PBA Infrastructure Ltd

CIRP admission details

• NCLT Mumbai Bench-VI admitted Canara Bank's CIRP against PBA Infrastructure on 29.09.2026.
• Debt: ₹1,126.41 crore including interest.
• Default date cited: 28.03.2012; CDR sanctioned 31.03.2012.
• IRP appointed: Pitambar Lulla, Registration No. IBBI/IPA-001/IP-P00323/2017-18/10593.
• Moratorium under Section 14 of IBC; asset disposals barred.
• Management of the CD to vest in the IRP during CIRP.
• NeSL record of default authenticated; Form-1 amended; 67 accounts referenced.
• Security package includes stocks, book debts; mortgages on Mumbai, Pune, Nagpur properties.
• Promoter/guarantor share pledges: Balkrishan Wadhawan and others.
• Initial CIRP cost ₹3,00,000 to be deposited with IRP.
• Order pronounced 29.09.2026; Form-A publication and CoC to assess resolution plan.
• Case number CP(IB) 297/MB/2026; Canara Bank is FC.

AGM Details

• Date and time: 26 September 2026, 4:00 PM.
• Mode: Video Conferencing/OAVM.
• Book Closure: 20 September 2026 to 26 September 2026.
• E-voting cut-off: 19 September 2026.

Key Resolutions and Outcomes

• Resolution 1: Adopt Standalone Financial Statements; ordinary resolution passed.
• Resolution 2: Re-appoint Narain P. Belani; ordinary resolution passed.
• Resolution 3: Re-appoint Suresh Kumar S. Bothra; ordinary resolution passed.
• Resolution 4: Re-appoint Pooja Ketan Gandhi as Independent Director for five years; special resolution passed.
• All resolutions passed with requisite majorities per Scrutinizer.

Director Changes

• Narain P. Belani re-appointed as director, retiring by rotation.
• Suresh Kumar S. Bothra re-appointed as director, retiring by rotation.
• Pooja Ketan Gandhi re-appointed as Independent Director for 2026-2031; not liable to retire.

AGM details

• Date and time: 26 September 2026, 4:00 PM IST; mode: VC/AVM.
• Quorum present; meeting concluded at 4:18 PM IST.
• Voting results to be declared after Scrutinizer's report and uploaded on the website.

Ordinary Business

• Adopt standalone audited financial statements for year ended 31 March 2026.
• Re-appointment of Narain P. Belani as Director, liable to retire by rotation.
• Re-appointment of Suresh Kumar S. Bothra as Director, liable to retire by rotation.

Special Business

• Re-appointment of Pooja Ketan Gandhi as Independent Director for a second five-year term.

Voting status

• Voting results pending; will be declared after Scrutinizer's report.

PBA Infrastructure Ltd — Closure of Trading Window

Financials at a glance

• Revenue from operations: 2335.34 Lakhs in FY2025-26, down from 3644.75.
• Total income: 2484.35 Lakhs; down from 4587.95.
• EBITDA before interest, depreciation and exceptional items: negative 5837.20 Lakhs.
• Profit after tax: negative 8201.74 Lakhs.
• Earnings per share: Basic and Diluted Rs -60.75.
• Net worth: equity negative 19677.94 Lakhs.
• Net cash from operating activities: negative 227.45 Lakhs; year-end cash 514.65 Lakhs.
• Dividend: no dividend declared for FY2025-26.
• NSE delisted; listed on BSE; listing fee for 2026-27 partially paid.

Balance sheet and liquidity

• Total assets: 24,389.17 Lakhs; total liabilities: 44,067.08 Lakhs.
• Equity negative: -19677.94 Lakhs; negative net worth persists.
• Current ratio 0.13; debt-to-equity is negative, signaling leverage impairment.
• Current borrowings: 35,342.14 Lakhs; non-current borrowings: 5,148.93 Lakhs.
• Net debt position: -38,778.44 Lakhs.
• Contingent liabilities: 9,781.85 Lakhs.
• Total liabilities exceed assets; going concern risk acknowledged by auditors.

Operations and revenue mix

• Top customer revenue: 2261.26 Lakhs (97% of contract revenue).
• Top five customers: 74.08 Lakhs (3%).
• Work-in-progress: 2,462.56 Lakhs; unbilled WIP 11.55 Lakhs; substantial uncertified/ disputed claims.
• Omerga project near completion; near-term revenue realization variability anticipated.
• Arbitration awards obtained; some challenged by authorities; ongoing disputes.

