The Members,
Lyka Labs Limited
Your Directors are pleased to present the Forty Seventh Annual Report,
together with the Audited Financial Statements for the financial year ended 31st March,
2026.
FINANCIAL RESULTS
Standalone
| Particulars |
For the financial year ended 31st March
2026 |
For the financial year ended 31st March
2025 |
| Total Revenue |
12,487.97 |
13,745.74 |
| Profit / (Loss) before Exceptional items |
(1,022.09) |
1,110.16 |
| Exceptional Items |
2301.44 |
- |
| Profit/(Loss) before tax |
(3,323.53) |
1,110.16 |
| Less: Tax Expenses |
(94.69) |
318.35 |
| Profit/(Loss) after tax |
(3,228.84) |
791.81 |
| Add: Other Comprehensive Income |
(14.40) |
18.29 |
| Profit/(Loss) for the year |
(3,243.24) |
810.10 |
Consolidated
| Particulars |
For the financial year ended 31st March
2026 |
For the financial year ended31st March 2025 |
| Total Revenue |
13,194.24 |
14,072.71 |
| Profit / (Loss) before Exceptional items |
(1,177.94) |
1,112.49 |
| Exceptional Items |
- |
- |
| Profit/(Loss) before tax |
(1,177.94) |
1,112.49 |
| Less: Tax Expenses |
(134.38) |
319.17 |
| Profit/(Loss) after tax |
(1,043.56) |
793.32 |
| Add: Other Comprehensive Income |
(14.40) |
18.08 |
| Profit/(Loss) for the year |
(1,057.96) |
811.41 |
DIVIDEND
The Board of Directors does not recommend any dividend for the
financial year ended on 31st March 2026.
TRANSFER TO RESERVES
The Board of Directors of your Company have not transferred any amount
to the reserves for the financial year under review.
OPERATIONS
During the year under review, the total consolidated revenue earned by
the Company was Rs.13,194.24 Lakhs as against total revenue of Rs.14,072.71 Lakhs in the
previous financial year. The Company has reported net loss of Rs. (1,057.96) Lakhs as
against net profit of Rs. 811.41 Lakhs of the previous financial year ended on 31st March
2025.
During the financial year under report, the Company has invested in
building brands in the domestic human and veterinary business. The export business did not
meet expectations, as international Government tenders had exhausted their budgets.
Certain markets also experienced foreign exchange fluctuations and political uncertainty
due to which the purchases were delayed.
SUBSIDIARY, ASSOCIATE AND JOINT VENTURE COMPANIES
The Company has one Subsidiaries, i.e. Lyka BDR International Limited.
There are no Associate nor joint venture companies within the meaning of Section 2(6) of
the Companies Act, 2013 (the Act).
During the year under report the Hon'ble National Company Law
Tribunal (‘NCLT'), Ahmedabad Bench, has sanctioned the Scheme of Amalgamation
for the merger of Lyka Export Limited (the Transferor Company), with the Lyka Labs Limited
(the Transferee Company), under Sections 230 to 232 of the Companies Act, 2013, vide its
Order dated 16th March 2026. Pursuant to the Scheme, 4,62,711 fully paid-up equity shares
of Rs.10 each of the Company are to be allotted to the eligible shareholders of the
erstwhile Lyka Export Limited.
During the year, the Board of Directors reviewed the affairs of the
Subsidiary Company. In terms of proviso to sub section (3) of Section 129 of the Act, the
salient features of the financial statement of the subsidiary is set out in the prescribed
Form No. AOC-1, which forms part of the Annual Report.
To comply with the provisions of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (the SEBI Listing Regulations), the Board of
Directors of the Company has approved and adopted a Policy for determination of Material
Subsidiary and Governance of Subsidiaries. None of the subsidiaries were a material
subsidiary of the Company in terms of the said Policy. The said policy is available on the
Company's website at www.lykalabs.com.
KEY FEATURES
The Company continues to maintain high quality GMP/GLP standards in
manufacturing and testing of its pharmaceutical products.
The Company manufactures pharmaceutical products such as Dry Powder,
Liquid, Lyophilised Injections and External Preparations for several International Markets
and the Domestic Market.
