Vivimed Labs Limited Committee of Creditors (CoC) approved an application to the Registrar of Companies, Bangalore, for a three-month extension to convene the Annual General Meeting for FY26. The resolution was passed through circulation on September 25, 2026.

Regulatory Filing Details

The company filed the decision with BSE and NSE on September 26, 2026. The application specifically requests additional time from the office of the Registrar of Companies in Karnataka to hold the meeting.

Procedural Context

The approval was granted by the Members of the Committee of Creditors via Resolution by Circulation. The company secretary, Yugandhar Kopparthi, signed the intimation to stock exchanges. This procedural step ensures compliance with statutory timelines while accommodating scheduling constraints for the annual shareholder meeting.

Vivimed Labs Limited reported a widened consolidated net loss of ₹1,764.72 million for the financial year ended March 31, 2026, as revenue from operations declined significantly. The company's board, whose powers were suspended following the initiation of the Corporate Insolvency Resolution Process (CIRP), approved the audited financial results for the quarter and year ended March 31, 2026.

The company's consolidated revenue from operations fell to ₹699.89 million in FY26 from ₹1,162.69 million in the previous year. Total expenses rose to ₹2,526.43 million from ₹1,524.88 million, driven by increases in other expenses and employee benefit expenses. On a standalone basis, the net loss widened to ₹1,716.11 million from ₹314.96 million, with revenue dropping to ₹557.82 million from ₹1,036.04 million.

SVRL & Co., Chartered Accountants, issued a qualified opinion on the financial results. The auditors noted that the company did not recognize an interest expense of approximately ₹625.72 million on an accrual basis as of March 31, 2026. A significant portion of this amount, ₹603.22 million, pertains to borrowings from State Bank of India that have been assigned to Rare Asset Reconstruction Company Limited. The auditors stated that this non-compliance with Indian accounting standards resulted in an understatement of the reported loss and liability.

The audit report also highlighted uncertainties regarding the company's ability to continue as a going concern due to cash losses, defaults in repayment of borrowings, and negative financial ratios. Additionally, the National Company Law Tribunal (NCLT) admitted a petition filed by an operational creditor and initiated CIRP against the company on April 15, 2026. An Interim Resolution Professional (IRP) was appointed, and the first meeting of the Committee of Creditors was held on May 13, 2026.

The company disclosed significant inventory write-downs of ₹233.08 million, primarily related to work in progress, due to a lack of working capital and marketing disruptions. Furthermore, the company is under investigation by the Central Bureau of Investigation (CBI) pursuant to a complaint filed by its former lender, State Bank of India, though this investigation is currently stayed by the Hon'ble High Court of Telangana.

Financial Performance