Value Industries Limited Delays Financial Results Due to Ongoing CIRP and Legal Challenges
Value Industries Limited announced a delay in submitting its Q2 FY27 financial results due to ongoing CIRP and legal battles. The company has been under resolution since 2018, with a resolution plan approval and subsequent stay orders causing significant procedural delays. Until previous quarters' results are finalized, current results cannot be prepared.
The inability to submit financial results on time, coupled with the prolonged insolvency and legal proceedings, indicates a high level of uncertainty and potential financial risk for the company, impacting investor confidence and regulatory compliance.
The company is facing significant delays in submitting its financial results due to ongoing corporate insolvency resolution process and multiple legal challenges, indicating severe operational and financial distress.
Value Industries Limited has announced a delay in the submission of its unaudited financial results for the quarter ended September 30, 2026. The company is unable to publish these results by the mandated deadline of November 14, 2026, due to ongoing legal and insolvency proceedings.
The company has been undergoing a Corporate Insolvency Resolution Process (CIRP) since September 5, 2018, following an application by the State Bank of India. This process was further consolidated for 13 Videocon Group entities, including Value Industries Limited, by the National Company Law Tribunal (NCLT) on August 8, 2019. Mr. Abhijit Guhathakurta was appointed as the resolution professional on September 25, 2019.
An NCLT order on June 8, 2021, had approved a resolution plan submitted by Twin Star Technologies Limited. However, this order was challenged by the Bank of Maharashtra and IFCI Limited, leading the National Company Law Appellate Tribunal (NCLAT) to stay its operation on July 19, 2021. Subsequently, on January 5, 2022, the NCLAT set aside the NCLT approval order, remitting the matter back to the Committee of Creditors (CoC) to re-invite fresh expressions of interest.
Twin Star Technologies Limited then appealed to the Supreme Court. On February 14, 2022, the Supreme Court issued an oral remark directing the resolution professional and CoC not to proceed further with the CIRP until further orders, maintaining the status quo.
Due to these unresolved legal complexities and the pending finalization of financial results for previous quarters (ending June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025, March 31, 2026, and June 30, 2026), Value Industries Limited cannot prepare its current financial results. The company also notes the appointment of new statutory auditors, M/s. GAMP & Co., on July 7, 2025, to audit accounts from April 1, 2024, to March 30, 2029.
The company states that it will endeavor to publish the delayed financial results as soon as possible.
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Value Industries 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 high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Value Industries Limited. Read the original for the full detail.