JBF Industries Ltd

Financial results

• Unaudited standalone results for quarter ended 30 June 2026 approved by RP; going concern status material.

Audit & opinion

• Qualified opinion due to non-provision of interest at documented rate on term loans and credit facilities.

Going concern & CIRP

• Note emphasizes material impact on going concern and ongoing CIRP with creditor actions and legal disputes.

Consolidation status

• Consolidated financials not prepared; group restructuring and equity transfer issues disclosed.

Business & segments

• Company focuses on polyester-based products; no separate segments reported.

Risks & outlook

• Going concern and CIRP outcomes are uncertain.

Financial highlights

• Standalone Q1 FY2027 unaudited results approved by RP; board meeting on 13 Aug 2026.
• Total income ₹15 lakh; total expenses ₹42 lakh; profit before tax ₹-44 lakh.
• EPS (Basic & Diluted, not annualised): ₹-0.09 for Q1 FY2027.
• Auditors emphasize going concern; no consolidated results due to CIRP.
• No CEO/CFO/CS; internal audit not appointed.
• CIRP status: NCLT admitted Jan 25, 2024; CoC rerun; 40 bidders; RFRP documents shared.
• TMBL demand ₹32.94 crore; matter subjudice; no provision.
• Manufacturing operations discontinued; debts assigned to CFM and MEPL under SARFAESI.
• Axis Bank statements missing; auditors unable to verify balance.
• Management notes polyester-based products; no reportable segments.

Risks & restructuring status

• Going concern risk; restructuring and asset disposals under CIRP.
• No consolidated financials published; reliance on standalone results.
• Litigation with lenders; NCLT/DRT actions; case subjudice.
• Key executives absent; internal audit not appointed.
• Consolidation uncertainty; no consolidated statements until CIRP resolves.

CIRP status and latest developments

• NCLT Ahmedabad approved extension of CIRP period for JBF Industries.
• Form G republished; fresh expressions of interest invited.
• RP Mukesh Verma continues as Resolution Professional.
• Written NCLT order submitted for record.
• CIRP remains ongoing with new EoIs process.

Dematerialisation status

• Dematerialisation requests processed; dematerialised securities listed on the stock exchanges.
• Physical certificates for dematerialisation mutilated and cancelled after verification; depository registered owner updated.
• No rematerialisation requests were received during the period.

EGM purpose

• Approve appointment of a secretarial auditor for five consecutive years.
• Set auditor remuneration and authorise the resolution professional to implement the appointment.

Resolution 1

• Ordinary resolution: appoint M/s. Elias L. Rodrigues & Co. as secretarial auditor.
• Tenure runs from FY2025-26 to FY2029-30.
• Fee is Rs 50,000 annually plus applicable taxes for FY2025-26.
• Fees thereafter to be mutually agreed annually.
• No resolution professional, directors, or KMPs are interested.

Voting outcome

• This chunk contains the notice, not the voting result.
• Approval or rejection is not disclosed here.

Governance impact

• Adds a five-year secretarial audit appointment.
• No change in shareholding, capital structure, or control is disclosed.

Resolution Plan Rejection

• One resolution plan was submitted to NCLT Ahmedabad by the Resolution Professional.
• NCLT Ahmedabad rejected the resolution plan on March 18, 2026, under Section 31 of IBC.
• The matter was referred back to the Committee of Creditors (COC) for further action.