ICSA (India) Limited approved its delayed standalone financial results for fiscal years 2020 through 2023 during a Board meeting held on July 29, 2026. The filing resolves a multi-year backlog of statutory disclosures following the company’s liquidation and eventual sale as a going concern. This move is critical for shareholders as it formally closes the financial records of the corporate debtor period, allowing the reconstituted entity to establish a clean baseline for future operations under new management.

The disclosure was made pursuant to Regulation 30 read with Para A of Schedule III and Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board reviewed and approved unaudited quarterly results alongside audited annual results for each fiscal year covered. The Audit Committee had previously reviewed these figures before they were taken on record by the directors.

Liquidation Context and Data Limitations

The National Company Law Tribunal (NCLT), Hyderabad Bench – II, ordered the liquidation of ICSA (India) Limited on August 18, 2020, appointing Mr. Nethi Mallikarjuna Setty as the Liquidator. The Liquidator took control of management and operations on August 18, 2020; however, the erstwhile management failed to provide control and custody of documents or information. Consequently, the financial statements for this period were prepared to the extent feasible using available alternate evidence and information.

During the liquidation process, specific assets were disposed of via public e-auction:

• Yadagirigutta Land: A portion measuring 5 acres and 18.94 guntas was sold to M/s Hyderabad Bottling Company Private Limited for ₹900.00 lakhs.
• Motor Vehicle: A Benz car was sold to Mr. Y.V. Ramanareddy for ₹3.05 lakhs.

A total of ₹10,23,89,263 was realized from the sale of the liquidation estate, including performance bank guarantees and cash balances, and distributed among eligible stakeholders under Sections 52 and 53 of the Insolvency and Bankruptcy Code (IBC), 2016.

Closure of Proceedings and Management Disclaimer

The NCLT, Hyderabad Bench, ordered the formal closure of liquidation proceedings on February 7, 2023, following an application under Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016. This order relieved the Liquidator of his duties and facilitated the handover of remaining books and records to the successful bidder.

The Reconstituted Board, led by Managing Director Venkateswar Nellutla, emphasized that the newly appointed directors are not responsible for fiduciary duties regarding the company’s health prior to acquisition. Neither the Resolution Professional, Liquidator, nor the new management makes any representations regarding the accuracy, veracity, or completeness of the data in these financial statements. The results have been prepared in accordance with Indian Accounting Standards (IND AS).

Financial Highlights: FY20 to FY23

The approved results reflect the financial position during the transition from active operations to liquidation and finally to closure. Key metrics from the audited annual results are summarized below:

Note: Figures are in ₹ Lakhs except EPS. FY23 includes an exceptional gain on debt extinguishment of ₹136,296.52 lakhs.

What the Numbers Show

The financial trajectory reveals a stark divergence between operational losses and non-operational gains in the final year. While revenue dwindled from ₹6,539.34 lakhs in FY20 to just ₹250.82 lakhs in FY23, the net loss widened dramatically to ₹136,547.35 lakhs in FY23. However, this massive loss is primarily driven by the accounting treatment of debt extinguishment and capital restructuring rather than operational expenses. In FY22, the company reported a net profit of ₹707.89 lakhs, driven by other income rather than revenue from operations, which was nil. This pattern highlights that the company was effectively dormant from an operational standpoint, with financial results dominated by balance sheet adjustments and liquidation-related transactions.

ICSA (India) Limited's board appointed M/s. Bhargavi Priya and Associates as Statutory Auditors and T Durga Pallavi as Secretarial Auditor for a term from FY 2018-19 to FY 2025-26, covering the Corporate Insolvency Resolution Process (CIRP) period. The appointments, subject to shareholder approval at the ensuing Annual General Meeting, were made during a board meeting on June 25, 2026. Additionally, the board approved shifting the registered office to Gachibowli, Hyderabad, and authorized directors to sign necessary regulatory documents.

Auditor Appointments

On the recommendation of the Audit Committee, the board appointed M/s. Bhargavi Priya and Associates, Chartered Accountants (FRN: 021428S), as Statutory Auditors. The firm holds a valid Peer Review certificate and specializes in statutory, internal, tax, revenue, and stock audits of manufacturing companies. The appointment is subject to shareholder approval.

T Durga Pallavi, Company Secretaries, was appointed as the Secretarial Auditor for the same term. The firm, holding Peer Review Certificate No. 3876/2023, has approximately 15 years of experience in corporate secretarial services. The disclosure notes that the auditor is related to Mr Mallour Rajesh Kumar, a director of the company.

Registered Office Change

The board approved shifting the registered office to Level 3, Plot No 13, Green Lands Colony, Gachibowli, Seri Lingampally, K.V.Rangareddy, Hyderabad, Telangana, 500032. Additionally, Mr N V Rao and Mr Mallour Rajesh Kumar were authorized to sign documents pertaining to NCLT, BSE, NSE, CDSL, and NSDL.

Key Approvals