What’s new

• Arshiya filed nine-month results five months late, showing a net loss of ₹120.81 lakh.
• The auditor disclaimed conclusions on all financial statements, citing multiple unresolved issues.
• Revenue of ₹1,350 lakh is disputed due to an unexecuted contract with Ascendas Panvel FTWZ.

Why it matters

An auditor disclaiming a conclusion is the strongest negative signal it can issue. For a company in insolvency, it means even the basic financial picture is unverifiable. The disputed contract is now a central uncertainty for any resolution plan.

What we’re watching

• Whether the CIRP process addresses the auditor's specific objections.
• If the disputed Ascendas contract is formally challenged in the resolution.
• The next set of results and whether the disclaimer is withdrawn.

The full read

Arshiya's delayed results are a compliance formality, but the auditor's disclaimer gives them weight. The company posted a ₹120.81 lakh net loss for the nine months ended December, a figure that is meaningless without verification. The auditor refused to provide it, disclaiming all conclusions. The core dispute is over ₹1,350 lakh in revenue the company booked from a contract with Ascendas Panvel FTWZ, which the auditor says was never executed. That contract is now a material uncertainty for any insolvency resolution. Arshiya has been in CIRP since April 2024, and this filing confirms that even its basic accounts remain contested.

Primary source: BSE · NSE