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 ....
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The Board approved audited standalone financial results for Q4 and FY ended March 31, 2026. The company reported revenue from operations of Rs 16.86 Lakhs (down from Rs 20.03 Lakhs) and a net loss of Rs 29.89 Lakhs for the year (vs loss of Rs 16.66 Lakhs in previous year). The balance sheet shows severe financial distress with negative net worth of Rs 86,971.64 Lakhs (negative equity). The auditors issued a qualified opinion citing multiple issues including Rs 82,561.29 Lakhs of debt transferred to a Lending Company, a court decree to sell properties to recover Rs 870.40 Crores, unprovided old balances, lease disputes with Rs 29.69 Crores claimed, property tax disputes with BMC, and non-compliance with accounting standards for gratuity provision. The auditors raised material uncertainty about going concern. The company also appointed M/s. Sachin P. Mulgaonkar & Co. as internal auditor for FY 2026-27.
The company is effectively insolvent with negative net worth exceeding Rs 8,697 crore. Shares have been suspended from trading since 2005. The qualified audit opinion and going concern uncertainty indicate extreme financial distress and very high risk for any stakeholders.