Reference to the subject mentioned above, this is to inform you that the meeting of the Board of Directors of the company concluded at 4.00 P.M which was held on Thursday, 13th November, ....
Awaiting price reaction for this filing.
The Board approved the unaudited financial results for Q2 FY26 (quarter ended September 30, 2025) and H1 FY26. The company reported zero income from operations and total expenses of Rs. 15.43 lakhs, resulting in a net loss of Rs. 15.43 lakhs for the quarter (EPS of Rs. -2.96). For H1 FY26, the loss was Rs. 16.75 lakhs with EPS of Rs. -3.22. The company's net worth remains fully eroded at Rs. -740.91 lakhs with total assets of just Rs. 9.59 lakhs against current liabilities of Rs. 750.51 lakhs. The statutory auditors issued a qualified review report, flagging a 'repetitive qualification' about going concern doubt — they note that despite management's belief the company is a going concern, significant uncertainty exists and the financials do not adequately disclose this. The auditor also recorded negative cash flow from operations of Rs. -16.10 lakhs in H1 FY26. On the positive side, the Supreme Court on August 4, 2025 confirmed the 2008 rehabilitation scheme, and the company has regained possession of its Bharuch factory.
Very negative for shareholders — the company is loss-making with no operating revenue, fully eroded net worth, and an auditor qualification on going concern that has persisted for years. The stock carries serious solvency risk, though the favourable Supreme Court order on the old rehabilitation scheme and recovery of factory possession provide a slim lifeline for revival.