Outcome of Monitoring committee Meeting held on 29.05.2025, for approval of 1st Quarter ended 30.06.2023 Unaudited Standalone & Consolidated Financial Results with limited Review Report.
Awaiting price reaction for this filing.
The Monitoring Committee, headed by Liquidator Anil Goel, approved a large backlog of unaudited and audited standalone and consolidated financial results covering FY2018-19 through FY2024-25 at its 29 May 2025 meeting. The company has been under liquidation since September 2019 after CIRP failed, and the NCLT Mumbai Bench orally approved a Composite Scheme of Compromise and Arrangement on 9 January 2025 (uploaded 14 January 2025), on the basis of which results were now drawn up on a going-concern assumption. For Q1 FY2023-24 (quarter ended 30 June 2023), revenue from operations was nil and the company reported a loss of Rs 173.05 lakh, driven almost entirely by depreciation of Rs 161.94 lakh. Reserves are deeply negative at about Rs (67,322) lakh (standalone) and Rs (64,163) lakh (consolidated), with paid-up equity of Rs 26,865.70 lakh. The committee also approved a Rs 3 crore working capital infusion under the scheme and decided to file an Interlocutory Application before NCLT against demands raised by MIDC, NSDL, CDSL and BSE for the CIRP/liquidation period, noting these entities did not file claims during CIRP.
Shareholders should view this as a procedural catch-up filing of multi-year delayed results rather than a new business update. The revival hinges entirely on execution of the NCLT-approved scheme and the modest Rs 3 crore working capital infusion; with zero revenue, sustained losses, and reserves far more negative than share capital, equity value remains heavily impaired and execution risk is very high.