Submission of Un-audied Standalone and Consolidated Financial Results for the Quarter ending June 30, 2023.
Awaiting price reaction for this filing.
RCI Industries & Technologies (under Corporate Insolvency Resolution Process since November 25, 2022) filed its Q1 FY24 unaudited results more than two years late, reviewed by the Resolution Professional only on September 9, 2025. The company's net worth is fully eroded, borrowings have been classified as NPA since FY2020, and it is undergoing insolvency proceedings triggered by Standard Chartered Bank (Singapore). The auditor (R. Bansal & Co., newly appointed during CIRP) issued multiple qualified conclusions covering improper fixed asset records, missing/overvalued plant and machinery (overstated by 30-50%), missing CWIP, and unverified equity investments in group companies. A forensic audit flagged fraudulent/preferential transactions of ₹369.71 crores, a fake GST ITC claim of ₹214 crores, bogus purchase transactions of ₹1,190.78 crores, and related-party land sale fraud of ₹5.22 crores. A resolution plan by JTL Industries was approved by the Committee of Creditors and is awaiting NCLT approval after hearings concluded on July 31, 2025.
This is a deeply distressed company in active insolvency — shareholders face extreme risk of dilution or total loss, with outcomes tied entirely to NCLT approval of the JTL Industries resolution plan. The results carry a qualified audit opinion, massive fraud allegations, and regulatory exposure across SFIO, ED, DGGST, and Income Tax, making the stock highly speculative and information-poor for retail investors.