Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company in its meeting held today i.e. Thursday, ....
Awaiting price reaction for this filing.
The Board approved standalone unaudited results for Q3 FY26, with the auditor issuing a Qualified Opinion. Revenue from operations fell to Rs 4.22 lakhs (vs Rs 5.27 lakhs in Q3 FY25), while other income surged to Rs 52.81 lakhs, helping the company swing to a net profit of Rs 38.22 lakhs for the quarter (vs a loss of Rs 13.19 lakhs a year ago). For 9M FY26, net profit stood at Rs 1.97 lakhs vs a loss of Rs 27.72 lakhs in 9M FY25. However, accumulated losses stand at Rs 87,135.05 lakhs, resulting in deeply negative net worth. The auditor flagged a material uncertainty on going concern, though a 'Lending Company' (which acquired the bank's debts) has given a support letter to extend financial help. The company's shares have been suspended from trading on BSE since 2005 due to non-payment of listing fees.
Despite the small Q3 profit, the company is in serious financial distress with massive accumulated losses, negative net worth, and contingent liabilities of around Rs 868 crores owed to the Lending Company. Shareholders face significant risk as the company's survival depends on continued support from the Lending Company, and shares remain suspended from trading.