Modipon Ltd — Board Meeting, 30-05-2025: Board Meeting

Modipon Limited has announced a board meeting to approve the financial results for the quarter and half-year ended March 31, 2025. The company reported a net loss of Rs. 66.16 lakhs for the year, with total income at Rs. 4.82 lakhs against expenses of Rs. 70.98 lakhs. Manufacturing operations have been permanently discontinued since 2007. Significant outstanding issues include unresolved interest of Rs. 1000.54 lakhs on overdue supplier payments (not provided for), pending approvals related to land sale, and ongoing legal proceedings involving Punjab National Bank’s (PNB) one-time settlement and recovery actions. The company has unsettled cumulative preference shares since 1996. Legal disputes around tax liabilities and court stays persist, impacting financial clarity and recovery. The auditor issued a qualified opinion citing lack of balance confirmations and pending interest provisions.