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SRPL - Shree Ram Prote.

📊 NSE: SRPL 🏢 Solvent Extraction 📅 Last Updated: 12/14/2025 13:16

📢 Recent Corporate Announcements

SRPL Submits Pending Annual Reports for FY24 & FY25; Requests Revocation of Trading Suspension

🔵 WATCH ⭐ 8/10

REGULATORY 📅 10 Mar 2026, 05:13 PM

Shree Ram Proteins Limited (SRPL) has completed the submission of its Annual Reports for two consecutive financial years, FY 2023-24 and FY 2024-25, via the NEAPS portal on February 11, 2026. This action follows a suspension notice from the NSE dated December 30, 2025, triggered by non-compliance with Regulation 34 of SEBI (LODR) Regulations. The company is also filing a compounding petition under Section 441 of the Companies Act for delays in holding its Annual General Meetings. SRPL has formally requested the exchange to revoke the suspension of trading in its securities following these filings.

Submitted pending Annual Reports for FY 2023-24 and FY 2024-25 on February 11, 2026
Addressed NSE suspension notice (Ref: NSE/LIST/C/2025/13391) regarding non-compliance
Initiated compounding petition under Section 441 for delays in holding AGMs for the specified years
Formally requested NSE to revoke the suspension of trading in the company's securities

💡 Investors should wait for official confirmation from the NSE regarding the revocation of the trading suspension before making any decisions. The history of significant compliance delays and the need for legal compounding suggest a high-risk profile for this stock.

Shree Ram Proteins to Sell Land Undertaking for ₹30 Crore to Sova Agrotech

🟡 NEUTRAL ⭐ 7/10

OTHER 📅 07 Mar 2026, 04:44 PM

Shree Ram Proteins Limited (SRPL) has received shareholder approval to sell its land undertaking in Gondal, Rajkot, for a total consideration not exceeding ₹30 Crore. The sale is being made to Sova Agrotech Private Limited, a related party, with the transaction expected to be completed by April 2026. The company aims to use the proceeds to streamline its asset base, reduce maintenance costs, and focus on core business operations. The disposal was approved via a special resolution during the Extra Ordinary General Meeting held on March 5, 2026.

Sale of land situated at Gondal, Rajkot for a consideration of up to ₹30 Crore.
Transaction is with Sova Agrotech Private Limited, a related party involving promoter Ms. Geetaben Lalitbhai Vasoya.
Expected completion date for the sale/disposal is set for April 2026.
Shareholder approval obtained via special resolution at the EGM held on March 5, 2026.
Strategic rationale includes streamlining assets and focusing on core business operations.

💡 Investors should track the actual receipt of the ₹30 Crore and how the management redeploys this capital into core operations. Given it is a related party transaction, verify that the final valuation aligns with independent market benchmarks.

Shree Ram Proteins Shareholders Approve Asset Sale and QIP Capital Raise

🔵 WATCH ⭐ 8/10

FUNDRAISE 📅 06 Mar 2026, 07:00 PM

Shree Ram Proteins Limited (SRPL) has received shareholder approval for two critical resolutions during its EOGM held on March 05, 2026. The first resolution, involving the sale of a company undertaking as a material related party transaction, passed with 100% of the 16,448,040 votes in favor. The second resolution authorizes the company to raise capital through a Qualified Institutions Placement (QIP), which was approved by a 99.91% majority. These approvals provide the company with the mandate to restructure its assets and seek fresh institutional investment.

100% shareholder approval for the sale of a company undertaking as a material related party transaction involving 16,448,040 votes.
99.91% majority (16,436,640 votes) in favor of raising capital via Qualified Institutions Placement (QIP).
Total of 54 members participated in the electronic voting process representing 16,448,040 shares.
The QIP resolution saw minimal opposition, with only 15,000 votes (0.09%) cast against it.

💡 Investors should monitor the pricing and dilution impact of the upcoming QIP and the specific terms of the asset sale. The high approval rate suggests strong alignment between participating shareholders and management's strategic restructuring plans.

