OCCL Limited Clarifies Financial Results, No Subsidiary Consolidation Needed
OCCL Limited clarified that it does not need to submit consolidated financial results for the period ended March 31, 2025. While holding a 49% stake in Clean Max Infinia Private Limited (₹1.25 crore investment), OCCL determined it does not have significant influence as per Ind AS 28. The SPV has not commenced operations. The investment is classified as a financial asset.
This is a clarification regarding accounting treatment and regulatory compliance, not a material event that would directly impact the company's operations or financial performance in the short term.
The announcement is a clarification of a regulatory filing and does not contain new financial performance data or significant business developments. It addresses a specific query from the exchange.
OCCL Limited has provided a clarification regarding its financial results submitted on October 30, 2025, in response to an email from the National Stock Exchange of India Limited dated December 04, 2025. The company addressed an observation concerning the non-submission of financial details for its subsidiary(ies), associate(s), or joint venture(s).
OCCL Limited stated that as of September 30, 2025, it holds an investment in Clean Max Infinia Private Limited, which qualifies as an "associate" under Section 2(6) of the Companies Act, 2013. However, according to Indian Accounting Standard (Ind AS) 28, consolidated financial statements are only required if a company has subsidiaries or joint control over a joint venture or significant influence over an associate requiring equity method consolidation.
In this case, OCCL Limited does not have any subsidiaries, joint ventures, or associates requiring consolidation. Furthermore, Clean Max Infinia Private Limited had not commenced commercial operations during the financial year ended March 31, 2025. Consequently, OCCL Limited is not required to submit consolidated financial results for the period ended March 31, 2025, as per Regulation 33(3)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The announcement also detailed the background of the investment in Clean Max Infinia Private Limited, a special purpose vehicle (SPV) incorporated by OCCL Limited (49% equity) and CleanMax Enviro Energy Solutions Private Limited (51% equity). The SPV is set up to establish a 2.2 MWac / 3.20 MWp captive solar power plant in Haryana, with the electricity to be supplied to OCCL Limited. The total equity contribution from OCCL Limited was ₹1,24,80,000 (Rupees One Crore Twenty-four Lacs Eighty Thousand only) and from the Promoter Shareholder was ₹1,29,89,388 (Rupees One Crore Twenty-Nine Lacs Eighty-Nine Thousand Three Hundred Eighty-Eight only).
The analysis provided in the announcement examined whether OCCL Limited exercises significant influence over the SPV, referencing Ind AS 28. Based on the Shareholder's Agreement (SHA), OCCL Limited does not have representation on the board, does not participate in policy-making or day-to-day operations, and while there are material transactions, the terms cannot be unilaterally changed. Therefore, OCCL Limited concluded that it does not exercise significant influence, and the SPV is not an associate. The investment is treated as a financial asset, with subsequent accounting to be determined based on fair value through profit or loss or fair value through other comprehensive income.
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OCCL Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it low impact, the band that almost never moves a portfolio on its own.
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