Outcome of Monitoring Committee Meeting held on 29.05.2025, for approval of 1st Quarter ended 30.06.2024 Unaudited Standalone & Consolidated Financial Results with Limited Review Report.
Awaiting price reaction for this filing.
Birla Cotsyn (India) Limited's Monitoring Committee (chaired by Liquidator Anil Goel) met on 29.05.2025 and approved a large backlog of unaudited and audited financial results spanning FY2018-19 through Q1 FY2024-25. The company is under liquidation following an NCLT order dated 24.09.2019, but an NCLT order pronounced on 09.01.2025 (uploaded 14.01.2025) has approved a Composite Scheme of Compromise and Arrangement, leading to financial statements being prepared on a going concern basis. Revenue from operations is NIL for Q1 FY25 (and was NIL for FY24 and Q1 FY24 as well), with total income at nil (Q1 FY24: Rs 1.39 lakhs). Loss before tax widened slightly to Rs (163.70) lakhs in Q1 FY25 vs Rs (173.05) lakhs in Q1 FY24, driven by depreciation of Rs 142.07 lakhs and other expenses of Rs 21.64 lakhs. Reserves remain deeply negative at Rs (66,657.16) lakhs on a standalone basis, against paid-up equity of Rs 26,865.70 lakhs. The committee also approved a working capital infusion of Rs 3 crore 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 when no claims were filed.
Shareholders should note the company remains under liquidation with no operating revenue, mounting losses, and fully eroded reserves, but the NCLT-approved Composite Scheme and going-concern assumption signal an attempted revival via a new acquirer. The Rs 3 crore working capital infusion and pending IA against regulatory/utility demands are procedural steps toward operational restart, but meaningful business recovery is not yet visible in the numbers.