Outcome of the Board Meeting held on May 29, 2025
Awaiting price reaction for this filing.
The Board approved audited standalone financial results for the quarter and year ended March 31, 2025. The company had been under liquidation under the IBC and was sold as a going concern to M/s R K Constructions on December 27, 2024; these are the first results prepared by the new management. The company reported zero revenue from operations, with only other income of Rs 90.87 million for FY25 against total expenses of Rs 328.66 million, resulting in a loss before tax of Rs 237.79 million (vs Rs 7.36 million loss in FY24). Accumulated losses stand at Rs 20,734.69 million, with total borrowings of Rs 18,324.86 million. The statutory auditor (Shubham Goel & Associates) issued an unmodified opinion but included an Emphasis of Matter regarding income tax prosecution notices for FY 2012-17 and EPF damages summons aggregating to Rs 0.96 crores, along with uncertainties around the pending NCLT liquidation closure and incomplete records from the Liquidator.
Despite the going concern sale, the company continues to face severe financial distress with no operational revenue, mounting losses, and substantial accumulated deficit. Shareholders face significant uncertainty as the financial statements are based on limited information from the Liquidator, pending NCLT outcomes could materially alter the accounts, and historical tax/PF liabilities add further risk.