The Results has been attached herewith.
Awaiting price reaction for this filing.
The Board of Directors approved audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2025. The company had been under Corporate Insolvency Resolution Process (CIRP) since December 2023, with the NCLT approving a Resolution Plan on February 7, 2025 in favour of Mr. Jatin Patel as Resolution Applicant. New management took over on February 18, 2025. Total income was very small at Rs. 6.27 lakh (standalone) and Rs. 6.76 lakh (consolidated), while the company posted a net loss of Rs. 44.58 lakh (standalone) and Rs. 44.28 lakh (consolidated) for the year. The Board also approved treating Rs. 7.25 crore of unsecured loans from the Resolution Applicant (plus up to Rs. 1 crore) as quasi-equity, later convertible to equity, and adopted 17 corporate governance policies. The auditor issued a Disclaimer of Opinion on internal financial controls over financial reporting, citing multiple uncertainties, and highlighted 14 Emphasis of Matter points including uncompleted share capital restructuring, impaired unquoted investments without valuation, and written-back advances lacking documentation.
For shareholders, this filing reflects a company emerging from insolvency with minimal operations (revenue of just Rs. 6-7 lakh) and ongoing losses. The dilution risk is real since the Resolution Applicant's Rs. 7.25 crore loan may convert into equity, and the disclaimer on internal controls plus the auditor's inability to comment on key items signals significant governance and valuation uncertainty. The stock may remain thinly traded and speculative.