Outcome of IMA Meeting held on Wednesday, August 13, 2025
Awaiting price reaction for this filing.
Ushdev International, which is under CIRP since 2018 with its board suspended and powers vested in the Implementation and Monitoring Agency (IMA), reported Q1 FY26 (quarter ended June 30, 2025) standalone revenue of Rs. 424.55 lakhs, up from Rs. 324.96 lakhs in Q1 FY25 (~31% growth). However, the company posted a net loss of Rs. 137.67 lakhs versus Rs. 31.19 lakhs in the year-ago quarter, with a massive negative net worth of Rs. 3,20,897.50 lakhs and net current liabilities of Rs. 3,26,896.36 lakhs. The statutory auditors (SGN & Co.) issued a 'Disclaimer of Opinion' stating they could not verify several balance confirmations, foreign currency revaluations, or comment on the company's ability to continue as a going concern. Liquidation proceedings are advancing: the Supreme Court dismissed the Resolution Applicant's (Taguda Pte Ltd) appeal on July 23, 2025, and SBI-led creditors' liquidation plea is pending before NCLT Mumbai. The IMA also appointed M/s. Abhay Kumar Pal & Co. as Secretarial Auditor for FY26-FY30 and scheduled the 31st AGM for September 26, 2025.
This filing is extremely negative for shareholders. With liquidation now the likely outcome after the Supreme Court's dismissal of the resolution applicant's appeal, equity holders face near-total wipeout risk given the deeply negative net worth. The auditor's disclaimer of opinion and the going-concern qualification reinforce that the company's survival as a going entity is in serious doubt.