Aksh Optifibre Limited has filed an appeal before the National Company Law Appellate Tribunal (NCLAT) challenging an order that deemed an insolvency application against it maintainable. The application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was filed by Shantanu Investments Private Limited. The Company stated that the order suffers from errors on facts and law and that it is pursuing all available legal remedies to safeguard stakeholder interests.

The matter was initially heard by a Division Bench of the NCLT, Jaipur Bench. The Hon'ble Judicial Member and Hon'ble Technical Member delivered separate and divergent opinions. Due to this difference of opinion, the matter was referred to a third Member nominated by the Hon'ble President, NCLT, to consider the points of difference.

After hearing the parties, the Hon'ble third Member concurred with the view expressed by the Hon'ble Technical Member. The application under Section 7 of the IBC was held to be maintainable, and the matter was referred back to the original Bench for passing appropriate orders in accordance with law.

The disclosure was made to the National Stock Exchange of India Ltd and BSE Ltd on June 10, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Company confirmed its commitment to keeping the stock exchanges informed of any material developments regarding the proceedings.

Aksh Optifibre Limited reported a narrowed net loss of ₹856.42 lakh for the financial year ended March 31, 2026, compared to a loss of ₹2,011.30 lakh in the previous year. Revenue from operations for the year stood at ₹12,570.66 lakh, slightly lower than the ₹12,712.48 lakh recorded in FY25. For the quarter ended March 31, 2026, the company posted a net profit of ₹25.67 lakh, a turnaround from the loss of ₹1,760.53 lakh in the same period last year.

The Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 at a meeting held on May 28, 2026. The meeting also saw the appointment of M/s. Ajay Kumar Singh & Co., Cost Accountants, for the financial year 2026-27 and the re-appointment of Felix Advisory Private Limited as Internal Auditor. The company published these audited financial results in "The Financial Express" and "Lokmat" on May 29, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

Financial Performance

The company’s total income for FY26 was ₹12,772.02 lakh, down from ₹12,869.17 lakh in the previous year. Total expenses decreased to ₹13,935.55 lakh from ₹15,109.08 lakh in FY25. The company reported an exceptional income of ₹57.13 lakh for the year, compared to ₹38.73 lakh in the prior year.

Audit Qualifications and Disclosures

P.C. Bindal & Co., the statutory auditors, issued a qualified opinion on the standalone and consolidated financial results. The qualification arises from the company's failure to account for interest aggregating to ₹2,146.35 lakh and cenvatable duty aggregating to ₹840.19 lakh related to the Advance Authorization scheme and Export Promotion Capital Goods (EPCG) schemes.

The management believes these liabilities will be resolved under a government amnesty scheme and has not recognised them in the financial results. Had these liabilities been recognised, total liabilities as at March 31, 2026, would have increased by ₹2,986.54 lakh, and the loss for the year would have increased by ₹115.01 lakh (net of tax).

The auditors also drew attention to several matters, including foreign currency payables and receivables outstanding beyond the period prescribed by the Foreign Exchange Management Act, and an application filed by a financial creditor under the Insolvency and Bankruptcy Code, 2016, which is pending adjudication before the National Company Law Tribunal. Additionally, the company received notices from Union Bank of India and HDFC Bank under the SARFAESI Act, 2002, regarding outstanding dues, which the company is actively pursuing to settle through a One Time Settlement arrangement.