We write to inform you that the Board of Directors of the Company at their meeting held today the 12th August, 2025, inter alia approved the unaudited Limited Review (Standalone & Consolidated) ....
Awaiting price reaction for this filing.
The Board approved unaudited standalone and consolidated financial results for Q1 FY26 (quarter ended 30 June 2025) along with the limited review report by statutory auditors BCAG & Associates. The company reported a standalone loss of Rs. 381.70 lakhs, slightly wider than the Rs. 336.96 lakhs loss in Q1 FY25, with revenue from operations at just Rs. 1.01 lakhs against finance costs of Rs. 363.78 lakhs. Key concerns highlighted include: appeal pending against RBI cancellation of NBFC licence, SFIO proceedings pending in court, non-confirmation of balances by banks where accounts are NPA, and non-provisioning of interest on bank/IFC dues since April 2015 resulting in an understatement of cumulative loss of Rs. 2,149 crores (Rs. 105 crores for the current period). The company is negotiating a one-time settlement with consortium bankers and IFC Washington. Consolidated loss was Rs. 381.75 lakhs.
Very negative for shareholders - the company remains deeply loss-making with negligible revenue, NBFC licence under threat, regulatory proceedings ongoing, and a hidden liability of over Rs. 2,149 crores in unpaid interest. The stock is highly risky and likely to remain under pressure until the one-time settlement with lenders materialises and the NBFC licence issue is resolved.