Outcome of the R.P. Committee held on Tuesday, May 26, 2026 for Approving the Audited Financial Results for the Quarter and Financial year ended 31.03.2026.
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Vas Infrastructure Ltd reported a profit after tax of Rs. 32.51 lakh for FY2026, turning around from a loss of Rs. 50.46 lakh in FY2025. The company is under Corporate Insolvency Resolution Process (CIRP) since March 2024, with management controlled by Resolution Professional Ashok Kumar Golechha. Total income increased to Rs. 89.04 lakh, primarily from other income (interest/rent). The auditor issued a Qualified Opinion citing that books of account, trade receivables, investments, borrowings, and liabilities are under reconciliation as part of CIRP. Canara Bank classified the company's loan as 'Fraud' on February 17, 2026. The auditor stated they cannot confirm expected credit loss, completeness of liabilities, or the going concern assumption due to inadequate audit evidence. The company has negative total equity of Rs. 25.92 crore and total liabilities of Rs. 41.51 crore.
The qualified opinion and ongoing CIRP indicate significant financial distress. Shareholders face extreme risk as the company has negative equity and unresolved fraud classification by a major lender. The resolution plan is pending NCLT approval.