Arshiya Limited: Unaudited Standalone Results for Q2 FY26 Approved Under CIRP
Arshiya Limited's Resolution Professional approved unaudited standalone financial results for Q2 FY26 on May 29, 2026. Consolidated results were not prepared due to CIRP constraints. A limited review report was issued with a disclaimer of conclusion, citing numerous issues arising from the CIRP, including financial guarantee liabilities, asset impairment, revenue recognition, and operational disruptions.
The company is under Corporate Insolvency Resolution Process (CIRP), and the financial results are accompanied by a disclaimer of conclusion from the auditors due to substantial issues and uncertainties related to the CIRP. This significantly impacts the reliability and interpretation of the financial statements.
The announcement reports the approval of standalone financial results under CIRP. However, the accompanying limited review report includes a disclaimer of conclusion due to significant issues arising from the insolvency process, indicating a neutral to negative outlook due to the uncertainties and operational challenges highlighted.
Arshiya Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), announced that its Resolution Professional, Mr. Pankaj Mahajan, has approved and taken on record the Unaudited Standalone Financial Results for the Quarter and Half Year ended September 30, 2025. The approval and review process took place on May 29, 2026, from 8:30 PM to 9:15 PM.
Due to CIRP constraints and limitations in subsidiary companies, consolidated financial results could not be prepared. The company has submitted the Unaudited Standalone Financial Results and the Limited Review Report issued by M/s ARTHA & Associates, Chartered Accountants.
The Limited Review Report highlights significant concerns and a disclaimer of conclusion due to the ongoing CIRP, suspension of board powers, manpower constraints, and reliance on information provided by accounting teams. Specific issues include non-recognition of liabilities related to financial guarantees, non-assessment of impairment for assets and inventory, revenue recognition without meeting Ind AS 115 criteria, non-recognition of interest on financial liabilities post-CIRP, and inability to verify trade receivables and payables. The report also notes issues with share-based payments, recoverability of investments and loans, disagreements from a suspended director, non-determination of employee benefit obligations, and the recoverability of an advance for a land transaction. Furthermore, it mentions pending appeals for VAT refunds, segment reporting challenges, the accounting impact of a demerger scheme becoming non-est, significant operational disruptions due to mass employee resignations, ongoing litigations, termination of sub-lease and business conducting agreements, and the non-recognition of interest on interim finance raised during CIRP.
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