The Company's R&D is engaged in development of new
formulations and has successfully developed several products in the following categories:
- lnjectables: Lyophilised Injection, Liquid Injections & Dry
Powder Injections
- Topical Preparation: Ointment /Creams and Lotions.
Company's Core competencies
- Lyophilisation - Formulations/Bulk Sterile APis
- New Product Development including Novel Drug Delivery Systems
FUTURE OUTLOOK
The Company continues to pursue growth by expanding into new
international markets through collaborations with reputed partners and introducing new
products in existing markets. It also aims to strengthen its domestic presence by building
a robust marketing and distribution network within India.
To cater to rising global demand, the Company is upgrading and
expanding its lyophilisation capacity by 50%, with the project expected to be completed in
Calender year 2026. This enhancement will support the Company's entry into regulated
markets such as Europe and the UK. Simultaneously, the Company is laying the ground work
for its branded business in both veterinary and human critical care segments.
Additionally, the Company has ventured into Gynaecology and Assisted
Reproductive Technology (ART) through its new division, FertiNova. This division will
focus on advanced IVF solutions and women's health therapies, targeting a strong
market presence over the next three years through innovation and strategic partnerships.
This division has performed well in the initial launched.
REGISTRATIONS
During the year under review, the Company has submitted 24 new
applications for registration of its products. It has received registration of 2 products
and the renewal of 5 products. The registration for 19 products is expected in the
upcoming financial year.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
During the year, there was no change in the nature of the business of
the Company.
MATERIAL CHANGES AFFECTING THE COMPANY
There were no material changes and commitments affecting the financial
position of the Company which occurred between the end of the financial year of the
Company and date of this report.
SHARE CAPITAL
During the year under review, there was no change in the Authorized
Share Capital of the Company. As on 31st March, 2026, the Authorized Share Capital stood
at Rs 5000 Lakhs, comprising 480 Lakhs equity shares of Rs 10 each and 200000 Redeemable
Preference Shares of Rs. 100/- each. However Company has received approval of Scheme of
Amalgamation of Lyka Exports Limited with the Company by Hon'ble National Company Law
Tribunal, Ahmedabad Bench on 16th March, 2026. Company submitted form INC-28
with concerned Registrar of the Companies, MCA on 8th April, 2026 and obtained necessary
approval. Accordingly, the Authorised Share Capital of the Company has been increased to
Rs. 5900 Lakhs, comprising Rs. 570 Lakhs equity shares of Rs. 10 each and 200000
Redeemable Preference Shares of Rs. 100/- each
However, The Company redeemed the 108570 Redeemable Preference Shares
of Rs. 100 each on 30th September, 2025 upon completion of the 20 years tenure of
Redeemable Preference Shares.
PUBLIC DEPOSITS
During the year under review, the Company has not accepted any deposits
from the public and as such, no amount of principal or interest in deposits was
outstanding as on the balance sheet date.
LOANS, GUARANTEES AND INVESTMENTS
The details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Act are given in the notes to the Financial Statements.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Director
Mr. Shashil Philip Mendonsa, Non- Executive Director, retires by
rotation in compliance with Section 152 of the Act, at the ensuing 47th Annual General
Meeting (the AGM) of the Company and being eligible, offers himself for re-appointment.
The Board of Directors are also of the opinion that Mr. Shashil Philip Mendonsa fulfills
all the conditions as mentioned in the Act.
The Board of Directors of the Company at its meeting held on 26th May,
2025 based on the recommendation of Nomination and Remuneration Committee has recommended
to re- appointment of Mr. Yogesh B Shah, Chief Financial Officer of the Company as a
Whole- time Director for a period of three years with effect from the conclusion of
Forty-Sixth Annual General Meeting till the conclusion of Forty -Ninth and appointment of
Mrs. Archana S Yadav as an Additional Director of the Company in the category of
Independent Director with effect from 26th May, 2025 under Section 161 (1) of the Act, for
a period of five (5) consecutive years with effect from 26th May, 2025 upto 25th May, 2030
(both days inclusive), not liable to retire by rotation.
