The outcome of the Implementation and Monitoring Committee Meeting held on 26th August, 2025 has been attached herewith.
Awaiting price reaction for this filing.
KDJ Holidayscapes, which was under Corporate Insolvency Resolution Process (CIRP) since September 2019, had its Resolution Plan approved by NCLT Mumbai on 4th March 2025, and management was handed over to the successful resolution applicant Mr. Ravikumar Gaurishankar Patel. The Implementation and Monitoring Committee (IMC), which oversees the company until full plan implementation, met on 26th August 2025 and approved the audited financial results for FY ending March 2024 (Standalone Net Loss of Rs 14.22 lakhs, Consolidated Net Loss of Rs 47.86 lakhs) along with unaudited results for June 2024 and September 2024 quarters. The statutory auditor (DD Shah Patel & Co.) issued a Disclaimer of Opinion on all results due to non-availability of balance confirmations, reconciliations, and physical verification records from the pre-resolution period. Under the approved plan, all existing equity shares were cancelled and only 25,000 new shares of Rs 2 each were allotted to existing public shareholders in a 1:998 ratio, with corporate actions submitted to NSDL/CDSL awaiting BSE listing approval.
This is largely a procedural/compliance filing for a company emerging from insolvency – there is no fresh operational update for shareholders. The disclaimer of opinion on financials and the drastic share cancellation/restructuring (with a 1:998 ratio making existing shareholdings near-worthless) are significant red flags, and shareholders remain in limbo until BSE grants fresh listing approval.