Reference to the subject mentioned above, this is to inform you that the meeting of the Board of Directors of the company concluded at 5.30 P.M, which was held on Thursday, May 28, 2026, ....
Awaiting price reaction for this filing.
The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026. The company reported a net loss of Rs. 68.39 Lakhs for FY2026, a significant decline from a profit of Rs. 27.82 Lakhs in the previous year. The auditors from SVH & Associates issued a qualified opinion citing material uncertainty about the company's ability to continue as a going concern, as the company's net worth is fully eroded. The company, classified as a sick industrial company under SICA 1985, has been through prolonged legal disputes regarding its factory premises at Bharuch, which has now been recovered following Supreme Court orders. The balance sheet shows negative other equity of Rs. 845.52 Lakhs, resulting in total negative equity of Rs. 792.55 Lakhs. Operating cash flow was negative at Rs. 67.34 Lakhs for the year.
The qualified auditor opinion with going concern doubt and negative equity position indicate extreme financial distress. Shareholders should be aware that the company is technically insolvent despite management's assertion that operations can continue.