Shree Ram Proteins Shareholders Approve All 16th AGM Resolutions with 99.57% Majority

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 06 Mar 2026, 06:56 PM

Shree Ram Proteins Limited (SRPL) successfully concluded its 16th Annual General Meeting on March 05, 2026, with shareholders passing all five proposed resolutions. Key approvals included the adoption of audited financial statements for FY24 and the appointment/regularization of three directors. The voting results showed strong alignment, with 99.57% of total votes cast in favor of the resolutions. While promoter participation was 100%, public non-institutional turnout remained relatively low at 3.77% of their total holdings.

All 5 resolutions passed with an overwhelming majority of 99.57% (16,414,638 votes in favor).
Promoter group holding 8,733,679 shares voted 100% in favor of all agenda items.
Public non-institutional shareholders polled 7,751,960 votes, with 71,001 votes (0.43%) cast against.
Board strengthened by the regularization of Mr. Akash Sureshbhai Gajera and Mr. Yogesh Chandubhai Dhanani as Independent Directors.
Shareholders ratified the remuneration for Cost Auditor M/s. Tadhani & Co. for the financial year 2024-25.

💡 Investors should monitor the impact of the newly appointed independent directors on corporate governance. No immediate action is required as the meeting results reflect standard compliance and stable management control.

Shree Ram Proteins Concludes 16th AGM; Approves FY24 Financials and Director Appointments

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 05 Mar 2026, 04:46 PM

Shree Ram Proteins Limited conducted its 16th Annual General Meeting on March 05, 2026, to transact several key business items. Shareholders reviewed and adopted the audited financial statements for the fiscal year ended March 31, 2024. The meeting also saw the re-appointment of Mr. Navin Kumar Singh as Director and the regularization of two new Independent Directors. Additionally, the remuneration for the company's cost auditors for the 2024-25 financial year was ratified.

Adoption of Audited Financial Statements for the financial year ended March 31, 2024.
Re-appointment of Mr. Navin Kumar Singh as Director retiring by rotation.
Regularization of Mr. Akash Sureshbhai Gajera and Mr. Yogesh Chandubhai Dhanani as Independent Directors.
Ratification of remuneration for Cost Auditors M/s. Tadhani & Co. for FY 2024-25.
The meeting was held via video conferencing and concluded within 6 minutes (11:05 AM to 11:11 AM).

💡 As this is a routine annual meeting, no immediate action is required. Investors should review the upcoming voting results to confirm shareholder consensus on the board's composition.

Shree Ram Proteins Concludes 16th AGM; Approves FY24 Financials and Director Appointments

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 05 Mar 2026, 04:42 PM

Shree Ram Proteins Limited (SRPL) successfully conducted its 16th Annual General Meeting on March 5, 2026. Shareholders reviewed and adopted the audited financial statements for the fiscal year ended March 31, 2024. Key management decisions included the re-appointment of Mr. Navin Kumar Singh as a Director and the regularization of two new Independent Directors, Mr. Akash Sureshbhai Gajera and Mr. Yogesh Chandubhai Dhanani. The company also ratified the remuneration for its cost auditors for the financial year ending March 31, 2025.

Adopted audited financial statements and reports for the financial year ended March 31, 2024.
Approved the re-appointment of Mr. Navin Kumar Singh as Director, retiring by rotation.
Regularized the appointments of Mr. Akash Sureshbhai Gajera and Mr. Yogesh Chandubhai Dhanani as Independent Directors.
Ratified remuneration for Cost Auditors M/s. Tadhani & Co. for the financial year ending March 31, 2025.
The meeting was conducted efficiently via video conferencing, lasting approximately six minutes from 11:05 AM to 11:11 AM.

💡 This is a routine corporate governance event with no immediate impact on the company's fundamentals. Investors should wait for the formal voting results to be filed with the exchange to confirm unanimous approval.

Shree Ram Proteins Concludes 16th AGM; Approves FY24 Financials and Director Appointments

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 05 Mar 2026, 04:36 PM

Shree Ram Proteins Limited successfully conducted its 16th Annual General Meeting on March 5, 2026, via video conferencing. Shareholders adopted the audited financial statements for the fiscal year ended March 31, 2024, and approved the re-appointment of Mr. Navin Kumar Singh as a director. The meeting also saw the regularization of two new Independent Directors, Mr. Akash Eshbhai Gajera and Mr. Yogesh Chandubhai Dhanani. Furthermore, the remuneration for the cost auditors for the upcoming financial year ending March 31, 2025, was ratified.

