Majestic Research Services and Solutions Limited has sought a three-month extension for its annual general meeting, pushing the deadline to December 31, 2026.

The company’s Board of Directors approved the proposal during a meeting held on September 2, 2026. The application will be submitted to the Registrar of Companies (ROC), Karnataka, under Section 96(1) of the Companies Act, 2013.

Regulatory Context

The request cites special reasons necessitating the delay in holding the AGM for the financial year ended March 31, 2026. These reasons include:

• Implementation of the Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016, as approved by the National Company Law Tribunal (NCLT).
• Reconstitution of accounts.
• Pending capital reduction and restructuring corporate actions.
• Updation and reconciliation of shareholder records following the capital reduction.
• Proposed listing of shares.
• Finalization and audit of financial statements for the relevant period.

The board meeting commenced at 2:00 pm and concluded at 2:22 pm.

J J Patel & Associates, the statutory auditor of Majestic Research Services and Solutions Limited, has issued a disclaimer of opinion on the company's audited financial results for the half year and full year ended March 31, 2026. The disclaimer stems from the auditor's inability to obtain sufficient and appropriate audit evidence regarding the financial position due to persistent issues arising from the Corporate Insolvency Resolution Process (CIRP). This development leaves investors without verified assurance on the company's balance sheet or profit and loss statement for the period following its acquisition by new management.

The audit qualification was filed pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors approved the financial results in a meeting held on July 8, 2026. The disclaimer is not an isolated event; it follows a similar limited review report dated July 8, 2026, for the half year ended September 30, 2025. The core issue remains the non-verifiability of opening balances as of April 1, 2025, which were carried forward from the unaudited September 30, 2025 figures. These balances were impacted by the NCLT-approved Resolution Plan, under which pre-acquisition assets and liabilities were written off or settled, leaving the new management without access to historical supporting records.

For the year ended March 31, 2026, Majestic Research Services reported a net loss of ₹1,547.59 lakh, compared to a net loss of ₹10.86 lakh in the previous year. The significant increase in loss was driven by exceptional items totaling ₹1,522.74 lakh, which represent the write-off of certain opening balances of assets and liabilities deemed unrecoverable or unpaidable under the Resolution Plan. Revenue from operations remained at zero for both the current and prior periods. Other income stood at ₹2.99 lakh for the year, down from ₹7.32 lakh in the previous year. Total expenses were ₹27.85 lakh, comprising other expenses of ₹27.84 lakh and finance costs of ₹0.01 lakh.

The auditor highlighted twelve specific areas where evidence was lacking, including the non-availability of books of accounts, unverified cash and bank balances, and the status of property, plant, and equipment. Specifically, out of total reported bank balances of ₹224.85 lakh, verification was possible only for accounts with State Bank of India and ICICI Bank. Claims from financial creditors such as EXIM Bank and Axis Bank, and operational creditors, were admitted during the CIRP but lacked settlement documentation required for audit verification. Additionally, investments in Atrevido Research and Consultants Pvt. Ltd. and Majestic Research Services Asia Pte. Ltd., valued at ₹30.94 lakh, were written off without supporting evidence of their existence or valuation basis.

What the Numbers Show

The financial data reveals a company in a transitional phase with a negative net worth of ₹246.16 lakh as of March 31, 2026, down from a positive equity of ₹1,301.44 lakh in the prior year. The sharp deterioration in equity is not reflective of operational performance, given that revenue remained nil and operating losses were minimal at ₹24.85 lakh for the year. Instead, the change is entirely structural, resulting from the accounting adjustments mandated by the NCLT Resolution Plan. The absence of verifiable opening balances means the current period's figures cannot be reliably compared to historical data, creating a material uncertainty regarding the going concern assumption. Investors should note that the reported loss is predominantly a one-time exceptional adjustment rather than an indicator of ongoing operational cash burn.