WILLAMAGOR - Williamson Magor
📢 Recent Corporate Announcements
Williamson Magor & Company Limited has successfully resolved its legal dispute with Carnex Timbers Pvt Ltd. The National Company Law Tribunal (NCLT), Kolkata Bench, has dismissed the insolvency application filed under Section 7 of the IBC following a full and final settlement between the parties. This resolution, submitted on March 10, 2026, removes the immediate threat of insolvency proceedings against the company. The formal dismissal by the NCLT provides significant relief to the company's operational standing.
- NCLT Kolkata Bench dismissed the Section 7 IBC application against the company as withdrawn.
- The withdrawal follows a full and final settlement reached between Williamson Magor and Carnex Timbers Pvt Ltd.
- The joint submission for settlement and withdrawal was made to the tribunal on March 10, 2026.
- The company is awaiting the formal copy of the NCLT order for further disclosure.
Williamson Magor & Company Limited has initiated a postal ballot to seek shareholder approval for the appointment of Mr. Dillip Kumar Parida and Mr. Javed Hossain as Directors. Both individuals were previously appointed as Additional Directors by the Board effective January 28, 2026, and now require regularization by shareholders. The voting process will be conducted entirely through electronic means (e-voting) from March 12 to April 10, 2026. The final results of the postal ballot are expected to be announced on or before April 14, 2026.
- Appointment of Mr. Dillip Kumar Parida (DIN: 11181828) as a Director, liable to retire by rotation.
- Appointment of Mr. Javed Hossain (DIN: 11061836) as a Director, liable to retire by rotation.
- E-voting period is scheduled from March 12, 2026 (9:00 AM) to April 10, 2026 (5:00 PM).
- The cut-off date for determining shareholder voting eligibility was March 6, 2026.
- Results of the voting process will be declared on or before April 14, 2026.
Williamson Magor reported a standalone net loss of ₹10.44 crore for Q3 FY26, with its net worth remaining completely eroded. The statutory auditors have issued a qualified opinion, highlighting material uncertainty over the company's ability to continue as a going concern. Major risks include a ₹508.96 crore arbitration liability and the non-restoration of its NBFC registration by the RBI. Additionally, the company has failed to recognize significant interest expenses, suggesting actual losses are likely higher than reported.
- Reported a standalone net loss of ₹10.44 crore for the quarter and ₹31.31 crore for the nine-month period ended December 2025.
- Auditors highlighted a ₹508.96 crore joint liability arising from an International Chamber of Commerce arbitration award regarding a loan default.
- The company's net worth is fully eroded, and it remains non-compliant with RBI's NBFC registration requirements.
- Interest expenses on inter-corporate borrowings totaling ₹32.33 crore for the nine-month period were not recognized, understating the reported loss.
- Deferred Tax Assets of ₹121.5 crore are recognized despite the lack of reasonable certainty regarding future taxable profits.
Williamson Magor & Company reported a standalone net loss of ₹11.43 crore for the quarter ended December 31, 2025, on a total income of just ₹3.56 crore. The statutory auditors have issued a qualified opinion, citing that the company's net worth is fully eroded and its ability to continue as a going concern is under significant doubt. Most critically, the company faces a joint liability of ₹508.96 crore following an arbitration award related to a loan default, which is currently being challenged in the Delhi High Court. Additionally, the company remains non-compliant with RBI norms as its NBFC registration has not been restored.
- Reported a standalone net loss of ₹11.43 crore for Q3 FY26 compared to a loss of ₹11.03 crore in the previous quarter.
- Auditors highlighted a massive joint liability of ₹508.96 crore (₹5,089,591 thousand) due to an International Chamber of Commerce arbitration award.
- The company's net worth is completely eroded, leading to a 'Going Concern' qualification by statutory auditors.
- NBFC registration remains unrestored, and the company is failing to follow RBI norms applicable to NBFC entities.
- Auditors noted non-recognition of interest expenses on secured and unsecured borrowings, which understates the reported losses.
Williamson Magor reported a standalone net loss of ₹11.73 crore for the quarter ended December 31, 2025, as the company continues to face severe financial distress. Statutory auditors have issued a qualified conclusion, highlighting that the company's net worth is fully eroded and its ability to continue as a going concern is uncertain. The company is currently non-compliant with RBI norms for NBFCs and faces a massive joint arbitration liability of ₹508.96 crore. Additionally, the company has failed to recognize significant interest expenses on its borrowings, leading to understated losses.