Adopted audited financial statements and reports for the financial year ended March 31, 2024
Approved the re-appointment of Mr. Navin Kumar Singh as Director following his retirement by rotation
Regularized the appointments of Mr. Akash Eshbhai Gajera and Mr. Yogesh Chandubhai Dhanani as Independent Directors
Ratified the remuneration for Cost Auditors M/s. Tadhani & Co. for the financial year ending March 31, 2025
The meeting was conducted briefly, starting at 11:05 AM and concluding at 11:11 AM

💡 As this was a routine Annual General Meeting with standard resolutions, no immediate action is required. Investors should wait for the formal voting results to be published on the stock exchange to confirm unanimous approval.

Shree Ram Proteins Reports Zero Revenue and ₹21.07 Cr Net Loss in FY25; Issues AGM Addendum

🔴 NEGATIVE ⭐ 7/10

ROUTINE 📅 13 Feb 2026, 11:11 AM

Shree Ram Proteins Limited (SRPL) has issued a corrigendum and addendum to its 17th Annual Report and AGM notice, primarily to include the missing Secretarial Audit Report and correct director re-appointment details. The company's financial health has deteriorated severely, with revenue from operations falling to zero in FY 2024-25 compared to ₹1,476.60 Lakhs in the previous year. Net loss has more than doubled to ₹2,107.51 Lakhs, driven by the total halt in operations. The company is currently attempting to raise up to ₹49 Crores through a Rights Issue to stabilize its position.

Revenue from operations dropped 100% to zero in FY 2024-25 from ₹1,476.60 Lakhs in FY 2023-24.
Net loss widened significantly to ₹2,107.51 Lakhs for the year ended March 31, 2025.
Corrigendum issued to correct the director retiring by rotation from Mr. Ravindra Kumar Singh to Mr. Piyush Vasoya.
Secretarial Audit Report for FY 2024-25 (pages 71-91) added as an addendum to the Annual Report.
Company is pursuing a Rights Issue of up to ₹49 Crores and a preferential allotment of 5 crore shares.

💡 Investors should be highly concerned by the total cessation of operational revenue and the widening losses; the stock remains a high-risk speculative play contingent on the success of the proposed fundraise.

Shree Ram Proteins Reports Zero Revenue in FY25; Issues AGM Corrigendum for Director Re-appointment

🔴 NEGATIVE ⭐ 8/10

ROUTINE 📅 13 Feb 2026, 11:08 AM

Shree Ram Proteins Limited (SRPL) has issued a corrigendum to its 17th AGM notice, correcting the director retiring by rotation to Mr. Piyush Vasoya and adding the missing Secretarial Audit Report. The company's financial performance for FY 2024-25 reveals a total collapse in operations, with revenue from operations falling to zero from ₹1,476.60 Lakhs in the previous year. Consequently, the net loss widened significantly to ₹2,107.51 Lakhs compared to a loss of ₹958.48 Lakhs in FY 2023-24. The board has skipped dividends to conserve capital amid these severe operational challenges.

Revenue from operations plummeted to zero in FY 2024-25 from ₹1,476.60 Lakhs in FY 2023-24.
Net loss for the year widened to ₹2,107.51 Lakhs, more than doubling from the previous year's loss of ₹958.48 Lakhs.
EBITDA stood at a negative ₹1,693.77 Lakhs, reflecting severe operational distress and lack of business activity.
The company corrected its AGM notice to reflect the re-appointment of Mr. Piyush Vasoya instead of Mr. Ravindra Kumar Singh.
The Secretarial Audit Report for FY 2024-25 was added as an addendum after being omitted from the initial report.

💡 Investors should exercise extreme caution as the company has reported a total cessation of operational revenue and mounting losses. The lack of business activity suggests significant fundamental risks that require immediate clarification from management regarding the company's going concern status.

