Pursuant to Regulation 30 (read with Part A of Schedule III) and Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 and other applicable provisions ....
Awaiting price reaction for this filing.
The Board (technically the Monitoring Committee, as the Board's powers remain suspended under IBC) approved audited results for FY25 showing total income of Rs. 476.77 lakhs, a steep fall from Rs. 2,851.37 lakhs in the previous year, with a loss after tax of Rs. 5.55 lakhs compared to a profit of Rs. 1,035.97 lakhs earlier. The statutory auditor issued a Qualified Opinion and flagged a Material Uncertainty Related to Going Concern, noting that the outcome of the approved Resolution Plan cannot be ascertained and that its non-implementation could threaten the company's survival. Several Emphasis of Matter points highlight non-compliance with the 5% minimum public shareholding rule, debt accounted at cost instead of fair value (overriding Ind AS), pending impairment treatment, and an ongoing arbitration against Ambernath Municipal Corporation. The company's shares remain suspended from trading on BSE. Net worth is negative at Rs. (44.23) lakhs and operating cash flow is negative.
This is a high-risk filing for shareholders — the auditor has cast serious doubt on the company's ability to continue as a going concern, revenue has collapsed and the company is loss-making, with shares already suspended from trading. Any recovery for shareholders depends entirely on successful implementation of the IBC Resolution Plan and NCLT modifications for minimum public shareholding compliance.