Pursuant Regulation 30 and other applicable Regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that Board of Directors of the ....
Awaiting price reaction for this filing.
The Board approved audited financial results for Q4 and FY ended March 31, 2025, audited with a Qualified Opinion by J M & Associates. Total revenue for FY25 fell to Rs 44.83 lakhs from Rs 56.36 lakhs in FY24, and the company reported a net loss of Rs 16.66 lakhs (vs Rs 3,096.56 lakhs loss in FY24, which included a one-time Rs 3,032 lakhs exceptional expense for workmen dues). Accumulated losses stand at Rs 87,137.02 lakhs, leaving net worth deeply negative at Rs (86,916.89) lakhs, and the auditor flagged Material Uncertainty related to Going Concern. The company's old bank debts of Rs 82,561.29 lakhs (now Rs 86,109.08 lakhs with interest) were transferred to a private 'Lending Company' after a Bombay High Court decree. Additionally, CS Bhakti Harsh Dalmia was appointed as Company Secretary effective June 1, 2025, and M/s. M P Sanghavi & Associates LLP was appointed as Secretarial Auditor for 5 years (FY 2025-26 to 2029-30).
The company is in deep financial distress with fully eroded net worth and a going-concern qualification from the auditor, although management cites a support letter from the lending company until September 2026. Trading in the stock remains suspended on BSE since 2005, so there is no immediate price impact, but existing shareholders face continued uncertainty about revival or eventual liquidation of remaining assets.