Shree Ram Proteins Schedules 16th AGM for March 5, 2026; To Appoint New Independent Directors

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 11 Feb 2026, 05:54 PM

Shree Ram Proteins Limited has convened its 16th Annual General Meeting (AGM) for March 5, 2026, to adopt the audited financial statements for the fiscal year ended March 31, 2024. The meeting will address the appointment of two Independent Directors, Mr. Akash Sureshbhai Gajera and Mr. Yogesh Chandubhai Dhanani, for five-year terms. Additionally, shareholders will vote on the re-appointment of Mr. Navin Kumar Singh and the ratification of cost auditor remuneration for FY 2024-25. Remote e-voting is scheduled to take place between March 2 and March 4, 2026.

16th Annual General Meeting scheduled for March 5, 2026, at 11:00 AM via Video Conferencing.
Proposal to appoint Mr. Akash Sureshbhai Gajera and Mr. Yogesh Chandubhai Dhanani as Independent Directors for 5-year terms.
Adoption of Audited Financial Statements for the financial year ended March 31, 2024.
Remote e-voting period starts on March 2, 2026 (10:00 AM) and ends on March 4, 2026 (5:00 PM).
Ratification of remuneration for Cost Auditor M/s. Tadhani & Co. for the financial year 2024-25.

💡 Investors should review the company's FY24 performance in the annual report and exercise their voting rights during the e-voting window regarding director appointments.

Shree Ram Proteins to Hold 16th AGM on March 5, 2026; Proposes New Independent Directors

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 11 Feb 2026, 05:01 PM

Shree Ram Proteins Limited has scheduled its 16th Annual General Meeting for March 5, 2026, to adopt the audited financial statements for the year ended March 31, 2024. The company is seeking shareholder approval for the appointment of two Independent Directors, Mr. Akash Sureshbhai Gajera and Mr. Yogesh Chandubhai Dhanani, for five-year terms. Additionally, the meeting will address the ratification of cost auditor remuneration for FY 2024-25, capped at Rs. 26,700. Remote e-voting for shareholders will be available from March 2 to March 4, 2026.

16th Annual General Meeting scheduled for March 5, 2026, via Video Conferencing.
Proposed regularization of two Independent Directors for 5-year terms ending in 2029.
Adoption of Audited Financial Statements for the financial year ended March 31, 2024.
Ratification of Cost Auditor remuneration for FY 2024-25 at a maximum of Rs. 26,700.
Remote e-voting period set for March 2, 2026, to March 4, 2026.

💡 Investors should review the FY24 annual report for performance insights and participate in the e-voting process to approve the new board appointments.

Shree Ram Proteins to Hold 16th AGM on March 5, 2026; Proposes Director Appointments

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 11 Feb 2026, 04:57 PM

Shree Ram Proteins Limited has scheduled its 16th Annual General Meeting (AGM) for March 5, 2026, to transact several key business items. The meeting will focus on adopting the audited financial statements for the year ended March 31, 2024, and the re-appointment of Mr. Navin Kumar Singh as a director. Shareholders will also vote on the regularization of two Independent Directors, Mr. Akash Sureshbhai Gajera and Mr. Yogesh Chandubhai Dhanani, for five-year terms. Additionally, the company seeks to ratify a remuneration of up to Rs. 26,700 for its cost auditors for the 2024-25 financial year.

16th Annual General Meeting scheduled for March 05, 2026, at 11:00 AM IST via Video Conferencing.
Remote e-voting period is set from March 02, 2026 (10:00 AM) to March 04, 2026 (5:00 PM).
Proposed regularization of two Independent Directors for 5-year terms ending in early 2029.
Ratification of Cost Auditor remuneration for FY 2024-25 capped at Rs. 26,700 plus applicable taxes.
Adoption of Audited Financial Statements for the financial year ended March 31, 2024.

💡 Investors should review the FY24 annual report for performance insights and participate in the e-voting process to approve the proposed management appointments and financial statements.

Shree Ram Proteins Reports Cessation of 3 Independent Directors Due to Delayed AGM

🔴 NEGATIVE ⭐ 7/10

MANAGEMENT 📅 05 Feb 2026, 03:10 PM

Shree Ram Proteins Limited (SRPL) has announced the cessation of three Additional Independent Directors effective February 5, 2026. The directors, Ms. Naaz Jaiswal, Mr. Akash Sureshbhai Gajera, and Mr. Yogeshbhaichandubhai Dhanani, have vacated their offices due to the company's failure to hold its Annual General Meeting (AGM) within the statutory due date. This automatic cessation is mandated under Section 161(1) of the Companies Act, 2013, which requires additional directors to step down on the date the AGM should have been held. This development highlights a significant lapse in corporate governance and regulatory compliance.

