The Cut-off/ record date for taking ben-pose, for the purpose of e-voting was decided and fixed on Tuesday, 2nd December, 2025.
Awaiting price reaction for this filing.
Board approved unaudited standalone and consolidated results for Q2 and H1 FY26 (ended Sept 30, 2025). Standalone Q2 revenue from operations fell sharply to Rs 1,141 lakhs from Rs 3,366.46 lakhs a year ago, and the company reported a massive standalone loss after exceptional items of Rs 3,22,770 lakhs for the quarter (Rs 3,34,322 lakhs for H1), mainly due to implementation of the IBC resolution plan. The NCLT had approved Ocean Capital Market Limited (OCML) as the Successful Resolution Applicant on Aug 29, 2025; existing promoters' 1,06,19,468 shares were extinguished and unsustainable debt of Rs 4,675.45 crores was settled by issuing 7.5 crore new equity shares. Auditor MARS & Associates gave a qualified conclusion (Ind AS-115 contract-wise surplus/loss not ascertained) with an emphasis of matter on the CIRP/IBC process and flagged the company as being maintained as a going concern via a Monitoring Committee. The Board also called an EGM for Dec 9, 2025, fixing the e-voting cut-off/record date as Dec 2, 2025, and appointed a scrutinizer for the e-voting process.
Existing equity holders face very heavy dilution: promoter shares were extinguished and 7.5 crore new shares are pending allotment to OCML and financial creditors, shifting ownership control to the new resolution applicant. The reported Rs 322+ crore standalone quarterly loss is largely accounting-driven (exceptional items from IBC settlement) and not a cash loss, but it leaves standalone net worth deeply negative, signalling high insolvency-related risk for legacy shareholders even as the company is being kept operational as a going concern.