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Latest filing: 2026-10-12 14:53
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Note: These are AI-generated, educational summaries of public NSE
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2 announcements match the current filters (relevance ≥ 5).
Kallam Textiles Reports FY26 Results Under CIRP; Auditors Issue Disclaimer of Opinion
Kallam Textiles submitted its financial results for the quarter and year ended March 31, 2026, signed under Corporate Insolvency Resolution Process (CIRP). The company was admitted into CIRP on April 6, 2026 by NCLT Amaravati upon a petition filed by Union Bank of India, though NCLAT subsequently stayed further proceedings on June 18, 2026 pending a restructuring proposal. Statutory auditors issued a Disclaimer of Opinion citing non-assessment of asset impairment, unrecognized leave liabilities, and uncertainty surrounding the recognition of ₹51.25 cr in Deferred Tax Assets and ₹19.69 cr in MAT credits.
Confidence: HIGH
What changedFinancial results for FY26 were submitted with a complete Disclaimer of Opinion by the statutory auditor while operating under an Insolvency Resolution Professional.
Why it mattersThe company's board is suspended under insolvency proceedings with debt of ₹369 cr overshadowing an ₹11 cr market cap, raising severe going-concern risks.
Deferred Tax Asset questioned: Rs. 5124.54 lakhsMAT Credit questioned: Rs.1968.75 lakhsCIRP Admission Date: April 06, 2026NCLAT Stay Date: 18th June, 2026
📅 Short termHeightened volatility and distress pricing are likely given the auditor disclaimer and CIRP restructuring proceedings.
📈 Long termThe company faces structural distress with heavy leverage; equity value is at severe risk depending on the resolution or liquidation outcome under IBC.
⚠ Risk flags
- Statutory auditor disclaimer of opinion
- Ongoing CIRP insolvency proceedings
- Potential massive write-downs on unassessed plant impairment, ₹51.25 cr DTA, and ₹19.69 cr MAT credit
Key Highlights
Admitted to CIRP under Section 7 of IBC by NCLT Amaravati on April 6, 2026
NCLAT Chennai stayed further proceedings on June 18, 2026 pending restructuring proposal review by CoC
Auditors issued Disclaimer of Opinion citing ₹51.25 cr DTA and ₹19.69 cr MAT credit recognition uncertainties
No impairment assessment performed on Property, Plant and Equipment despite recurring operational losses
Company observed lower finished goods yield due to raw material deterioration, pushing production costs higher
👀 What to Watch
Track the outcome of the restructuring proposal before the Committee of Creditors and NCLAT Chennai hearings regarding the CIRP stay.
Kallam Textiles Receives ₹4.98 Cr GST Show Cause Notice for FY 2020-21
Kallam Textiles Limited (currently under CIRP) has received a Show Cause Notice under Section 73 of the APGST Act, 2017, from the Additional Commissioner (S.T), Vijayawada. The notice demands tax, interest, and penalty amounting to ₹4,97,70,714 (approx. ₹4.98 Cr) for FY 2020-21. This demand represents approximately 45% of the company's current market capitalization of ₹11 Cr. The company stated that it does not agree with the notice and plans to take appropriate legal/procedural actions.
Confidence: HIGH
What changedThe AP GST Department has issued a ₹4.98 Cr tax demand notice (Form GST DRC-01) regarding FY 2020-21.
Why it mattersThe demand of ₹4.98 Cr adds potential liabilities to a company already undergoing CIRP with persistent losses and high debt levels.
GST Demand (Tax, Interest & Penalty): ₹4,97,70,714Demand vs Market Cap (₹11 Cr): ~45.2%Notice FY Period: FY 2020-21Notice Date: 27th August 2026
📅 Short termThe company is contesting the notice; investors should watch for any further legal orders or tax recovery notices.
📈 Long termGiven the company is under CIRP, statutory tax claims will need to be evaluated and resolved within the resolution process framework.
⚠ Risk flags
- Company is currently under Corporate Insolvency Resolution Process (CIRP)
- Significant potential tax liability relative to market capitalization
- Severe ongoing operational losses and high debt leverage
Key Highlights
Received GST Show Cause Notice in Form GST DRC-01 dated August 27, 2026
Total tax, interest, and penalty demand amounts to ₹4,97,70,714 (~₹4.98 Cr)
Pertains to alleged non-payment of tax, interest, and penalties for FY 2020-21
Demand equals ~45% of the company's current market capitalization of ₹11 Cr
👀 What to Watch
Track the company's formal response/appeal against the SCN and monitor any admission of claims within the ongoing Corporate Insolvency Resolution Process (CIRP).