Dividends, capital and equity

• Equity share capital: 1,35,00,562 shares of Rs 10; paid-up Rs 1,350.06 Lakhs.
• No equity shares issued during FY2025-26.
• NSE voluntary delisting; BSE listing continues; green-lighted delisting effective 2022.
• Promoters hold about 54.70% of equity; no ESOPs issued.

Governance and risk management

• Board strength: 6 directors; six meetings held in 2025-26.
• Independent Directors: Anil Parvatkar, Shallu Khanna, Pooja Gandhi.
• Secretarial audit noted ROC complaint; management has provided explanations.
• Auditors: NK Mittal & Associates; internal audit by Abhishek Bansal & Co.
• Management asserts going concern and implements internal controls; familiarity programs for independent directors.

Outlook and key risks

• Infrastructure sector remains long-term growth driver; JV opportunities considered.
• Ongoing debt settlement with lenders; no final settlements yet.
• Risks include liquidity, project delays, policy/regulatory changes, and arbitration outcomes.

Notes on statements and disclosures

• Auditors issued a material uncertainty related to going concern; not a modified opinion.
• Contingent liabilities disclosed; significant disputed tax liabilities noted.
• Management discussion and analysis accompanies the annual report for further detail.

AGM Details

• 52nd AGM on 26 September 2026 at 4:00 PM via VC/OAVM.
• Board approved VC/OAVM mode on 13 August 2026.
• Notice and Annual Report dispatched to shareholders.
• Register of Members closed Sep 20–26, 2026.
• Remote e-voting window: Sep 23–25, 2026.
• Cut-off date for eligibility: Sep 19, 2026.
• No proxies due to VC/OAVM format.
• Scrutinizer: Jacintha Castelino; Instavote used for e-voting.
• Voting results to be declared post-AGM; published on company and exchange websites.

Ordinary Business

• Adopt Standalone Audited Financial Statements, Directors' Report, and Auditors' Report.
• Re-appoint Narain P. Belani as Director liable to retire by rotation.
• Re-appoint Suresh Kumar S. Bothra as Director liable to retire by rotation.

Special Business

• Re-appoint Mrs. Pooja Ketan Gandhi as Independent Director for second five-year term.
• Severally authorize Directors/Company Secretary to sign documents and file papers as needed.
• Not liable to retire by rotation during tenure.

Remuneration & Attendance

• Remuneration last drawn: Suresh Bothra Rs 6.60 Lakhs.
• Remuneration last drawn: Narain Belani Rs 72.00 Lakhs.
• Remuneration last drawn: Pooja Gandhi Rs 1.40 Lakhs (Sitting Fees).
• FY2025-26: Bothra attended 3; Belani 6; Gandhi 6 board meetings.

Voting & Results Disclosure

• Voting results not disclosed in the filing.
• Scrutinizer’s report to be submitted and published on company and MUFG Intime websites.

Book closure for AGM

• Book closure: 20 Sep 2026–26 Sep 2026 (inclusive).
• Purpose: to facilitate the 52nd AGM.
• Record date: 19 Sep 2026 for voting entitlement.
• AGM date: 26 Sep 2026.
• Security: equity shares.

Financial results approved

• Unaudited standalone results for quarter ended 30 June 2026 approved.
• Limited Review Report by auditors accompanies the results.
• Deviation not applicable; no funds raised in quarter.

AGM and governance actions

• Notice of 52nd AGM approved for 26 September 2026 via VC.
• Book closure 20–26 September 2026; record date 19 September 2026.
• Scrutinizer appointed: JC Associates; Ms. Iacinta Castelino.

Director appointment

• Re-appoint Pooja Ketan Gandhi as Non-Executive Independent Director for five years from 29 Dec 2026, subject to AGM.

Regulatory disclosures

• Deviation under Regulation 32(1) not applicable for quarter ended 30 June 2026.
• Annexures I and II attached with disclosures.

Auditor remarks / going concern

• Auditor notes defaults; Rs 315.15 crore overdue; going concern risk.

Other notes

• No separate segment reporting as per AS 17.