Inland Printers Limited filed its annual report for the year ended March 31, 2026, alongside the notice for its 46th Annual General Meeting scheduled for November 5, 2026, reporting a net loss of ₹36.62 lakh for FY26.

The company's total income fell sharply to ₹1.67 lakh in FY26 from ₹24.13 lakh in FY25, entirely comprising interest income on loans. Revenue from operations remained nil for the year. Total expenditure declined marginally to ₹38.25 lakh from ₹39.10 lakh in the prior year, resulting in a loss before tax of ₹36.58 lakh. The net loss widened to ₹36.62 lakh from ₹15.03 lakh in FY25, with basic and diluted earnings per share at (₹0.74) compared to (₹0.30) in FY25.

Financial performance summary

The following table presents key financial metrics for FY26 and FY25:

Balance sheet highlights

As at March 31, 2026, total assets stood at ₹251.76 lakh, down from ₹304.56 lakh a year earlier. Equity share capital remained unchanged at ₹502.96 lakh, while other equity deteriorated to (₹361.21 lakh) from (₹324.60 lakh), reflecting the accumulated losses. Total equity contracted to ₹141.75 lakh from ₹178.36 lakh. Current liabilities stood at ₹110.01 lakh, including short-term loans of ₹106.63 lakh carrying interest at 12% and 10% from Transerve Advisors Private Limited and Shubham Dealmark Private Limited respectively. Non-current assets included an advance for capital goods of ₹150.00 lakh, down from ₹300.00 lakh in FY25. Cash and cash equivalents closed at ₹3.27 lakh versus ₹2.59 lakh in the prior year.

Material event: NCLT-sanctioned amalgamation

A significant development during the year was the sanction by the National Company Law Tribunal, Mumbai Bench, of the Scheme of Amalgamation of Parthiv Corporate Advisory Private Limited (transferor company) with Inland Printers Limited (transferee company) under Sections 230 to 232 of the Companies Act, 2013. The appointed date for the scheme is January 1, 2023. The board has decided to give effect to the scheme in the next financial year, 2026-27, as the NCLT order was received at the end of September 2026. Accordingly, the FY26 financial statements have been prepared on a standalone basis without merging the financials of Parthiv Corporate Advisory Private Limited.

Operations and pending statutory dues

The company could not conduct any major business activity during FY26 due to financial constraints and is in the process of identifying a suitable project. The board has not recommended any dividend in view of accumulated losses. The auditor's report for FY26 is unmodified; however, Annexure A flags arrears of professional tax outstanding for more than six months under the Maharashtra State Tax on Professions, Trades, Calling and Employment Act, 1975.

The company is in the process of applying for registration under the said statute. There were no foreign exchange earnings or outgo during FY26. The company has two permanent employees on its rolls.

46th AGM agenda and director re-appointments

The 46th AGM will be held on Thursday, November 5, 2026, at 11:30 am through video conferencing or other audio visual means. The register of members and share transfer books will remain closed from November 3, 2026 to November 5, 2026 (both days inclusive). The cut-off date for e-voting rights is October 29, 2026. Remote e-voting through Central Depository Services (India) Limited opens on November 2, 2026 at 9:00 am and closes on November 4, 2026 at 5:00 pm. Results will be declared within 48 hours of the conclusion of the meeting.

The AGM will consider three resolutions: adoption of audited financial statements for FY26; re-appointment of Mr. Kaushik Ratanshi Bhadra as a director retiring by rotation (ordinary resolution); and re-appointment of Mr. Kishor Sorap as Whole-time Director designated as Executive Director for three years from August 12, 2026 to August 11, 2029 at a remuneration of ₹100,000 per month (special resolution). The board approved Mr. Sorap's re-appointment at its meeting held on August 10, 2026.

Statutory audit for FY26 was conducted by M/s YRKDAJ and Associates LLP (Firm Registration No. W100288), appointed at the AGM held on September 25, 2024, and holding office until the conclusion of the 49th AGM. Secretarial audit was conducted by M/s Yatin Sangani and Associates, Practising Company Secretary.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE055O01033/1cb94f09-7fae-4edf-b0ea-ab597f177141.pdf

Inland Printers Limited received a final order from the National Company Law Tribunal (NCLT), Mumbai Bench, sanctioning its amalgamation with Parthiv Corporate Advisory Private Limited on September 28, 2026.

The order approves the scheme of amalgamation under Sections 230 to 232 of the Companies Act, 2013. The appointed date for the scheme is January 1, 2023. Parthiv Corporate Advisory will be dissolved without winding up, and its entire undertaking will vest in Inland Printers.

Share Exchange Ratio

Under the approved scheme, Inland Printers will issue equity shares to the shareholders of Parthiv Corporate Advisory. The consideration is structured as follows:

This ratio applies to equity shareholders of the Transferor Company whose names appear in the Register of Members as on the Record Date.

Background and Rationale

Inland Printers was previously engaged in commercial printing but has not generated revenue from operations in recent years. Parthiv Corporate Advisory provides advisory and consultancy services. The consolidation aims to create value through increased scale, expanded reach, and cost optimization. The restructuring is expected to improve the normal business operations of the Transferee Company.

Regulatory Compliance and Observations

The Regional Director (RD) raised several observations regarding compliance issues, which were addressed by the petitioner companies:

• AGM Delay: Parthiv failed to hold its AGM for FY21 within the extended deadline. A compounding application was filed, and fees of ₹30,000 each were paid by the company and its directors.
• Open Charge: An open charge of ₹1.12 crore created in October 2022 on Parthiv’s assets will transfer to Inland Printers along with all liabilities.
• MSME Dues: The Official Liquidator noted MSME dues of ₹37,150 as of March 31, 2023. The company confirmed that Form MSME-1 was filed for this delayed payment.

What the Numbers Show

The financial data reveals a significant disparity in capital structures between the two entities prior to the merger. As of March 31, 2023, Inland Printers had a paid-up capital of ₹4.94 crore compared to Parthiv’s ₹42.39 lakh. However, the 27:1 share exchange ratio indicates that Parthiv’s valuation per share is substantially higher than Inland Printers’, despite Inland’s larger paid-up capital base. This suggests the market or valuation report assigned a premium to Parthiv’s active advisory business over Inland’s dormant printing operations.