Arshiya Limited Q1 FY26: Unaudited Standalone Results Approved Amidst CIRP
Arshiya Limited, under CIRP, approved unaudited standalone financial results for Q1 FY26 on May 29, 2026. Consolidated results were not prepared due to subsidiary CIRP. The Limited Review Report highlighted significant issues with financial data verification, asset impairment, revenue recognition, and liabilities due to ongoing insolvency proceedings. Auditors issued a disclaimer of conclusion.
The company is under CIRP, and the auditor has issued a disclaimer of conclusion on the financial results due to significant uncertainties and inability to verify crucial financial data. This indicates a high level of risk and uncertainty surrounding the company's financial health and operations.
The announcement pertains to financial results during a Corporate Insolvency Resolution Process (CIRP). The accompanying Limited Review Report contains a disclaimer of conclusion due to significant issues in verifying financial data, potential impairments, and uncertainties arising from the CIRP, indicating a highly negative financial and operational situation.
Arshiya Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), announced that its Resolution Professional, Mr. Pankaj Mahajan, has considered, approved, and taken on record the Unaudited Standalone Financial Results for the quarter ended June 30, 2025. The approval and recordation took place on May 29, 2026. Due to ongoing CIRP constraints in subsidiary companies, consolidated financial results could not be prepared.
The company has submitted the Unaudited Standalone Financial Results for the quarter ended June 30, 2025, along with a Limited Review Report issued by its statutory auditor, M/s ARTHA & Associates. The review, consideration, and signing of the financial results by the Resolution Professional commenced on May 29, 2026, at 8:30 PM and concluded at 9:15 PM.
The Limited Review Report highlights several significant points, including the company's ongoing CIRP since April 23, 2024, and the suspension of the Board of Directors' powers, which are now vested with the Resolution Professional. The report also notes the inability to obtain sufficient appropriate review evidence to verify the completeness, accuracy, and validity of underlying records due to ongoing CIRP, manpower constraints, and reliance on information provided by accounting teams. Specific concerns include the non-recognition of liabilities related to financial guarantees, potential impairment of property, plant, equipment, and investments, issues with revenue recognition, non-recognition of interest on financial liabilities post-CIRP, and inability to verify trade receivables and payables. Furthermore, the report points out the non-assessment of impairment of assets, non-recognition of interest on interim finance, inability to verify share-based payment obligations, and issues with the recoverability of investments and loans in subsidiaries. Disagreement from a suspended director regarding receivable balances and disputes over certain liabilities/expenses are also mentioned. The report also flags concerns regarding non-determination of employee benefit obligations, recoverability of an advance for a land transaction, VAT refund receivables, segment reporting limitations, accounting impacts of a demerged scheme becoming non-est, significant operational disruptions, loss of key personnel, and the assessment of ongoing litigations. Lastly, the termination of sub-lease and business conducting agreements due to events of default is noted. Due to these significant matters, the auditors have issued a disclaimer of conclusion.
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Arshiya Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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