Results - Audited Standalone financial results for the quarter and year ended March 31 2020
Awaiting price reaction for this filing.
The company has filed a stack of delayed financial results covering Q3 FY2019 through Q3 FY2021, in a board meeting held on June 4, 2025. Operations have been shut down since Q3 FY2018-19 after the National Company Law Tribunal (NCLT) admitted the company into the Corporate Insolvency Resolution Process (CIRP) on June 28, 2019, following a petition by IDFC First Bank. With no resolution plan submitted, the company was ordered into liquidation on October 5, 2020. Revenue from operations collapsed to just Rs 72.52 lakhs in Q3 FY2019 and Rs 37.90 lakhs in Q4 FY2019, compared to Rs 7,833.18 lakhs a year earlier. For FY2019, the company reported a net loss of Rs 49,118.49 lakhs, largely driven by a one-time exceptional write-off of Rs 38,459.12 lakhs tied to the insolvency process. Net worth has turned deeply negative at Rs (27,157.40) lakhs. The company was sold via e-auction in December 2024 to M/s. Grow House Agro Limited, which issued the sale certificate on March 1, 2025, and has nominated a new board of directors.
This is essentially a closure event for old shareholders. The company underwent CIRP, was ordered into liquidation, and has been sold to a new promoter (Grow House Agro Limited) through an e-auction. Existing equity is likely of little to no value, and the new board will control the listed entity going forward. Shareholders should treat this as a distressed/delisted-in-effect situation and review the new management's plans before taking any position.