La Tim Metal & Industries Limited, a company listed on the Bombay Stock Exchange (BSE), has reported financial results for the first half of the fiscal year 2023 and announced the cancellation of a scheduled board meeting. The company, which operates in the metal industry, faced challenges in both its standalone and consolidated operations.

Financial Performance

La Tim Metal & Industries Limited reported a significant downturn in its financial performance for the half-year ended September 30, 2022:

The company's standalone operations saw a substantial decline, with revenue from operations decreasing by 38.2% year-over-year. More concerning was the shift from a profit of ₹400.28 lakhs in the previous year to a loss of ₹201.12 lakhs in the current period.

On a consolidated basis, which includes the results of its subsidiary La Tim Sourcing (India) Private Limited, the situation appeared even more challenging. Consolidated revenue plummeted by 52.9%, while the company swung from a profit of ₹1,478.95 lakhs to a loss of ₹916.55 lakhs.

Board Meeting Cancellation

In a separate development, La Tim Metal & Industries Limited has announced the cancellation of its board meeting originally scheduled for September 8, 2023. According to the company's filing:

"The meeting of the Board of Directors scheduled for Monday, 8th September 2023, has been cancelled. The management requires additional time to deliberate on the matter of the proposed fundraising before the Board."

This cancellation, communicated through a regulatory filing dated September 3, 2023, suggests that the company is carefully considering its financial strategies, possibly in light of the recent performance challenges.

Auditor Review

The financial results for the quarter and half-year ended September 30, 2022, were reviewed by the company's auditors, Dhirubhai Shah & Co LLP. This review adds credibility to the reported figures, ensuring compliance with accounting standards and regulations.

As La Tim Metal & Industries navigates through this period of financial difficulty, stakeholders will be keenly watching for any strategic moves or fundraising initiatives that the company might undertake to improve its financial position.

La Tim Metal & Industries Limited has taken a significant step in its ongoing rights issue process by issuing a Third Reminder-cum-Forfeiture Notice to its partly paid-up equity shareholders. This move comes as part of the company's efforts to complete its rights issue and secure the required funds.

Key Details of the Notice

• Call Money Amount: Rs 4.25 per share
• Breakdown: Rs 0.50 towards face value and Rs 3.75 towards securities premium
• Payment Period: July 30, 2025, to August 14, 2025
• Affected Shareholders: 18,40,824 partly paid-up equity shareholders

Payment Process

The Right Issue Committee has approved the issuance of this notice, which has been dispatched to shareholders through various means:

• Electronic mode for shareholders with registered email addresses
• Physical copies for those without registered email addresses or who specifically requested hard copies

Shareholders can make payments through cheque or demand draft at designated ICICI Bank branches across multiple cities in India.

Importance of Timely Payment

La Tim Metal & Industries Limited has emphasized the criticality of timely payments. The company has warned that failure to pay within the stipulated period will result in forfeiture of the partly paid-up equity shares, along with amounts already paid.

Payment Options

Eligible shareholders can make payments through:

1. Cheque or demand draft payable at designated ICICI Bank branches
2. Online payment methods (details to be provided by the company)

Investor Relations

For any queries or assistance, shareholders can contact:

Skyline Financial Services Private Limited D-153 A, 1st Floor, Okhla Industrial Area, Phase - I, New Delhi- 110020 Contact Number: +91-11-40450193-197 Email: ipo@skylinerta.com

Company's Perspective

This Third Reminder-cum-Forfeiture Notice represents a crucial phase in La Tim Metal & Industries Limited's capital raising efforts. The successful completion of this call money collection will strengthen the company's financial position and support its future growth plans.

Investors and market watchers will be keenly observing the response to this call money request, as it could have implications for the company's financial health and future market performance.

Note: Shareholders are advised to carefully read the full notice and follow the instructions provided by the company to ensure proper processing of their payments.