Pursuant to Regulation 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015, the Board of Directors in its meeting ....
Awaiting price reaction for this filing.
Mackinnon Mackenzie & Company Ltd reported audited standalone financial results for FY ended March 31, 2026. The company incurred a net loss of Rs 29.89 Lakhs compared to a loss of Rs 16.66 Lakhs in the previous year. Revenue from operations declined to Rs 16.86 Lakhs from Rs 20.03 Lakhs in FY25. The auditors issued a qualified opinion with 10 audit qualifications covering issues including Rs 4478.70 Lakhs in unprovided interest on debts, old unprovisioned loan balances, non-confirmation of bank balances, and property tax disputes. The company has negative net worth of Rs 86,971.64 Lakhs and secured borrowings of Rs 82,561.29 Lakhs. A lending company has obtained a decree to dispose of the company's immovable properties to recover dues of Rs 870.40 Crores. The auditors noted material uncertainty related to going concern but stated the accounts are prepared on going concern basis due to a support letter from the lending company.
The stock is suspended from trading since 2005. The company faces severe financial distress with negative net worth, mounting losses, and multiple audit qualifications indicating significant risk for any potential shareholder. The lending company's support letter provides minimal comfort given the scale of liabilities.