EVOQ Remedies Ltd. (EVOQ) — Tipsheet

Evoq Remedies enters insolvency over a ₹1.95 cr oil advance it never delivered.

Tipsheet Editorial — Thu, 11 Jun 2026 17:16:42 GMT

The NCLT has admitted the nano-cap into CIRP after Harbhole Agrotech sued over an unpaid advance for FSG Castor Oil. A moratorium is now in place.

What’s new

NCLT Ahmedabad admitted Evoq Remedies into CIRP on June 9 following Harbhole Agrotech's Section 9 petition.
The debt stems from a ₹1.95 cr advance for FSG Castor Oil paid in September 2025, never delivered or refunded.
An interim resolution professional has been appointed and a moratorium declared.

Why it matters

A ₹1.95 crore operational default has sunk a company with ₹7 crore in market value and near-zero revenue. This isn't a surprise. The auditor flagged a going-concern doubt in May, statutory dues went unpaid, and SEBI is already investigating. Insolvency formalises what the books have shown for months: the business is effectively dead.

What we’re watching

Whether any resolution plan emerges for a company with no revenue and active regulatory probes.
The outcome of the SEBI investigation running parallel to the CIRP.
Any additional creditor claims that may surface during the moratorium.

The full read

Evoq Remedies is in insolvency. The NCLT Ahmedabad admitted the ₹7 crore market-cap company into CIRP on June 9 after Harbhole Agrotech sued over a ₹1.95 crore advance for castor oil that was never delivered or refunded. The default date was September 2025. A moratorium is in place and an interim resolution professional has been appointed. This is the end of a long collapse. Revenue fell from ₹2,551 lakhs to ₹19 lakhs in a year. The auditor flagged a going-concern doubt last month. Statutory dues went unpaid. SEBI is investigating. The ₹1.95 crore that triggered this filing is roughly a quarter of Evoq's total market value, and the company reported ₹0 in sales in its most recent quarter. There is not much left to resolve.

Primary source: BSE · NSE

Harbhole Agrotech files to bankrupt Evoq Remedies

Tipsheet Editorial — Wed, 10 Jun 2026 18:12:48 GMT

An operational creditor has moved the NCLT to start insolvency against Evoq Remedies, a nano-cap with a going-concern qualification, unpaid taxes, and a SEBI probe.

What’s new

Harbhole Agrotech filed a Section 9 insolvency application at NCLT Ahmedabad on 20th April 2026.
Evoq Remedies disclosed the filing on 10th June, two months after it was made.
The company had already disclosed a going-concern qualification, unpaid dues of ₹100 lakhs, and an active SEBI investigation.

Why it matters

This is the creditor pulling the emergency brake. For a company already carrying a going-concern qualification, with no material revenue and a market cap of just ₹7 crore, a Section 9 filing is not a procedural hurdle—it's the likely beginning of the end. The two-month disclosure lag adds another governance red flag.

What we’re watching

NCLT's decision on whether to admit the insolvency application.
Whether other creditors follow Harbhole Agrotech's lead.
The status of the ongoing SEBI investigation into Evoq.

The full read

Evoq Remedies is a nano-cap with a market cap of ₹7 crore, a going-concern qualification, and a SEBI investigation already on its books. Now it has a creditor at the door. Harbhole Agrotech filed a Section 9 insolvency application at the NCLT in Ahmedabad on 20th April, seeking to start a corporate insolvency resolution process. Evoq disclosed the filing on 10th June, a two-month lag. The company had already reported near-complete business cessation, unpaid taxes and TDS of ₹100 lakhs, and unconfirmed related-party loans of ₹670 lakhs. A creditor taking this step against a company with a going-concern qualification is a terminal signal. If the NCLT admits the application, the equity has almost no path to recovery.

Primary source: BSE · NSE

EVOQ's auditor flags going-concern doubt as revenue vanishes and SEBI investigates

Tipsheet Editorial — Sat, 30 May 2026 22:41:14 GMT

Audited results show a net loss, near-zero revenue, and ₹100 lakhs in unpaid statutory dues. The company is also under SEBI investigation for misusing preferential issue proceeds.

What’s new

FY26 revenue collapsed from ₹2,551 lakhs to ₹19 lakhs, with a net loss of ₹29.42 lakhs.
The auditor issued a qualified opinion, flagging material uncertainty about the company's ability to continue as a going concern.
An active SEBI investigation into preferential issue proceeds and a ₹655 lakhs GST demand compound the distress.

Why it matters

EVOQ's business has all but ceased. Revenue is effectively zero, the auditor is questioning survival, and regulatory probes are piling on. For a company with an ₹8 crore market cap, the ₹670 lakhs in unconfirmed related-party loans alone represent a material portion of its balance sheet.

What we’re watching

The SEBI investigation's outcome and any enforcement action on the preferential issue proceeds.
Whether the company can settle the ₹655 lakhs GST demand or the ₹100 lakhs in unpaid tax and TDS.
Any further clarity from management on the ₹670 lakhs in related-party loans made without approvals.

The full read

EVOQ Remedies is in severe distress. Revenue for FY26 collapsed to ₹19 lakhs from ₹2,551 lakhs a year prior, and the company posted a ₹29.42 lakh net loss. The auditor's qualified opinion is blunt: there is material uncertainty about the company's ability to survive. The business has nearly stopped, cash is drained, and ₹100 lakhs in income tax and TDS remain unpaid. On top of that, ₹670 lakhs in related-party loans were made without approvals, and ₹655 lakhs is owed in GST. SEBI is also investigating the use of preferential issue proceeds. For a company with an ₹8 crore market cap, the combination of zero revenue, regulatory probes, and governance failures points in one direction.

Primary source: BSE · NSE