The resolutions seeking Member's approval for the re-appointment
and appointment forms part of the Notice. The details of the Director being recommended
for appointment and re-appointment are contained in the accompanying Notice of the AGM.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet the criteria of independence as
prescribed under Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI the Listing
Regulations and that they are not disqualified to become directors under the Act. In terms
of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification
of Directors) Rules, 2014, Independent Directors of the Company have confirmed that they
have registered themselves with the databank maintained by The Indian Institute of
Corporate Affairs (‘IICA').
The Board of Directors is of the opinion that all the Independent
Directors of the Company hold highest standards of integrity and possess requisite
expertise and experience required to fulfill their duties as Independent Directors.
Key Managerial Personnel
The following persons are the Key Managerial Personnel (KMP) of the
Company pursuant to Section 2(51) and Section 203 of the Act, read with the Rules framed
thereunder:
i. Mr. Kunal Gandhi, Managing Director & CEO;
ii. Mr. Yogesh B Shah, Whole -time Director & CFO,
iii. Mr. Shekhar R Singh, Company Secretary (up to 1st August, 2025)
iv. Mr. Shailendra Kumar Agrawal, Company Secretary (W.e.f. 1st
October, 2025)
The Board had placed on record its appreciation for the services
rendered by Mr. Shekhar R Singh during his tenure as a KMP of the Company.
BOARD EVALUATION
The Board of Directors has carried out an annual evaluation of its own
performance, Board Committee and Individual Director, pursuant to the provisions of the
Act and the Listing Regulations, a structured questionnaire was prepared after taking into
consideration inputs received from the Directors, covering various aspects of the
Board's functioning composition of the Board and its Committees, culture, execution
and performance of specific duties, obligations and governance.
The performance evaluation of the Independent Director was carried out
by the entire Board. The performance evaluation of the Chairman and the Non-Independent
Directors was carried out by the Independent Directors. The Directors expressed their
satisfaction with the evaluation process.
BOARD AND COMMITTEE MEETINGS
During the year under review, Six Board meetings were held. The details
of the composition of the Board and its Committees and number of meetings held and
attendance of Directors at such meetings are provided in the Corporate Governance Report,
which forms part of this Report.
INDEPENDENT DIRECTORS' MEETING
In terms of Schedule IV of the Act and Regulation 25 of the SEBI
Listing Regulations, Independent Directors of the Company are required to hold at least
one meeting in a financial year without the attendance of NonIndependent Directors and
Members of management.
During the year under review, Independent Directors met separately on
29th January, 2026, inter- alia, for:
- Evaluation performance of Non-Independent Directors and the Board of
Directors of the Company as a whole.
- Evaluation performance of the Chairman of the Company, taking into
views of Executive and Non-Executive Directors.
- Evaluation of the quality, content and time line of flow of
information between the management and the Board that is necessary for the Board to
effectively and reasonably perform its duties.
NOMINATION AND REMUNERATION POLICY
The Board has framed a policy for selection and appointments for
Directors, Senior Management and their remuneration. The details of this Policy are given
in the Corporate Governance Report which forms part of this Report. The Nomination and
Remuneration Policy is also available on the Company's website on https://www.
lykalabs.com/nomination-and-remuneration-policy.pdf
FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS
The Company has practice of conducting familiarization Programme for
Independent Directors of the Company. The details of the said Programme are given in the
Corporate Governance Report which forms part of this Report.
PARTICULARS OF EMPLOYEES
During the year, there was no employee in receipt of remuneration as
prescribed in the Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014. The prescribed particulars of Employees as required under Section
197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is attached as Annexure I and form part of this Report.
Further, as per second proviso to Section 136(1) of the Act read with
Rule 5 of the aforesaid Rules, the Board's Report and Financial Statements are being
sent to the Members of the Company excluding the statement of particulars of employees as
required under Rule 5(2) of the aforesaid Rules. Any member interested in obtaining a copy
of the said statement may write to the Company at companysecretary@lykalabs.com up to the
date of AGM.
