Nicco Uco Alliance Credit Limited reported a standalone net loss of ₹15.85 crore for the financial year ended March 31, 2026 (FY26), widening from a loss of ₹14.23 crore in the previous year. The company submitted its annual report to BSE Limited on August 11, 2026, pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing coincides with the dispatch of the notice for its 42nd Annual General Meeting (AGM) scheduled for September 9, 2026, where shareholders will vote on key governance changes and a related-party loan transaction. The continued losses underscore the company’s ongoing financial distress, exacerbated by the cancellation of its RBI registration for fund-based business activities.

The consolidated net loss stood at ₹15.85 crore, marginally higher than the standalone figure. Profit before tax declined to ₹15.85 crore from ₹14.33 crore in FY25. The company’s accumulated losses increased significantly, with the closing balance reaching ₹703.58 crore on a standalone basis and ₹703.48 crore on a consolidated basis. In view of these results, the Board of Directors did not recommend any dividend for the year. The paid-up share capital remained unchanged at ₹16.56 crore.

Governance and Board Appointments

Shareholders will consider several special resolutions at the upcoming AGM. The Board seeks approval for the reappointment of Kaustubha Basu as Managing Director and CEO for a further term of three years, effective June 29, 2026. As Mr. Basu has attained the age of 73 years, this reappointment requires shareholder consent via a Special Resolution under Schedule V of the Companies Act, 2013. His basic salary is fixed at ₹40,000 per month, with fuel reimbursement up to ₹10,000 per month. The company may pay this remuneration as minimum remuneration even in years with no or inadequate profits.

Additionally, shareholders will vote to appoint Abhijit Banerjee as an Independent Director for a five-year term. Mr. Banerjee, who holds an LL.B degree, was initially appointed as an Additional Director by the Board on February 12, 2026. He brings legal expertise to the Board and is not liable to retire by rotation. Mrs. Anita Lahiri will also be reappointed as a Director retiring by rotation.

Related Party Transaction and Legal Status

The special business includes seeking approval for availing a loan/financial assistance aggregating to ₹12,00,000 from its subsidiary, Nicco Insurance Agents and Consultants Limited (NIACL). This transaction qualifies as a related party transaction under Regulation 23 of the SEBI LODR Regulations, 2015. The Audit Committee and Board approved the proposal on May 19, 2026, subject to member consent. Mr. Kaustubha Basu and CFO Mahadeb Chatterjee, who are also directors on NIACL’s board, are deemed interested in this resolution.

Legally, the company faces an appeal filed by UCO Bank before the National Company Law Appellate Tribunal (NCLAT) against the dismissal of its Section 7 IBC petition by the NCLT Kolkata Bench in December 2025. The company is contesting this appeal. Furthermore, the Serious Fraud Investigation Office (SFIO) cases against the company and its directors remain pending since 2009.

What the Numbers Show

The widening loss despite minimal operational activity highlights the structural challenges facing Nicco Uco Alliance Credit Limited. With fund-based business discontinued due to RBI registration cancellation, the company relies on recoveries from defaulting parties, which yielded only ₹44.60 lakh in income during FY26. The accumulation of losses exceeding ₹700 crore indicates that the company’s net worth is fully eroded, making equity holders’ claims subordinate to all creditors. The proposed loan from a subsidiary suggests internal liquidity management is critical for maintaining minimal operational expenses.

Nicco Uco Alliance Credit Limited reported a net loss of ₹1585.51 lakh for the financial year ended March 31, 2026, widening from a loss of ₹1383.18 lakh in the previous year. The company’s board of directors approved the audited standalone and consolidated financial results for the fourth quarter and fiscal year ended March 31, 2026, during a meeting held on May 19, 2026.

Financial Performance

For the year ended March 31, 2026, the company recorded a total income of ₹44.60 lakh, compared to ₹16.71 lakh in the previous year. Total expenses for the period stood at ₹1630.05 lakh, up from ₹1409.91 lakh in FY25. The basic and diluted earnings per share (EPS) for the year were reported at negative ₹1.91, compared to negative ₹1.74 in the prior year.

Audit and Regulatory Compliance

The statutory auditors, BCAG & Associates, issued a qualified opinion on the financial statements. The qualifications primarily relate to the cancellation of the company’s NBFC registration by the Reserve Bank of India (RBI) and the non-confirmation of balances by banks and financial institutions where accounts have turned non-performing assets (NPAs). The company has preferred an appeal against the RBI order and stated that the accounts have been prepared on a going concern basis based on legal opinion.

The company submitted the results to BSE Limited in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The extract of the financial results will be published in English and Bengali newspapers pursuant to Regulation 47.

The communication to the stock exchange was signed by Sanjushree Paul, the Company Secretary & Compliance Officer.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE917B01023/634f8f78-92eb-439d-b6b7-6faaded8a2f0.pdf