Cessation of 3 Additional Independent Directors effective from February 5, 2026.
Directors involved are Ms. Naaz Jaiswal, Mr. Akash Sureshbhai Gajera, and Mr. Yogeshbhaichandubhai Dhanani.
The cessation resulted from the company's failure to conduct its Annual General Meeting (AGM) within the statutory timeline.
Action taken in accordance with Section 161(1) of the Companies Act, 2013.
The vacancy of three independent directors simultaneously may affect board composition and committee requirements.

💡 Investors should exercise caution as the failure to hold an AGM on time is a red flag regarding internal controls and regulatory compliance. Monitor the company's next steps for appointing new directors and scheduling the overdue AGM.

SRPL to Raise ₹100 Cr and Acquire Stake in Sova Agrotech for ₹30 Cr

🔵 WATCH ⭐ 8/10

FUNDRAISE 📅 05 Feb 2026, 01:58 PM

Shree Ram Proteins Limited (SRPL) has approved a major fundraising plan of up to ₹100 Crores through equity or convertible securities. A significant portion of these funds, up to ₹30 Crores, is designated for acquiring a controlling stake in Sova Agrotech Private Limited, which is currently settling debts with Union Bank. The company also approved the sale of its land in Rajkot and is undergoing a major board restructuring with four new director appointments. Notably, the company is clearing a backlog of compliance by scheduling its 15th and 16th AGMs simultaneously in March 2026.

Approved fundraising of up to ₹100 Crores via preferential issue, rights issue, or other equity-linked instruments.
Proposed acquisition of a controlling stake in Sova Agrotech Private Limited for ₹30 Crores.
Sova Agrotech to acquire land, plant, and machinery for ₹24.75 Crores via a One Time Settlement (OTS) with Union Bank of India.
Approved the sale of company-owned land at Bhunava, Rajkot, subject to shareholder approval.
Scheduled the 15th AGM (FY24), 16th AGM (FY25), and an EGM all for March 5, 2026, to address pending regulatory matters.

💡 Investors should be cautious as the company is holding AGMs for 2024 and 2025 in 2026, indicating significant past compliance delays. Monitor the specific terms of the ₹100 Crore fundraise and the valuation details of the Sova Agrotech acquisition before committing capital.

Shree Ram Proteins Submits Quarterly SEBI Compliance Certificate for June 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Jan 2026, 05:26 PM

Shree Ram Proteins Limited has filed its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2025. The filing confirms that the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, has processed all dematerialization requests within the stipulated timeframes. It further verifies that physical certificates were cancelled and the names of depositories were updated in the register of members. This is a standard administrative procedure to maintain accurate electronic shareholding records.

Quarterly compliance certificate submitted for the period ending June 30, 2025
RTA MUFG Intime India confirmed processing of dematerialization requests within prescribed timelines
Verification and cancellation of physical security certificates completed as per SEBI norms
Company remains compliant with SEBI (Depositories and Participants) Regulations, 2018

💡 This is a routine administrative update confirming regulatory compliance; no specific action is required from investors.

View All SRPL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Operating Income collapsed by 90.71% YoY, falling from INR 162.73 Cr in FY2023 to INR 15.11 Cr in FY2024. This drastic decline is attributed to a severe shortage of funds for business operations and raw material procurement in the cotton seed extraction and trading segments.

Geographic Revenue Split

The company is based in Rajkot, Gujarat, which serves as its primary operational hub. While specific regional splits are not disclosed, the 90.71% revenue decline suggests a near-total cessation of trading and manufacturing activities across its domestic markets.

Profitability Margins

Profitability has turned deeply negative; Net Profit Margin (PAT Margin) plummeted from 2.36% in FY2023 to -63.42% in FY2024. This was driven by the inability to cover fixed costs on a significantly reduced revenue base of INR 15.11 Cr.

EBITDA Margin

EBITDA Margin deteriorated from 6.49% in FY2023 to -52.06% in FY2024. The absolute EBITDA shifted from a profit of INR 10.56 Cr to a loss of INR -7.87 Cr, representing a 174.5% decline in core operational profitability.

