Unaudited standalone financial results for the quarter ended September 30, 2021
Awaiting price reaction for this filing.
The company has been under Corporate Insolvency Resolution Process (CIRP) since June 2019 and was ordered into liquidation in October 2020; business operations have been suspended since Q4 FY2018-19. For Q2 FY22 (quarter ended Sept 30, 2021), revenue from operations was zero, with the only income being Rs. 10.72 lakhs in 'other income,' while total expenses were Rs. 172.53 lakhs, resulting in a net loss of Rs. 161.81 lakhs (EPS of Rs. -0.65). The balance sheet shows severely eroded equity of negative Rs. 29,520 lakhs against total assets of just Rs. 2,648 lakhs and current borrowings of Rs. 19,490 lakhs. The auditor (N.K. Sarraf & Associates) issued a Disclaimer of Opinion due to inability to obtain sufficient evidence, citing suspected fraudulent transactions from FY2017-18, non-deposit of statutory dues for multiple years, missing fixed asset registers, bank statements not provided, and contraventions of multiple sections of the Companies Act. The company has since been sold via e-auction in December 2024 to Grow House Agro Limited, which nominated a new board in March 2025.
This is effectively a shell company filing delayed historical results under liquidation - existing shareholders face near-total loss given the massively negative net worth (~Rs. 29,520 lakhs) and suspended operations. The auditor's disclaimer, suspected fraud findings, and multiple regulatory non-compliances signal extreme risk; the stock has no functioning business backing it.