The National Company Law Tribunal (NCLT), Mumbai Bench, has directed Bilcare Ltd to deposit its outstanding fixed deposit liabilities, including accrued interest, into the Investor Education and Protection Fund (IEPF) by July 15, 2026. The order, dated June 5, 2026, condoned the delay in repayment of public deposits and disposed of the company's petition filed under Section 74(2) of the Companies Act, 2013. The company must also publish notices in English and vernacular newspapers by July 31, 2026, to inform unpaid depositors about the process for filing claims under the IEPF rules.

Bilcare Ltd had accepted fixed deposits from 27,498 depositors aggregating to ₹171.28 crores. The company stated that it continued to service these deposits by paying interest and made payments of matured and claimed deposits as permitted by its liquidity. Over the years, the company repaid an aggregate principal amount of ₹145.80 crore. As of the current disclosure, the company has made a total payment of ₹168.76 crores and is awaiting duly discharged receipts and updated bank details from 542 depositors for the remaining balance of ₹2.52 crores.

The company filed the petition, CP/286(MB)/2025, on December 3, 2025, seeking relief regarding the repayment timeline. It argued that a mismatch in credit periods caused a cash crunch and working capital strain. The company also cited its status as a "relief undertaking" under the Maharashtra Relief Undertakings (Special Provisions) Act, 1958, which suspended certain liabilities and legal remedies for enforcement. The latest notification extending this relief was valid until December 21, 2026.

The NCLT noted that the balance of deposit payments was certified at ₹3.25 crores as of March 31, 2026, by M/s S K Kotalwar & Co., Chartered Accountants. An amount of ₹3.92 crore was certified to be lying in the designated repayment account with HDFC Bank. The Tribunal observed that further repayments could not be made due to the absence of depositor particulars. Consequently, it directed the transfer of funds to the IEPF to facilitate claims by unpaid depositors.

The Tribunal's order was uploaded on the NCLT portal on June 12, 2026. Bilcare Ltd confirmed that it is taking necessary steps to comply with the directions contained in the order, pending receipt of the certified copy.

Bilcare Limited reported a standalone net profit of ₹0.99 crore for the financial year ended March 31, 2026, a decrease from ₹3.99 crore in the previous year. Revenue from operations for the year stood at ₹6.85 crore, compared to ₹15.12 crore in the prior 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 29, 2026.

The company redeemed 1,56,00,000 preference shares of Caprihans India Limited at ₹10 each, aggregating to ₹15.60 crore. The redemption occurred in two tranches on May 28 and May 29, 2026. Additionally, Bilcare exercised its right to convert 10,40,000 warrants into equity shares of Caprihans India Limited at a price of ₹200 each. Following the allotment, the company's shareholding in Caprihans India Limited increased to 62.04%.

Financial Performance

The standalone financial results showed a total income of ₹26.38 crore for FY26, lower than ₹32.97 crore in the previous year. Total expenses decreased to ₹22.66 crore from ₹27.52 crore in the prior year. For the quarter ended March 31, 2026, the company reported a net loss of ₹6.35 crore, compared to a net profit of ₹3.36 crore in the same quarter of the previous year.

Consolidated Results

On a consolidated basis, the company reported a net loss of ₹17.29 crore for FY26, compared to a net loss of ₹28.13 crore in the previous year. Revenue from operations for the group stood at ₹733.54 crore, down from ₹788.04 crore in the prior year. The consolidated results include the financials of subsidiaries such as Caprihans India Limited and Bilcare Research GmbH.

The statutory auditors, M/s. Patki & Soman, Chartered Accountants, issued an unmodified opinion on the standalone and consolidated financial results. The auditors noted a material uncertainty related to the company's ability to continue as a going concern, dependent on the execution of strategic plans and future business prospects for the GCS business. The Board of Directors did not recommend any dividend for the year ended March 31, 2026.