The Securities Appellate Tribunal (SAT) has extended the interim stay granted on the open offer by Marwadi Chandarana Intermediaries Brokers Private Limited for Trucap Finance Limited . The matter was listed for hearing on June 16, 2026, where the counsel for the appellant presented arguments. However, due to a paucity of time, the submissions could not be concluded, and the matter remains part-heard.

The interim stay, originally ordered on February 11, 2026, has been extended until the next date of hearing. The matter has been rescheduled for June 18, 2026, allowing the appellant to complete their submissions before the tribunal. The extension of the stay ensures that the status quo regarding the open offer is maintained pending the tribunal's final decision.

Key Hearing Dates

The update was submitted to the National Stock Exchange of India Limited and BSE Limited by Sundae Capital Advisors Private Limited on behalf of the parties involved.

TruCap Finance Limited reported a widened net loss of ₹11,042.33 lakh for the financial year ended March 31, 2026, compared to a loss of ₹6,660.53 lakh in the previous year, as the company faces significant going concern uncertainties. The Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, on May 25, 2026. Khandelwal Kakani & Co., the statutory auditors, issued an unmodified opinion but highlighted a material uncertainty related to the company's ability to continue as a going concern, citing breaches of security cover, continued financial stress, and deteriorating asset quality.

The standalone financial results show total revenue from operations for FY26 at ₹8,241.21 lakh, a significant decline from ₹19,641.56 lakh in FY25. Total expenses for the year stood at ₹23,778.00 lakh. The company's net worth as of March 31, 2026, stood at ₹5,328.48 lakh, a decrease from ₹16,219.17 lakh in the prior year. The net loss for the quarter ended March 31, 2026, was reported at ₹1,771.28 lakh.

Financial Performance

The following table summarizes the key standalone financial metrics for the year ended March 31, 2026:

Auditor's Observations and Going Concern

Khandelwal Kakani & Co. issued an unmodified opinion on the financial results but drew attention to the material uncertainty related to the going concern of the company. The report notes that the company has breached security cover and other loan covenants. The increased loss in the current year, coupled with these conditions, indicates factors that may cast significant doubt on the company's ability to continue as a going concern. The company's survival is dependent upon the successful implementation of a restructuring plan and potential equity infusion.

Restructuring and Defaults

The management has presented a comprehensive business plan comprising gold loans and EV lending to lenders as part of a restructuring effort. The plan proposes a four-year repayment schedule with principal repayments of 10%, 20%, 30%, and 40% over the respective years, along with interest payments at 8% per annum. Additionally, the company reported an outstanding default on loans and debt securities totaling ₹33,498.99 lakh as of March 31, 2026. The asset cover available to the holders of secured Non-Convertible Debentures was confirmed to be lower than the minimum requirement stipulated in the Debenture Trust Deed.