SRM Energy Reports Steep Loss in Q1, Faces Going Concern Issues
SRM Energy Limited, a power generation company, reported a standalone net loss of Rs 139.70 crore for Q1 FY2023-24, a significant increase from the Rs 8.70 lakh loss in the previous quarter. The company faces severe operational challenges with no revenue, fully eroded net worth, and liabilities exceeding assets. SRM Energy made a Rs 131.00 lakh impairment provision on its investment in its subsidiary, SRM Energy Tamilnadu Private Limited (SETPL), which is now classified as an asset held for sale. SETPL has approached NCLT for insolvency resolution and received a SEBI attachment order for a Rs 4,326.56 crore loan. Auditors have raised concerns about the company's ability to continue as a going concern.
22Jul 25
SRM Energy Board Approves Share Transfer to Holding Company, Initiates Postal Ballot Process
SRM Energy Limited's Board has approved the transfer of its entire stake in SRM Energy Tamilnadu Private Limited to Spice Energy Private Limited. The transfer involves 13,20,000 equity shares with a face value of Rs. 10.00 each. Shareholder approval will be sought through a postal ballot process, including remote e-voting, scheduled from July 24 to August 22, 2025. The results will be declared on August 24, 2025. This action represents a significant change in the company's structure.