Capital Expenditure

Not disclosed in available documents. However, the company is currently facing a material shortage of funds for basic operations, suggesting zero or negligible capital expenditure in the current cycle.

Credit Rating & Borrowing

The company is rated 'IVR D; ISSUER NOT COOPERATING' as of June 2025, indicating a state of default. Total debt stands at INR 37.08 Cr. Borrowing costs are not explicitly stated, but the interest coverage ratio has fallen to -5.51x, indicating an inability to service even existing interest obligations.

⚙️ Operational Drivers

Raw Materials

Key raw materials include cotton seeds (estimated at 70-80% of manufacturing costs), mustard seeds, soya beans, and rice bran used for extraction and trading.

Import Sources

Primarily sourced from Gujarat and surrounding agricultural states in India, given the company's location in Rajkot.

Key Suppliers

Not disclosed in available documents; however, the company typically procures from local farmers and agricultural intermediaries.

Capacity Expansion

Current manufacturing involves cotton seed de-linting, de-hulling, and oil extraction. No expansion is planned as the company is struggling to maintain current operations, evidenced by the 90.7% revenue drop.

Raw Material Costs

Raw material procurement has been severely hampered by a 'shortage of funds,' leading to the massive revenue decline. In FY2023, raw materials and trading goods constituted the bulk of the INR 162.73 Cr turnover, but procurement capacity has since evaporated.

Manufacturing Efficiency

Capacity utilization is estimated to be extremely low (below 10%) given that total operating income fell to just INR 15.11 Cr against a debt of INR 37.08 Cr.

Logistics & Distribution

Distribution of cotton oil and seed cake is primarily focused on the Gujarat region, but volumes have stalled.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

The company has no immediate growth strategy other than survival. It is seeking to raise funds through a preferential issue of equity/warrants to address a 'shortage of funds' and settle defaults in loan repayments and statutory dues. Growth is contingent on a successful capital infusion and restoring the 'Going Concern' status.

Products & Services

Cotton oil, cotton seed cake, mustard seed oil, rapeseed oil, soya oil, groundnut oil, and De-Oiled Cake (DOC).

Brand Portfolio

Shree Ram Proteins (SRPL).

New Products/Services

No new products are currently being launched due to financial distress.

Market Expansion

Market expansion is currently halted; the company is focused on maintaining its listing and avoiding liquidation.

Market Share & Ranking

Not disclosed; however, the company is a small-cap entity listed on the NSE, previously on the SME platform.

🌍 External Factors

Industry Trends

The edible oil industry is growing at 4-5% annually in India, but SRPL is losing market share due to internal financial mismanagement and 'Issuer Not Cooperating' status with credit agencies.

Competitive Landscape

Faces intense competition from large organized players like Adani Wilmar and local unorganized solvent extraction plants.

Competitive Moat

The company lacks a sustainable moat. Its competitive advantage in regional processing has been neutralized by a total lack of liquidity and a default rating (IVR D).

Macro Economic Sensitivity

Highly sensitive to agricultural output in Gujarat and interest rate cycles, as the company carries INR 37.08 Cr in debt with negative interest coverage.

Consumer Behavior

Shift toward branded edible oils could benefit the company if it can stabilize operations, but current focus is purely on debt resolution.

Geopolitical Risks

Minimal direct impact, though global edible oil price volatility affects domestic margins for cotton and soya oil.

⚖️ Regulatory & Governance

Industry Regulations

Subject to FSSAI standards for edible oils and pollution control board norms for extraction plants. However, the auditor has highlighted defaults in 'statutory dues (including CSR)'.

Taxation Policy Impact

The company is facing challenges in paying statutory dues, which may include GST and corporate tax obligations.

Legal Contingencies

The company is in default of financial covenants of its loan agreements. Auditors have issued an 'Adverse' opinion regarding the 'Going Concern' status, citing material uncertainties that cast significant doubt on the company's ability to continue operations.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'Going Concern' status. There is a 100% risk of insolvency if the proposed fund-raising (preferential issue) fails to materialize to cover the INR 37.08 Cr debt and operational costs.