The Board has considered and approved the agenda for filing of application before Hon''ble NCLT, New Delhi for PPIRP
Awaiting price reaction for this filing.
Wisec Global Limited's board, at its meeting on May 6, 2025, approved filing an application before the NCLT, New Delhi, to initiate the Pre-Packaged Insolvency Resolution Process (PPIRP). The company also approved audited FY25 results showing nil revenue from operations and a net loss of Rs. 25.70 lakhs, narrower than the Rs. 285.91 lakhs loss in FY24. Total expenses for FY25 stood at Rs. 25.70 lakhs, mainly comprising employee benefits (Rs. 0.80 lakh), finance costs (Rs. 5.23 lakhs), and other expenses (Rs. 19.47 lakhs). The balance sheet reveals severe financial weakness with paid-up equity of Rs. 1,165.01 lakhs fully offset by negative reserves of Rs. (1,187.06) lakhs, resulting in negative total equity of Rs. (22.05) lakhs. The board also approved provisional financial statements specifically for the PPIRP filing, a change of RTA from Alankit Assignments to Skyline Financial Services, and appointed Shailendra Roy & Associates as Secretarial Auditor for FY24-25.
This filing for PPIRP signals that the company is in severe financial distress and is voluntarily seeking formal insolvency resolution, which could lead to significant restructuring, potential equity dilution, or worse for existing shareholders. The negative net worth combined with the insolvency filing makes this a high-risk situation for investors.