AUDITORS AND AUDITOR'S REPORT
<
p >i. STATUTORY AUDITORS
Messer D Kothary & Co. Chartered Accountants, Mumbai (ICAI Firm
Registration No. 105335W) were appointed as the Statutory Auditors to carry out audit of
the Company in the 45th General Meeting held on 9th August, 2024 for the second term of
five consecutive i.e. from the conclusion of the 45th Annual General Meeting till the
conclusion of 50th Annual General Meeting to be held for the financial year 20282029.
The Statutory Auditors have submitted their Independent Auditors Report
on the Financial Statements of the Company for the year ended 31st March, 2026 and they
have given an unmodified opinion(s) report on the Financial Statements for the year under
review.
There were no qualifications, reservations or adverse remarks or
disclaimer made by the Auditors in their report. No frauds have been reported by the
Auditors under Section 143(12) of the Act.
ii. COST AUDITORS
The Board of Directors of the Company, based on the recommendation made
by the Audit Committee, appointed Messrs Nidhi Subhash Tibrewala & Co., Cost
Accountants (Firm Registration No. 005417), as the Cost Auditors of the Company for the
financial year 2025-26 at a remuneration of Rs 1,60,000/- plus applicable taxes and
reimbursement of out-of-pocket expenses at actuals. Messrs Nidhi Subhash Tibrewala &
Co., being eligible, consented to act as the Cost Auditors of the Company for the
financial year 2025-26. Messrs Nidhi Subhash Tibrewala & Co., were appointed in place
of Messrs Rajaram Madhav Walavalakar & Co,.
In terms of the provisions of Section 148(3) of the Act read with Rule
14(a)(ii) of the Companies (Audit and Auditors) Rules, 2014, the remuneration payable to
the Cost Auditor is required to be ratified by the Members of the Company.
The resolution seeking Member's approval for ratification for the
remuneration payable to the Cost Auditor for financial year 2025 -26 and financial year
2026 -27 forms part of the accompanying Notice of the AGM.
The Company has filed the Cost Audit Report for the financial year
ended 31st March 2025 submitted by Messrs Sarvottam Rege & Associates, Cost
Auditor on 22nd July, 2025.
iii. SECRETARIAL AUDITOR
Pursuant to the amended provisions of Regulation 24A of the SEBI
Listing Regulations and Section 204 of the Act read with Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 Messrs Kaushal Doshi
& Associates, Practicing Company Secretary, a proprietorship firm led by Mr. Kaushal
Doshi (FCS No.: 10609; COP No.: 13143) appointed as Secretarial Auditor of the Company to
hold office for a first term of five consecutive years commencing from the finanacial year
2025-26 to the financial year 2029-30 approved by members of the Company on the 46th
Annual General Meeting held on 1st August 2025.
A Secretarial Audit was conducted during the year in accordance with
provisions of Section 204 of the Act. The Secretarial Auditor's Report is attached as
Annexure II, which forms part of this Report. The Report does not contain any
qualifications, reservations, adverse remarks or disclaimer.
FRAUD REPORTING
During the year under review, the Statutory Auditors, Cost Auditors and
the Secretarial Auditors have not reported any instances of frauds committed in the
Company by its Officers or Employees to the Audit Committee under Section 143(12) of the
Act read with Rule 13(1) of the Companies (Audit and Auditors) Rules, 2014, details of
which needs to be mentioned in this Report.
SECRETARIAL STANDARDS
The Company has complied with the Secretarial Standards issued by the
Institute of Company Secretaries of India on Meetings of the Board and (SS-1) and General
Meetings (SS-2)
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report for the year under review
as stipulated under Regulation 34 of the SEBI Listing Regulations is attached, which forms
part of this Report.
