Maharashtra Apex Corporation Limited has issued a clarification to BSE Limited regarding recent price movements in its shares, responding to a surveillance inquiry dated December 16, 2025.

Company's Response to BSE Inquiry

The company received a surveillance letter from BSE with reference number L/SURV/ONL/PV/AJ/2025-2026/3214 and provided a comprehensive response on December 17, 2025. Maharashtra Apex Corporation emphasized that it has made all necessary disclosures under SEBI (LODR) Regulations, 2015, within the stipulated timeframes as and when required.

Disclosure Compliance and Transparency

The company stated that all information furnished is currently in the public domain. As of the date of the clarification, Maharashtra Apex Corporation has disclosed all events and information that have a bearing on the company's operations and performance, including all price-sensitive information.

Market-Driven Price Movement

Maharashtra Apex Corporation clarified that the movement in its share price is purely due to market conditions and is absolutely market-driven. The company's management emphasized that it is in no way connected with any such movement in price. Consequently, the company stated it is not in a position to comment on the movement in the share price across exchanges in the recent past.

Regulatory Commitment

The company reiterated its commitment to comply with SEBI (LODR) Regulations, 2015, and assured that it will keep the stock exchanges duly informed of all material events and information, including price-sensitive information. This reaffirmation demonstrates the company's dedication to maintaining transparency and regulatory compliance.

The clarification was signed by Jamsheed M Panday, Company Secretary and Compliance Officer, reinforcing the company's formal response to the regulatory inquiry.

Maha Rashtra Apex Corporation Limited (MACL) has released its unaudited financial results for the quarter and half-year ended September 30, 2025, revealing a complex financial situation with auditor qualifications on interest provisions and ongoing regulatory challenges.

Key Financial Highlights

The company's financial results were accompanied by qualified opinions from auditors on both standalone and consolidated statements. The primary concern raised by the auditors was the non-provision of delayed period interest costs on deposits.

According to the auditors, this non-provision has resulted in overstated profits and understated liabilities.

Auditor Qualifications and Emphasis of Matter

The auditors highlighted several critical points in their report:

1. Deposit Repayment Scheme: As per a scheme sanctioned by the Karnataka High Court in October 2004, all deposits and bonds were to be repaid by June/September 2009. However, the total principal and accrued interest payable to the public remains outstanding at Rs. 1,367.81 lakhs.

2. Court Deposit: During the financial year 2023-24, MACL deposited Rs. 1,395.75 lakhs with the Karnataka High Court.

3. RBI Registration Cancellation: The Reserve Bank of India (RBI) cancelled MACL's Certificate of Registration to act as a Non-Banking Financial Company on June 13, 2002.

4. Property Sale Agreement: The company entered into a sale agreement with Kanara Consumer Products Ltd. (formerly Kurlon Limited) for a property. As of September 30, 2025, the total amount credited under this agreement is Rs. 1,273.37 lakhs, though the stipulated time in the agreement has lapsed.

Financial Position

The standalone balance sheet as of September 30, 2025, shows:

Cash Flow

The standalone cash flow statement for the half-year ended September 30, 2025, indicates:

Consolidated Results

On a consolidated basis, the company reported:

Outlook and Challenges

Maha Rashtra Apex Corporation Limited faces significant challenges, including the need to address the auditor's qualifications regarding interest provisions and the ongoing implications of its cancelled NBFC registration. The company's ability to resolve these issues and improve its financial position will be crucial for its future operations and compliance with regulatory requirements.

Investors and stakeholders should closely monitor the company's progress in addressing these concerns and its efforts to fulfill its financial obligations as per the court-sanctioned scheme.