Rajeswari Infrastructure Limited reported a net loss of ₹9.11 crore for the financial year ended March 31, 2025, narrowing from a net loss of ₹21.35 crore in the previous year. The company, which recently concluded its Corporate Insolvency Resolution Process (CIRP), has scheduled its 32nd Annual General Meeting (AGM) on July 13, 2026, at 12:30 P.M. IST via video conference to adopt the audited financial statements for FY25.

The company’s financial performance for FY25 shows a reduction in losses despite operational constraints. Other income decreased to ₹5.08 crore from ₹5.76 crore in the previous year, while other expenditure fell to ₹3.00 crore from ₹8.50 crore. Depreciation for the year stood at ₹11.19 crore compared to ₹11.35 crore in FY24. Consequently, the loss before tax improved to ₹9.11 crore from ₹18.48 crore in the prior year. The basic and diluted earnings per share for FY25 were reported at a loss of ₹0.16, compared to a loss of ₹0.39 in the previous year.

The Board of Directors has been suspended since the initiation of CIRP by the National Company Law Tribunal (NCLT), Chennai Bench, on May 10, 2023. The Resolution Plan submitted by Mr. Guruswamy Ramamurthy was approved by the NCLT on January 13, 2026, concluding the CIRP. Following this approval, a Monitoring Committee was constituted to oversee the implementation of the plan and manage the company's affairs until the handover of management. Mr. Sanjay Mehra serves as the Chairman of the Monitoring Committee.

Pursuant to Clause 16.1(f) of the approved Resolution Plan, the voting rights of existing shareholders and all incidental rights remain suspended during the interim period. Consequently, no resolutions are proposed for shareholder approval, and no e-voting or proxy facilities will be available at the AGM. The meeting is being convened solely for the dissemination of information and compliance with statutory requirements. The Monitoring Committee has approved the financial statements, which constitute the approval of the company for all statutory and regulatory purposes.

M/s KMKU & Associates, Chartered Accountants, were appointed as the Statutory Auditors for a five-year term from FY25 to FY29. The auditors have issued a Disclaimer of Opinion in their report due to limitations in the availability of certain records and documents required for the audit. The company stated that necessary steps are being undertaken by the Monitoring Committee to address the auditors' observations. Additionally, the Secretarial Audit Report noted delays in various regulatory filings and compliance activities attributed to operational constraints during the CIRP period.

Financial Performance for FY25

The company has not recommended any dividend for the financial year ended March 31, 2025.

Rajeswari Infrastructure Limited reported a net loss of ₹21.35 lakh for the financial year ended March 31, 2024, narrowing from the previous year's loss of ₹86.49 lakh. The company, which remains under the Corporate Insolvency Resolution Process (CIRP), submitted its Annual Report for FY24 to the Bombay Stock Exchange in compliance with Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors remains suspended, and Sanjay Mehra continues to serve as the Resolution Professional.

Revenue from operations ceased during the year, with gross turnover recorded at nil compared to ₹1.09 crore in FY23. Other income fell significantly to ₹5.76 lakh from ₹61.86 lakh in the prior year. The loss before depreciation, finance costs, and exceptional items stood at ₹5.76 lakh. Depreciation for the period was ₹11.35 lakh, while employee benefit expenses were ₹3.48 lakh. The loss before tax was ₹18.48 lakh, resulting in a net loss after tax of ₹21.35 lakh.

The National Company Law Tribunal (NCLT), Chennai Bench, initiated the CIRP against the company on May 10, 2023, based on a petition filed by Intec Capital. Consequently, the powers of the Board of Directors were suspended. The Committee of Creditors held eleven meetings during the year to manage the resolution process. The company has recommended the appointment of M/s Pawan Puri & Associates as the statutory auditor for the period from the conclusion of the 31st Annual General Meeting until the conclusion of the sixth AGM.

The statutory auditors, M/s N. Sankaran & Co., noted in their report for FY23 that the company had been declared a wilful defaulter by Intec Ltd., which led to the initiation of CIRP proceedings. The financial statements for FY24 were prepared under the going concern assumption. The company did not declare any dividend for the year. The 31st Annual General Meeting is scheduled to be held on August 12, 2025, through video conferencing to transact business, including the adoption of audited financial statements and the appointment of the statutory auditor.