Copy of updated cash flow statement with Indirect Cash Flow Statement
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Rajeswari Infrastructure Ltd has resubmitted its Cash Flow Statement for Q2 and half year ended September 30, 2025, following an exchange query about format compliance. The company, which was under CIRP since May 2023, had its Resolution Plan approved by NCLT on January 13, 2026. The auditor issued a Disclaimer of Opinion due to inability to obtain sufficient audit evidence. Key concerns include: predecessor auditor had issued a Qualified Opinion citing non-compliance with Ind AS 37 and 109; Rs. 35.34 crore in CIRP liabilities incorrectly classified as contingent (should be provisioned); net loss understated by Rs. 22.66 crore; assets and inventories not physically verified; tax compliance issues; and material uncertainty over going concern. Financially, the company reported negligible revenue of Rs. 0.06 lakhs, a net loss of Rs. 6.07 lakhs for the half year, and negative equity of Rs. 84.08 lakhs.
The disclaimer of opinion and unresolved accounting issues indicate severe financial distress and governance concerns. The massive understatement of liabilities and inability to verify assets suggests the company's true financial position may be significantly worse than reported. Shareholders face extreme risk given negative equity and ongoing insolvency aftermath.