Outcome of Monitoring Committee meeting held on 29.05.2025, for approval of 3rd Quarter and Nine Month ended 30.09.2022, unaudited Standalone & Consolidated Financial Results with Limited ....
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Birla Cotsyn, which has been under liquidation since September 2019 following a failed CIRP, had its Monitoring Committee approve a massive backlog of unaudited and audited financial results covering FY2018-19 through FY2024-25, including the Q3 and nine months ended December 31, 2022 standalone and consolidated results. Revenue from operations remains zero across all periods, with only minor 'other income' of Rs. 83.56 lakhs in Q3 FY23, while the company posted a net loss of Rs. 114.95 lakhs for the quarter and Rs. 357 lakhs for nine months, with deeply negative reserves of around Rs. 673 crore (standalone). The committee also approved a Rs. 3 crore working capital infusion under the revival scheme, and resolved to file an application before NCLT against demands raised by MIDC, NSDL, CDSL, and BSE for the CIRP/liquidation period, since these entities never filed claims during the process. The auditor (PSV Jain & Associates) issued a clean limited review report noting nothing material requiring attention.
For shareholders: The approval of the long-pending results brings Birla Cotsyn closer to operational revival under the NCLT-approved Composite Scheme of Compromise and Arrangement (January 2025). However, the company remains a loss-making, zero-revenue entity under liquidation with massive negative reserves, so any recovery depends entirely on the successful execution of the acquirer's revival plan and Rs. 3 crore working capital infusion.