Outcome of Monitoring Committee Meeting held on 29.05.2025, for approval of 1st quarter ended 30.06.2021 Unaudited Standalone & Consolidated Financial Results with Limited Review Report.
Awaiting price reaction for this filing.
Birla Cotsyn's Monitoring Committee approved unaudited standalone and consolidated financial results for Q1FY22 (ended 30 June 2021) along with a large backlog of results spanning FY2018-19 through FY2024-25 that were pending since the company entered insolvency and liquidation. The company is under liquidation since September 2019, but NCLT orally approved a Composite Scheme of Compromise and Arrangement on 9 January 2025, leading the auditor to prepare financials on a going-concern basis. Revenue from operations is zero across all periods; the only income is 'Other Income' of Rs 83.89 lakhs in Q1FY22. The company reported a standalone loss of Rs 158.42 lakhs and a consolidated loss of Rs 158.42 lakhs for the quarter, with deeply negative reserves of Rs 67,322 lakhs (standalone) and Rs 65,473 lakhs (consolidated). The committee also approved Rs 3 crore working capital infusion as per the revival scheme, and decided to challenge demands raised by MIDC, NSDL, CDSL, and BSE for the CIRP/liquidation period by filing an application before NCLT.
The stock is likely to remain speculative and illiquid — the company has been under liquidation since 2019 with zero operational revenue, deep negative reserves, and sustained quarterly losses. The NCLT-approved revival scheme and Rs 3 crore working capital infusion could be a step toward resumption, but shareholders face significant uncertainty given the legacy losses and pending regulatory demands being contested in NCLT.