Zicom Submits FY26 Audited Results Under CIRP; Discloses ₹470.52 Cr Wilful Default to IDBI Bank
Zicom Electronic Security Systems Limited's Resolution Professional (RP), Chirag Rajendrakumar Shah, has submitted the audited standalone financial statements for FY 2025-26 as mandated under SEBI LODR. The filing discloses that IDBI Bank declared the company a wilful defaulter on September 25, 2024, for defaults amounting to ₹47,052.41 Lakh (₹470.52 crore) covering working capital, loans, and corporate guarantees. The RP took over management on September 4, 2025, succeeding the erstwhile RP, and noted severe historical documentation constraints following the resignations of the CFO (March 15, 2021) and CS (February 28, 2022).
high confidence
What changedThe newly appointed RP submitted delayed FY26 audited standalone financial results to comply with SEBI LODR, updating disclosures on wilful defaults and CIRP status.
Why it mattersThe company remains in corporate insolvency with bank borrowings classified as NPAs, significant default liabilities of ₹470.52 crore to IDBI Bank alone, and no active executive management.
IDBI Bank default amount: Rs. 47,052.41 LakhDate of wilful default declaration: 25/09/2024RP takeover effective date: September 4, 2025CIRP initiation order date: July 29, 2022
📅 Short termExchanges and stakeholders receive overdue statutory compliance, but ongoing CIRP and large default declarations maintain extreme pressure on the stock.
📈 Long termThe company's survival hinges entirely on the CIRP resolution outcome; equity holders face high risk of severe dilution or complete write-off in insolvency resolution.
⚠ Risk flags
- Ongoing Corporate Insolvency Resolution Process (CIRP)
- Declared wilful defaulter by IDBI Bank for ₹470.52 crore
- Complete absence of permanent CFO and Company Secretary since 2021/2022
- Auditor and RP disclaimers regarding authenticity and completeness of historical accounts
👀 What to Watch
Track the outcome of the ongoing CIRP proceedings at NCLT Mumbai Bench and whether any resolution plan is approved or if liquidation is ordered by the Committee of Creditors.
