Premier Limited has rescheduled its Board of Directors meeting to Thursday, August 13, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company, which is undergoing Corporate Insolvency Resolution Process (CIRP), had earlier intimated a meeting date of Wednesday, August 12, 2026. This procedural update ensures shareholders and regulators are informed of the timeline for the release of Q1FY27 earnings.

The Board meeting is scheduled to commence at 02:30 P.M. on August 13, 2026. Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company issued this intimation on August 10, 2026. The primary agenda for the session is the approval of the financial results for the first quarter of FY27.

Trading Window Closure

The trading window for dealing in shares of the company remains closed for all Directors, Key Managerial Personnel (KMPs), Designated Persons, and Connected Persons. This restriction is effective from July 01, 2026, and will remain in place until Saturday, August 15, 2026. The closure period extends 48 hours after the filing of the unaudited standalone and consolidated financial results with the exchanges.

The resolution professional, Kanak Jani, signed the intimation letter addressed to BSE Limited and National Stock Exchange of India Limited. The company’s registered office is located in Navi Mumbai, Maharashtra, while its correspondence office is in Colaba, Mumbai. Investors are advised to monitor official filings for the final approved results post-meeting.

Premier Ltd reported a consolidated net loss of Rs 1,365 lakh for the financial year ended March 31, 2023, as operations remained suspended due to a lack of working capital. The company's net worth has been completely eroded, leading auditors to express significant doubt about its ability to continue as a going concern. Jayesh Dadia & Associates LLP issued a qualified opinion, citing material uncertainties and the absence of impairment assessments for tangible and intangible assets.

The company, currently under the Corporate Insolvency Resolution Process (CIRP) since January 29, 2021, recorded zero revenue from operations for the year. Total income stood at Rs 35 lakh, down from Rs 83 lakh in the previous year. Total expenses decreased to Rs 1,401 lakh from Rs 2,544 lakh in FY22, primarily driven by lower depreciation and amortisation costs. The basic and diluted earnings per share for the year were a loss of Rs 4.49, compared to a loss of Rs 7.41 in the prior year.

Financial Performance

The statement of audited consolidated financial results highlighted the continued financial strain on the entity. Finance costs for the year amounted to Rs 180 lakh, while depreciation and amortisation stood at Rs 1,023 lakh. The company reported other expenses of Rs 197 lakh. The loss before tax for the year was Rs 1,365 lakh, consistent with the net loss as there were no tax expenses recorded.

Audit Qualifications and Compliance Issues

The auditors identified several key issues, including the failure to assess asset impairment under Ind AS 36 and non-compliance with Ind AS 19 regarding employee benefits. The company has not made provisions for employee dues beyond the initiation of the CIRP, and actuarial valuations were last conducted in December 2020. Additionally, the company failed to appoint an internal auditor as required by Section 138 of the Companies Act, 2013, and a whole-time Company Secretary for over six months.

The resolution professional, Kanak Jani, addressed queries from the National Stock Exchange regarding deficiencies in the filing. Jani clarified that segment reporting was not applicable as the company operates in a single business segment. She also confirmed that the Statement of Impact of Audit Qualification was attached to the financial results and that the consolidated reconciliation of profit and loss was uploaded to the BSE portal on June 14, 2023, after two pages were initially missed during scanning.

Resolution Plan Status

The Committee of Creditors approved a resolution plan submitted by Fab Metals Pvt. Ltd. in January 2022, with 92.47% assent. The approval petition for the plan is currently pending before the National Company Law Tribunal, Mumbai Bench. Until the resolution plan is approved, the company continues to be managed as a going concern under the provisions of the Insolvency and Bankruptcy Code.