BIL Vyapar Limited (formerly known as Binani Industries Limited) disclosed that its statutory auditors have issued a disclaimer of opinion on the audited standalone and consolidated financial results for the fourth quarter and financial year ended March 31, 2026. The Committee of Creditors (CoC) approved these results during its meeting held on May 29, 2026. The disclaimer stems from the inability to obtain sufficient appropriate audit evidence on several material matters, including outstanding corporate guarantees and the valuation of assets held for sale.

The auditors, TLB & Co., highlighted that the company provided corporate guarantees to lenders of Edayar Zinc Limited (EZL), with an outstanding balance of ₹8,025 lakhs as of March 31, 2026. Although a third party has consented to replace these guarantees, lenders have filed admitted claims during the CIRP proceedings, and the guarantees have not been formally released. Consequently, the consequential financial impact has not been considered in the financial results. The company has maintained a provision for loss allowances amounting to ₹2,149.10 lakhs as required by Ind AS 109.

Significant discrepancies were also noted regarding asset valuations and property sales. The company carried out valuations of assets held for sale, including land and buildings, through registered valuers, but the reports were deemed confidential and not shared with the auditors. As a result, these assets continue to be carried at book values rather than estimated net realisable values. Additionally, the company sold an immovable property in Ahmedabad at a loss of ₹33.51 lakhs on May 22, 2025, but did not recognise the sale or the loss in the current period. Had the disposal been recognised, the asset held for sale would have been lower by ₹159.51 lakhs.

The financial statements indicate that the company is under the Corporate Insolvency Resolution Process (CIRP) pursuant to an order by the National Company Law Tribunal. The auditors noted that the company has accumulated losses of ₹21,766.17 lakhs, and its net worth has been fully eroded, with current liabilities exceeding current assets by ₹18,627.68 lakhs. In the absence of a business plan, the going concern assumption was deemed inappropriate, and the financial statements have been prepared on a liquidation basis.

Other material matters include income tax receivables aggregating to ₹1,145.97 lakhs that could not be traced due to inadequate records, and a sub-judice matter concerning land in Wada. The auditors also drew attention to a US subsidiary that was liquidated in April 2026, following expenditures of USD 450,000 in FY 2023-24 and USD 300,000 in FY 2025-26 on consultants, for which insufficient documentation was available to determine the accounting impact.

BIL Vyapar Limited (formerly known as Binani Industries Limited) has notified the stock exchanges of the non-applicability of Regulation 27 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the Fourth Quarter and Year Ended 31st March, 2026. The disclosure, filed on 06th May, 2026, is pursuant to the company's ongoing Corporate Insolvency Resolution Process (CIRP).

Regulatory Exemption Under CIRP

The company has stated that in accordance with Regulation 15 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Regulation 27 — which pertains to corporate governance compliance requirements — is not applicable to BIL Vyapar Limited for the quarter and year under review. This exemption is directly linked to the company's status as a company undergoing CIRP.

The key details of the disclosure are summarised below:

Resolution Professional Appointment

Ms. Rachana Jhunjhunwala was appointed as the Resolution Professional of BIL Vyapar Limited with effect from 13th January, 2026. The company is currently operating under CIRP, and all regulatory disclosures are being made in accordance with the applicable provisions governing companies under insolvency proceedings.

Exchange Notification

The disclosure was addressed to BSE Limited, the National Stock Exchange of India Limited, and The Calcutta Stock Exchange Limited. The communication was signed by Daman Preet Kaur, Company Secretary Cum Compliance Officer of BIL Vyapar Limited (formerly known as Binani Industries Limited) under CIRP, and the exchanges have been requested to take the same on record.