CORPORATE GOVERNANCE
The Company has complied with the mandatory provisions of Corporate
Governance requirements as stipulated under the SEBI Listing Regulations. A separate
report on Corporate Governance along with the requisite Auditor's Certificate is
annexed, which forms part of this Report.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) read with Section 134(5) of the Act, and
the SEBI Listing Regulations, on the basis of information placed before them, the
Directors state that:
i. in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to material
departures, if any;
ii. appropriate accounting policies have been selected and applied
consistently, and the judgments and estimates that have been made are reasonable and
prudent so as to give a true and fair view of the state of affairs of the Company as at
31st March, 2026 and the profit of the Company for the said period;
iii. proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
iv. the annual accounts have been prepared on a going concern basis;
v. the internal financial controls to be followed by the Company and
that such internal financial controls are adequate and were operating effectively; and
vi. there is a proper system to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
RELATED PARTY TRANSACTIONS
All Related Party Transactions that were entered into during the
financial year were on an arm's length basis, in the ordinary course of business and
were in compliance with the applicable provisions of the Act and the Listing Regulations.
There were transactions during the year which would require to be reported in Form No.
AOC-2. There are no materially significant related party transactions made by the Company
with Promoters, Directors, Key Managerial Personnel or other designated persons which may
have a potential conflict with the interest of the Company at large during the year that
would have required Members approval under the Listing Regulations.
The policy on Related Party Transactions as approved by the Board is
available on the Company's website on https://www.lvkalabs.com/related-partv-transactions-policv.pdf
VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Company has a Vigil Mechanism/Whistle Blower Policy to deal with
instance of fraud and mismanagement, if any. The detail of the Policy is explained in the
Corporate Governance Report and is also available on the Company's website on https://www.lykalabs.com/whistle-
blower-policy.pdf ANNUAL RETURN
In terms of Section 92(3) of the Act, copy of the Annual Return of the
Company is available on the website of the Company. The web link of the same is www.lykalabs.com.
STOCK EXCHANGE
The Company's equity shares are listed on BSE Limited and National
Stock Exchange of India Limited. The Annual Listing Fees for the year 2026-2027 have been
paid to both Exchanges.
PARTICULARS OF CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION,
FOREIGN EXCHANGE EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo as stipulated under Section 134(3)(m) of the Act read
with Rule 8 of the Companies (Accounts) Rules, 2014 is attached to this report as Annexure-II.
| Foreign Exchange Transactions |
2025-2026 |
2024-25 |
| Foreign Exchange Earnings |
2377.59 |
3,405.32 |
| Foreign Exchange Outgo |
131.22 |
839.25 |
CORPORATE SOCIAL RESPONSIBILITY
As per the provisions of Section 135(1) of the Act, the requirement to
undertake Corporate Social Responsibility (CSR) activities applies to companies that,
during the immediately preceding financial year ( i.e. as on 31st March, 2025 for the year
under review), have a net worth of Rs 500/- Crore or more, or turnover 1,000 or more, or a
net profit Rs 5 Crore or more.
During the year under report the Company was required to Spend Rs. 4.35
lakhs towards CSR activities promoting educational projects but Company spent an excess
amount of Rs. 2.85 Lakhs. In accordance with Section 135(5) of the Companies Act, 2013,
read with the applicable rules, where a company spends an amount in excess of its
mandatory CSR requirement, such excess amount may be set off against its CSR obligations
in the succeeding three financial years, subject to compliance with the prescribed
conditions. The details of the excess CSR expenditure and its proposed set-off are
provided in the Notes to the Financial Statements forming part of this Annual Report.
In accordance with the provisions of Section 135 of the Companies Act,
2013, an abstract on Company's CSR activities is furnished as Annexure III to this
report. As the Company met one of the prescribed criteria under Section 135 as on 31st
March, 2025, it was required to undertake CSR activities during the financial year 202526.
Accordingly, the Company incurred CSR expenditure of Rs. 7.20 lakhs during the financial
year 2025-26.
Further during the year none of the Criteria were met as on 31st March,
2026 hence the Company is not require to constitute a CSR Committee or incur any
expenditure towards CSR activities for the financial year 2026-27.
However, as a measure of good corporate governance, the Company
continues to retain the CSR Committee already in place. The details of the Committee and
its terms of reference are provided in the Corporate Governance Report, which forms part
of this Report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS
During the financial year under review, no significant and material
orders were passed by the regulators or courts or tribunals impacting the going concern
status and the Company's operations in future except below mentioned.
