Pursuant to Regulations 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Vikas WSP Limited is submitting herewith its Audited (Standalone) Financial ....
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Vikas WSP Limited, which has been under Corporate Insolvency Resolution Process (CIRP) since February 2022 with Mr. Darshan Singh Anand as Resolution Professional, submitted its audited standalone financial results for FY25 along with the auditor's report carrying a qualified opinion and an emphasis of matter. The auditor flagged multiple qualifications including non-assessment of impairment of tangible assets, absence of a Fixed Asset Register, unconfirmed balances under GST/statutory authorities, pending reconciliation of financial and operational creditors' claims under CIRP, share application money of Rs. 850 lacs neither refunded nor allotted, and 16.98 lakh shares of a deceased shareholder not transmitted. The emphasis of matter highlights continuous losses, current liabilities exceeding current assets, defaults in borrowings and statutory dues, casting significant doubt on the company's ability to continue as a going concern. A resolution plan submitted by M/s Arcbolt Space and Foods Pvt Ltd was approved by the CoC in August 2022 but is still pending NCLT approval. The Board also re-appointed the internal auditor and recommended a secretarial auditor for FY26.
This is a deeply negative filing for shareholders. The company remains under insolvency with a qualified audit opinion, material going-concern uncertainty, and a pending resolution plan that will determine any recovery for equity holders. The stock is highly speculative and equity value remains at material risk until the NCLT approves the resolution plan.