- Standalone net loss for Q3 FY26 stood at ₹11.73 crore, slightly higher than the ₹11.23 crore loss in Q3 FY25.
- Auditors flagged a joint liability of ₹508.96 crore arising from an Arbitration Award involving InCred Financial Services.
- Interest expenses of ₹32.33 crore for the nine-month period on inter-corporate borrowings were not recognized, understating the total loss.
- The company's net worth is completely eroded, and it has failed to restore its NBFC registration with the RBI.
- Deferred Tax Assets of ₹121.54 crore remain on the books despite significant uncertainty regarding future taxable profits.
Williamson Magor & Company Limited has announced the resignation of two board members, Mrs. Sonali Datta Sarkar and Mr. Amit Dey, effective January 28, 2026. Both individuals served as Non-Executive and Non-Independent Directors of the company. The resignations were attributed to personal commitments and other personal obligations. These departures are part of board-level changes and the company has filed the necessary disclosures under Regulation 30 of SEBI regulations.
- Resignation of Mrs. Sonali Datta Sarkar (DIN: 10078851) effective from January 28, 2026
- Resignation of Mr. Amit Dey (DIN: 10711536) effective from January 28, 2026
- Both directors held Non-Executive and Non-Independent positions on the board
- Reasons cited for departures include increasing personal commitments and other personal obligations
- Disclosures made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Williamson Magor & Company Limited has appointed Mr. Dilip Kumar Parida and Mr. Javed Hossain as Additional Directors (Non-Executive & Non-Independent) effective January 28, 2026. Mr. Parida brings over 20 years of experience in Accounts and Taxation, having worked with firms like Jaguar Securities. Mr. Hossain possesses more than 25 years of experience in Accounts and Administration, including roles at Seajuli Developers & Finance. These appointments are intended to bolster the board's expertise in financial oversight and administrative functions.
- Appointment of two Additional Directors, Mr. Dilip Kumar Parida and Mr. Javed Hossain, effective January 28, 2026.
- Mr. Dilip Kumar Parida, aged 51, has over 20 years of experience in Accounts and Taxation.
- Mr. Javed Hossain, aged 53, brings more than 25 years of experience in Accounts and Administration.
- Both appointees are designated as Non-Executive and Non-Independent Directors.
- The company confirmed that neither director is debarred from holding office by any SEBI order.
Williamson Magor & Company Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by Maheshwari Datamatics Private Limited, confirms the processing of dematerialization requests for the period from October 1, 2025, to December 31, 2025. It verifies that physical share certificates were mutilated or cancelled after dematerialization within the stipulated timeframes. This is a standard administrative filing required for all listed entities in India to ensure proper share accounting.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Issued by Registrar and Share Transfer Agent (RTA), Maheshwari Datamatics Private Limited.
- Confirms dematerialization of shares and destruction of physical certificates as per SEBI norms.
- Covers the three-month period starting October 1, 2025, and ending December 31, 2025.
Williamson Magor & Company Limited has announced the closure of its trading window starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming announcement of financial results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons until 48 hours after the results are officially declared. This is a standard regulatory procedure to prevent insider trading before sensitive financial data is made public.
- Trading window closure begins on January 1, 2026, for all designated persons.
- Closure pertains to the Unaudited Financial Results for the quarter and nine months ending December 31, 2025.
- The window will reopen 48 hours after the official declaration of the financial results.
- The announcement follows SEBI (Prohibition of Insider Trading) Regulations, 2015.
Financial Performance
Revenue Growth by Segment
Revenue growth is not explicitly disclosed as a top-line figure; however, the company reported a massive increase in losses. Loss before taxation and exceptional items surged to INR 229.87 Cr in FY25 from INR 39.39 Cr in FY24, representing a 483.5% increase in annual losses due to the classification of loans as Non-Performing Assets (NPAs).
Geographic Revenue Split
Not disclosed in available documents, though operations are centered in India with legal proceedings in the Calcutta High Court.
Profitability Margins
Profitability is severely negative. The net worth has been fully eroded as of September 30, 2025, due to the classification of loans and advances as NPAs, which has eliminated all margins and created a deficit in equity.
EBITDA Margin
Core profitability is negative and deteriorating. The operating loss before working capital changes was INR 0.79 Cr for the period ended September 30, 2025, compared to a loss of INR 47.21 Cr in the previous year, reflecting a volatile but consistently negative core earning capacity.