During the financial year under review, The Hon'ble National
Company Law Tribunal (NCLT), Ahmedabad Bench, vide its final order dated 16th March 2026
in Company Petition No. C.P(CAA)/58(AhM) 2024, has sanctioned the Scheme of Amalgamation
(the "Scheme") of Lyka Exports Limited (the "Transferor Company") with
Lyka Labs Limited (the "Transferee Company") and their respective shareholders
and creditors under Sections 230 to 232 of the Companies Act, 2013.
Key Legal and Financial Parameters of the Sanctioned Scheme:
• Retrospective Appointed Date: In terms of the approved
Scheme and MCA General Circular No. 09/2019, the merger takes retrospective effect from
the designated Appointed Date of 1st April 2022. The necessary business,
operational, and financial justifications for the antedated timeline were accepted by the
Hon'ble Tribunal as being in public interest.
• Effective Date: Company had filed certified copy of the
NCLT order with the Registrar of Companies (RoC), Gujarat, via Form INC-28 on 8th April,
2026 and Scheme legally become effective..
• Treatment of Capital Structure: In accordance with the
approved Share Swap Ratio, your Company is in the process of allotting 4,62,711 equity
shares to the eligible shareholders of the Transferor Company.
• Accounting and Financial Impact: Consequent to the order
and in compliance with the relevant Accounting Standards [Ind AS 103 / AS 14], the
entire undertaking of the Transferor Companycomprising all assets, liabilities, reserves,
and employee obligations-stands transferred to and vested in your Company on a
going-concern basis with retrospective effect from 1st April 2022. Accordingly, the
financial operations and balances of the Transferor Company from 1st April 2022 onwards
have been incorporated into the standalone financial statements of your Company for the
financial year ended 31st March 2026.
INTERNAL FINANCIAL CONTROLS SYSTEMS AND THEIR ADEQUACY
The details in respect of internal financial control and their adequacy
are included in the Management Discussion and Analysis, which is part of this Report.
RISK ASSESSMENT AND MANAGEMENT
Risk management policy has been developed and implemented. The Board is
kept informed of the risk mitigation measures being taken through risk mitigation
report/operation report. There are no current risks which threaten the existence of the
Company.
DISCLOSURE UNDER THE PREVENTION OF SEXUAL HARRASSMENT ACT, 2013
The Company has adopted a policy on prevention, prohibition and
redressal of sexual harassment at workplace and has duly constituted an Internal
Complaints Committee in line with the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder.
During the year under review, there was no complaint reported under the
Prevention of Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
MATERIAL CHANGES AFFECTING THE COMPANY
During the year under review Company received approval of Scheme of
Amalgamation between Lyka Exports Limited and the Company by the Hon'ble National
Company Law Tribunal, Ahmedabad Bench on 16th March, 2026. Consequent to the order of
Hon'ble Bench and in compliance with the relevant Accounting Standards [Ind AS 103
/ AS 14], the entire undertaking of the Transferor Company-comprising all assets,
liabilities, reserves, and employee obligations-stands transferred to and vested in your
Company on a going-concern basis with retrospective effect from 1st April 2022.
Accordingly, the financial operations and balances of the Transferor Company from 1st
April 2022 onwards have been incorporated into the standalone financial statements of your
Company for the financial year ended 31st March 2026.
Further There were no material changes and commitments affecting the
financial position of the Company which have occurred between the end of the financial
year of the Company to which these financial statements relate and the date of this
Report.
APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 (THE CODE )
During the year under review, the Company has not made or received any
application under the Insolvency and Bankruptcy Code and there is no proceeding pending
under the said Code.
DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME
OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR
FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF
During the year under review, the Company has not undergone any
one-time settlement and therefore, the disclosure in this regard in not applicable.
ACKNOWLEDGEMENT
Your Directors place on record their appreciation for the assistance
and support extended by all Government Authorities, Financial Institutions, Banks,
Consultants, Solicitors and Members of the Company. The Directors express their
appreciation for the dedicated and sincere services rendered by the employees of the
Company.
|
For and on behalf of the Board of Directors |
|
Babulal Jain |
|
Chairman |
|
DIN:00016573 |
| Mumbai, 25th May, 2026 |
|
