Vas Infrastructure Ltd

Form G invitation details

• RP published Form G inviting expression of interest on Sep 28, 2026.
• Last date for submission of EOI: Oct 13, 2026.
• Provisional list of prospective resolution applicants to be issued: Oct 16, 2026.
• Last date for objections to provisional list: Oct 21, 2026.
• Final list of prospective resolution applicants to be issued: Oct 23, 2026.
• Information memorandum, evaluation matrix and RFP to be issued: Oct 24, 2026.
• Last date for submission of resolution plans: Nov 23, 2026.

Vas Infrastructure Ltd – Trading Window closed Oct 01, 2026 to Nov 16, 2026 (48 hours post results) for quarter ended Sept 30, 2026

AGM details

• AGM held on 25 September 2026 at 12:30 PM via VC/OAVM.

Resolutions put to vote

• Item 1: Adopt audited financials, cash flow, balance sheet, and P&L for year ended 31 March 2026.
• Item 2: Appoint M/s Pranay Mandhana and Associates as Secretarial Auditors.

Voting results

• Item 1 passed with 99.9996% in favour; 0.00041% against.
• Item 2 passed with 99.99957% in favour; 0.000423% against.

CIRP status & governance

• CIRP remains ongoing with Bimal Kumar Agarwal appointed as Resolution Professional.
• Canara Bank is sole secured creditor and holds 100% voting share in the CoC.
• NCLT ordered CIRP initiation on March 11, 2024 and RP appointment on August 13, 2026.
• RP appointment was uploaded on the NCLT website on August 24, 2026.
• Promoter Jayesh Valia submitted Section 12A settlement proposal on September 23, 2026.
• Bank rejected the 12A proposal on September 24, 2026 after examination.
• CIRP will continue under IBC provisions.
• Resolution Professional: Bimal Kumar Agarwal (IBBI registration IBBI/IPA-001/IPP01409/2018-2019/12186).

AGM Details

• 31st AGM held on 25 September 2026 at 12:30 PM via Video Conferencing (deemed venue) under CIRP.
• Meeting concluded at 12:54 PM; Resolution Professional presided, with Board powers vested in RP during CIRP.

Resolutions

• Adoption of Audited Financial Statements for FY 2025-26 and related reports.
• Appointment of Secretarial Auditors for FY 2026-27 (M/s. Pranay Mandhana and Associates).

Voting Status

• Voting results to be announced within 48 hours; Scrutinizer appointed.

CIRP Context

• RP convened AGM; Board powers suspended and vested in RP during CIRP.

CIRP status & governance

• NCLT admitted CIRP on 11 Mar 2024; RP appointed; board powers suspended.
• CoC approved Authum plan with 100% votes; NCLT rejected plan on 07 Jul 2026.
• NCLT directed CIRP re-initiation; 120-day window; CoC to decide replacement RP.
• Operations suspended; financials prepared on going concern basis under IBC.

Financial performance

• Turnover for FY2025-26: Nil; no operating revenue.
• PBT: 33.92 Lakhs; PAT: 32.51 Lakhs.
• EBITDA: 35.13 Lakhs; Depreciation: 1.21 Lakhs.
• EPS: 0.21; Basic; no dividend declared.
• Net cash from operations: 1,384.88 Lakhs.

Debt & liquidity

• Total borrowings: 11,989.01 Lakhs; non-current 10,831.30; current 1,157.71.
• Cash & bank balances: 1,724.63 Lakhs; deposits 1,713.15; cash 12.53.
• Negative net worth: -25,922.37 Lakhs; liquidity constrained under CIRP.
• No new loans or fundraises during the year.

Assets & investments

• Investments total: 8,391.58 Lakhs; includes Vas Educomp Pvt Ltd and others.
• PPE net book value: 0.64 Lakhs; total assets: 15,591.85 Lakhs.
• No subsidiary/associate/joint venture; no fresh acquisitions.

Operations & outlook

• No operations since March 2024; revival depends on CIRP outcome.
• Outlook conditional on resolution/revival plan and NCLT orders.

Audit & governance flags

• Statutory auditors issued Modified Opinion; emphasis on going concern.
• Secretarial audit notes CIRP; RP committees carry governance duties during CIRP.
• Corporate Governance certificate obtained; governance adjusted for CIRP.

Related parties & compliance

• No related party transactions during the year; RPT policy available on company site.
• Investor complaints: all resolved; no outstanding complaints.

Contingent items

• Feb 2026 Canara Bank flagged loan as fraud; HC quashed; PUFE application filed July 2026.

Long-term risk & opportunities

• Risks: CIRP outcome; funding; regulatory changes; execution risk upon revival.
• Opportunities: redevelopment and infra projects if revival succeeds.

Book closure and AGM details

• Book closure from 19 Sep 2026 to 25 Sep 2026 (inclusive).
• Book closure to determine voting eligibility for the AGM and related e-voting.
• Record date 18 Sep 2026 for determining e-voting eligibility.
• AGM date: 25 Sep 2026 at 12:30 PM via VC/OAVM.
• Security: Equity shares.