Pursuant to Regulation 32(6) of the SEBI(LODR) Regulation, 2015 read with Regulation 82(4) of SEBI (ICDR) Regulation, 2018, we are herewith submitting the Monitoring Agency Report for the ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
India Ratings & Research, acting as Monitoring Agency, submitted its quarterly report on the utilisation of INR 594 Lakhs raised via a Rights Issue (February-March 2026). Of the INR 564 Lakhs allocated for paying outstanding trading and other liabilities, INR 530.41 Lakhs has been utilised — entirely through non-cash consideration (shares issued to settle promoter/promoter group dues). INR 63.59 Lakhs remains in a Union Bank account. The Monitoring Agency flagged that supporting documents for liabilities dating back to FY 2007-08 are unavailable and records are no longer maintained. No formal deviation from the offer document objects was declared, but transparency gaps exist: the Letter of Offer did not identify the specific promoter entities or exact quantum of liabilities. The company has reported zero revenue from operations for the past five financial years, relying only on rental income. The remaining outstanding balance of INR 26.35 Lakhs will be cleared in Q1 FY27.
The rights issue essentially converted old promoter liabilities into equity with no cash inflow to the company. The lack of supporting documentation for decade-old liabilities and the absence of revenue generation are significant red flags for minority shareholders, even though no formal deviation was reported.