Unaudited Standalone financial results for the quarter ended December 31, 2021
Awaiting price reaction for this filing.
On June 12, 2025 the newly constituted board (nominated by Grow House Agro Limited, which won the company's e-auction in December 2024 and received the sale certificate on March 1, 2025) cleared a long backlog of unaudited quarterly results covering June 2021 through March 2023. The company has been under the Corporate Insolvency Resolution Process since 2018, was ordered into liquidation by NCLT in October 2020, and operations have been suspended since Q4 FY19 — so revenue from operations is reported as zero in every quarter filed. Standalone net loss for Q2 FY22 (Sept 2021) was Rs 161.81 lakh on total expenses of Rs 172.53 lakh, with similar losses continuing quarter after quarter. The auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion listing 23 unresolved matters, including unverified opening balances, suspected fraudulent trade receivables and supplier advances, non-deposit of statutory dues (PF, ESIC, GST, TDS, income tax), pending share application money of Rs 270 lakh treated as deposits, and contravention of multiple Companies Act sections (73, 177, 185, 186 and 188). The auditor further noted that the financials were not prepared in line with Ind AS and explicitly flagged significant doubt on the going concern assumption.
These are catch-up filings covering a period when the company was in liquidation with no operations, so the historic numbers reflect a defunct business with zero revenue, recurring losses, deeply negative equity of around Rs (29,520) lakh and borrowings of about Rs 19,490 lakh — they have limited relevance for valuing the stock under the new promoter. Existing shareholders should treat the severe audit qualifications and the change in ownership as a fundamental reset, and watch for fresh disclosures from the new board on revival plans, capital infusion and pending creditor settlements before drawing any conclusions.