MPL Plastics Limited , a once-operational manufacturing company, has reported a complete halt in its operations, resulting in zero revenue for the quarter and six months ended September 30, 2025. This development marks a significant turning point for the company, raising questions about its future viability.

Key Highlights

• MPL Plastics reported no revenue from operations for Q2 and H1 FY2026
• The company's Sivassa Pune plant has been closed down
• Auditors issued an adverse opinion on the company's ability to continue as a going concern
• The Board and shareholders approved initiation of corporate insolvency resolution process

Operational Shutdown and Asset Disposal

MPL Plastics has completely ceased its manufacturing operations at its Sivassa Pune plant. In a move that signals the gravity of the situation, the company has sold off its plant machinery, land, building, and warehouse at the Pune facility. This disposal of core assets underscores the company's dire financial straits and the challenges it faces in maintaining operational viability.

Financial Performance and Auditor's Opinion

The financial results for the quarter paint a bleak picture:

Adding to the company's woes, the auditors have issued an adverse opinion regarding MPL Plastics' ability to continue as a going concern. This opinion highlights the material uncertainty surrounding the company's future operations and financial stability.

Corporate Insolvency Resolution Process

In response to the ongoing challenges, the Board of Directors and shareholders of MPL Plastics have taken a significant step. They approved a special resolution to initiate the corporate insolvency resolution process. Furthermore, the company has informed the Bombay Stock Exchange (BSE) about its intention to wind up operations under Section 10 of the Insolvency and Bankruptcy Code, 2016.

Board Meeting and Results Approval

Despite the challenging circumstances, the company's Board of Directors met on November 11, 2025, to approve the quarterly results. The meeting, which commenced at 1:00 p.m. and concluded at 1:30 p.m., saw the Board review and approve the unaudited financial results for the quarter and half-year ended September 30, 2025.

The situation at MPL Plastics serves as a stark reminder of the challenges facing manufacturing companies in today's economic climate. As the company navigates through this critical phase, stakeholders will be closely watching the outcomes of the insolvency resolution process and any potential restructuring efforts.

MPL Plastics Limited has announced significant changes in its corporate structure and operations, as revealed in its latest regulatory filings and auditor's review.

New Appointment

The company has appointed Vishakha Jain as its new Company Secretary and Compliance Officer. This appointment comes at a crucial time for MPL Plastics, as the company navigates through a challenging period.

Financial Results and Auditor's Review

On August 14, 2025, MPL Plastics Limited's Board of Directors approved the unaudited financial results for the quarter ended June 30, 2025. The meeting, which commenced at 13:00 and concluded at 14:05, was preceded by a review from the Audit Committee.

However, the independent auditor's review report, conducted by M/s. Jain Vinay and Associates, Chartered Accountants, has raised significant concerns about the company's financial health and future prospects.

Going Concern Issues

The auditor has issued an adverse opinion regarding MPL Plastics' ability to continue as a going concern. This opinion is based on several critical factors:

1. Cessation of Operations: The company has closed down its operations, indicating a complete halt in its primary business activities.

2. Material Uncertainty: The auditor's report highlights that these events and conditions create a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.

Winding Up Process

The company's financial difficulties appear to have been ongoing for some time. Key events in the winding up process include:

• March-April 2022: The Board and shareholders approved the initiation of a corporate insolvency resolution process.
• July 10, 2024: MPL Plastics intimated the BSE regarding the winding up of the company under Section 10 of the Insolvency and Bankruptcy Code, 2016.

Regulatory Compliance

Despite the ongoing challenges, MPL Plastics continues to comply with regulatory requirements. The recent financial results were disclosed in accordance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The appointment of Vishakha Jain as Company Secretary and Compliance Officer suggests that the company is maintaining its corporate governance structures during this critical period.

As MPL Plastics Limited navigates through these challenging times, stakeholders will be closely watching for further developments in the company's winding up process and any potential resolutions to its financial difficulties.