Unaudited standalone financial results for the quarter ended June 30 , 2022
Awaiting price reaction for this filing.
The board approved unaudited standalone financial results for multiple quarters (Q1 FY22 to Q4 FY23) in a single meeting, with the filing dated June 12, 2025. The company has been under Corporate Insolvency Resolution Process (CIRP) since June 2019 and was ordered into liquidation in October 2020. In December 2024, the company was sold via e-auction to M/s. Grow House Agro Limited, with a new board nominated in March 2025. For Q1 FY22 (June 2021), revenue from operations was nil (₹0), and the company reported a net loss of ₹162.80 lakhs. Total expenses stood at ₹162.80 lakhs, mainly comprising finance costs (₹92.99 lakh) and depreciation (₹45.72 lakh). The auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion, citing inability to verify opening balances, suspected fraudulent transactions from FY18, non-deposit of statutory dues (PF, ESIC, GST, TDS, Income Tax), and significant doubt on the company's ability to continue as a going concern. The company's net worth is deeply negative (₹-29,520 lakhs as of Sept 2021) and operational activities have been suspended since Q4 FY19.
This is a deeply distressed filing: the company was under liquidation, operations were suspended for years, the auditor disclaimed opinion, and net worth is hugely negative. New promoters (Grow House Agro) have taken over via IBC auction, which may eventually lead to a relisting or revival, but the historic financials reflect a non-operational shell. Existing shareholders face extreme uncertainty on value recovery.