Capital Expenditure
Not disclosed in available documents. The company is currently focused on liquidity management and debt repayment rather than expansion.
Credit Rating & Borrowing
The company has defaulted on the repayment of principal and interest to lenders. Specific credit ratings are not disclosed, but the company is in active discussions with lenders regarding liquidity issues and defaults.
Operational Drivers
Raw Materials
As a financial services entity (NBFC), the primary 'raw material' is Capital/Debt Funds, which represents 100% of the input required for lending operations.
Import Sources
Not applicable as the company is a financial services provider.
Key Suppliers
Not applicable; however, the company depends on Lenders and Promoters for liquidity and financial support to sustain operations.
Capacity Expansion
Current capacity is effectively zero as the NBFC Certificate of Registration was cancelled by the RBI on May 04, 2023. No expansion is possible until the license is restored.
Raw Material Costs
Cost of funds is not explicitly quantified as a percentage of revenue due to the lack of revenue, but the company has failed to recognize interest expenses in certain periods, leading to understated liabilities.
Strategic Growth
Expected Growth Rate
0%
Growth Strategy
Growth is currently impossible due to the cancellation of the NBFC license. The strategy is entirely focused on legal restoration of the license through the Calcutta High Court and seeking promoter support to address the negative net worth and liquidity crisis.
Products & Services
Loans and advances, financial services, and investment activities typical of a Non-Banking Financial Company.
Brand Portfolio
Williamson Magor & Co. Limited.
New Products/Services
No new products can be launched until the regulatory license is restored.
Market Expansion
None planned; the company is currently in a state of material uncertainty regarding its ability to continue as a going concern.
Market Share & Ranking
Not disclosed; the company is currently non-operational as an NBFC.
Strategic Alliances
The company has interests in associates like Williamson Financial Services Limited and Majerhat Estates and Developers Limited, and a joint venture, D1 Williamson Magor Bio Fuel Limited.
External Factors
Industry Trends
The NBFC industry is seeing increased regulatory oversight regarding related-party lending and capital adequacy. Williamson Magor is currently positioned as a non-compliant entity struggling to regain its legal standing to operate.
Competitive Landscape
The company is unable to compete in the current landscape due to its lack of a valid NBFC license and severe liquidity constraints.
Competitive Moat
The company currently has no sustainable moat. Its previous competitive advantage as an established NBFC has been neutralized by the cancellation of its operating license and the erosion of its net worth.
Macro Economic Sensitivity
Highly sensitive to regulatory changes and RBI prudential norms. The company's failure to follow NBFC norms led to its license cancellation.
Consumer Behavior
Not applicable as the company primarily deals with corporate and promoter group lending.
Geopolitical Risks
Low direct impact, as the primary risks are domestic regulatory and legal challenges.
Regulatory & Governance
Industry Regulations
The company is governed by RBI prudential norms for NBFCs. It is currently in violation of these norms, leading to the cancellation of its Certificate of Registration on May 04, 2023.
Environmental Compliance
Not disclosed; minimal impact for a financial services firm.
Taxation Policy Impact
The company reported a direct tax refund of INR 0.064 Cr in FY25, but overall taxation impact is secondary to the massive operating losses.
Legal Contingencies
A critical Writ Petition is pending before the Calcutta High Court (CNR No.: WBCHCA-000486-2024) filed on January 04, 2024, for the restoration of the NBFC license. Additionally, four directors (Mr. Chandan Mitra, Mr. Lakshman Singh, Mr. Debashis Lahiri, and Ms. Lyla Cherian) were disqualified effective September 30, 2022, under Section 164(2)(b) of the Companies Act, 2013.
Risk Analysis
Key Uncertainties
There is a material uncertainty regarding the company's ability to continue as a going concern. The net worth is fully eroded, and the ability to survive depends entirely on license restoration and promoter funding.
Geographic Concentration Risk
Operations and legal issues are concentrated in Kolkata, West Bengal, India.
Third Party Dependencies
High dependency on the Calcutta High Court for legal relief and on lenders for debt restructuring.
Technology Obsolescence Risk
Low risk compared to the existential regulatory and financial risks currently faced.
Credit & Counterparty Risk
Extreme credit risk; the company's internal controls over granting loans to promoter groups were found inadequate, leading to significant NPAs and the eventual erosion of net worth.