of Board Meeting of the Company
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The board approved unaudited standalone financial results for the quarter and half year ended September 30, 2025. The company reported zero revenue from operations, with operational activities suspended since Q3 FY2018-19 following initiation of CIRP. The auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion, citing inability to verify 15 categories of records including opening balances, revenue, expenses, bank statements, related party transactions, and pending litigations. An exceptional gain of Rs. 302.21 crore was booked from NCLT-ordered write-offs of past statutory dues, loans, borrowings, and other liabilities, turning the quarter's reported net profit to Rs. 302.02 crore. The auditor flagged significant doubt on the company's ability to continue as a going concern. Borrowings dropped to zero and other current liabilities fell sharply due to these write-offs, while other equity improved from Rs. (311.84) crore to Rs. (10.05) crore.
Existing shareholders face major uncertainty as the NCLT has ordered cancellation of existing promoter and public shareholdings and issuance of new shares to the acquirer (Grow House Agro Ltd), though this has not yet been implemented. The operational business remains shut, the auditor disclaimed opinion, and going concern is doubtful — making this a high-risk situation for current equity holders.