Evoq Remedies Limited faces a potential insolvency proceeding after an operational creditor filed an application to initiate the Corporate Insolvency Resolution Process (CIRP) against the company. M/s. Harbhole Agrotech, through its proprietor Mr. Krushna Kurjibhai Lakkad, submitted the plea under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was filed before the Hon'ble National Company Law Tribunal, Division Bench, Court-1, Ahmedabad on April 20, 2026.

The filing designates Evoq Remedies Limited as the "Corporate Debtor." The development was formally communicated to BSE Limited on June 10, 2026, by Managing Director Bhumishth Patel. The disclosure does not specify the exact amount of debt claimed by the operational creditor or the specific grounds for the default.

Key Details of the Filing

The following table outlines the primary parties and dates associated with the regulatory filing:

The company has requested the exchange to place the intimation on record. The outcome of the application before the tribunal remains pending.

Evoq Remedies Limited reported a net loss of ₹23.99 lakh for the year ended March 31, 2026, a sharp decline from the net profit of ₹8.82 lakh in the previous year. Revenue from operations for the year stood at ₹2,550.68 lakh, compared to ₹1,175.67 lakh in FY25. The company's board approved the audited financial results for the half-year and year ended March 31, 2026, during a meeting held on May 30, 2026.

The statutory auditor, H Thakkar & Co. LLP, issued a qualified opinion on the financial results, citing material uncertainty related to the company's ability to continue as a going concern. The report highlights significant liquidity stress, evidenced by cash losses, curtailed business operations, and the failure to discharge statutory obligations such as unpaid income tax provisions of ₹61.63 lakh and unpaid Tax Deducted at Source (TDS) of ₹38.76 lakh.

Audit Qualifications and Compliance Issues

The auditor identified several non-compliances and financial irregularities. The company extended short-term loans aggregating ₹670.26 lakh to three related parties without prior approval from the Audit Committee, violating Sections 177, 185, 188, and 189 of the Companies Act, 2013. Additionally, debtor balances aggregating ₹385.46 lakh and advances to suppliers of ₹1,251.18 lakh remained unconfirmed as of March 31, 2026, making their recoverability uncertain.

The auditor also noted that the company has not implemented accounting software with a non-disableable audit trail as mandated by the Companies (Accounts) Rules, 2014. Furthermore, the company has not appointed an Internal Auditor as required under Section 138 of the Companies Act, 2013, leading to inadequate oversight of internal controls.

Regulatory Proceedings and Contingent Liabilities

Evoq Remedies is subject to active investigation by the Securities and Exchange Board of India (SEBI), including a Show Cause Notice dated November 25, 2024, regarding the utilization of ₹19.21 crore raised through a Preferential Issue. The auditor stated that adverse regulatory outcomes could not be ruled out and might require restatement of financial results or disgorgement of funds.

The company faces significant contingent liabilities, including a GST demand of ₹655.03 lakh for FY 2017-18 and an Income Tax demand of ₹187.92 lakh, both currently under litigation. The board also appointed M/s. Jay Pandya & Associates as Secretarial Auditor for the financial year 2025-26.