**Jupiter Industries & Leasing Ltd.** is a Mumbai-based public limited company, incorporated in **1984**, and listed on the **Bombay Stock Exchange (BSE)**. Historically positioned within the financial services sector with a focus on **Equipment and Machinery leasing**, the company is currently navigating a period of extreme financial distress, operational suspension, and protracted legal litigation. --- ### **Corporate Structure and Governance Framework** The company operates under the regulatory framework of the **Companies Act, 2013**, with financial reporting governed by **Indian Accounting Standards (Ind-AS)**. * **Listing Information**: Listed on the **BSE** under **Scrip Code: 507987**. * **Corporate Identity Number (CIN)**: **L65910MH1984PLC032015**. * **Registered Office**: Maker Bhavan III, New Marine Lines, **Mumbai**. * **Key Management Personnel (KMP)**: * **Chairman & Managing Director**: Hemant D. Shah. * **Executive Directors**: Samir H. Shah and Jiten S. Patel. * **CFO**: Ashwini R. Nirmal (Appointed 2025). * **Company Secretary**: Sanskar M. Goyal (Appointed 2025). * **Service Providers**: * **Statutory Auditors**: M/s. **N N K & Co.**, Chartered Accountants. * **Registrar and Transfer Agent**: **MUFG Intime India Pvt. Ltd.** --- ### **Operational Stagnation and Financial Performance** The company is currently in a state of **total operational suspension**. It has reported **Nil turnover** for the last three consecutive financial years and the first three quarters of **FY 2025-26**. Management attributes this paralysis to a lack of bank funding and a systemic crisis in the financial services industry that began in the mid-1990s. #### **Three-Year Financial Summary** *(All figures in INR Lakhs unless otherwise stated)* | Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Revenue** | **Nil** | **Nil** | **Nil** | | **Net Loss for the Year** | **(8.15)** | **(8.19)** | **(7.14)** | | **Accumulated Losses** | **(315.00)** | **(307.00)** | **(299.00)** | | **Net Worth** | **(215.00)** | **(207.00)** | **(199.00)** | | **Current Liability Gap** | **215.00** | **207.00** | **199.00** | | **Earnings Per Share (EPS)** | **N/A** | **(0.82)** | **(0.69)** | --- ### **Legacy Debt and Massive Unprovided Liabilities** The company’s financial position is dominated by a legacy debt originally owed to **Canara Bank**, which was classified as a **Non-Performing Asset (NPA) in 1994**. This debt has undergone a complex chain of assignments: **Canara Bank** → **Green Malabar Finance Ventures Ltd** → **Capri Global Capital Ltd** → **Alchemist Asset Reconstruction Company Ltd (Alchemist XXXVI Trust)**. #### **The DRT Interest Burden** Per a **Mumbai Debts Recovery Tribunal (DRT)** order, the company is liable for interest at **18% p.a. with quarterly rests** effective from September 10, 1997. * **Cumulative Unprovided Interest**: As of December 31, 2025, the total unprovided interest stands at **₹196.1 Crore**. * **Quarterly Accrual**: The company fails to provide for approximately **₹8.62 Crore** in interest every quarter. * **Impact of Non-Provision**: As of March 31, 2025, the company’s **Net Worth is overstated by ₹171.69 Crore** because these interest liabilities are not recognized in the books of account. * **Discrepancy Risk**: There is an additional unrecorded liability of **₹12.54 Lakhs** representing the gap between book values and the DRT recovery certificate. --- ### **Critical Risk Factors and Auditor Qualifications** The statutory auditors have consistently issued a **Qualified Opinion** and highlighted **Material Uncertainty Related to Going Concern**. * **Going Concern Doubt**: Given the **negative net worth**, total lack of revenue, and current liabilities exceeding assets by **₹2.15 Crore**, the company’s ability to continue operations is highly questionable. * **Litigation and Jurisdiction**: The debt assignment and interest rates have been challenged by the company in various forums, including the **Supreme Court**, but the liabilities remain subjudice and unprovided for. * **Lack of Documentation**: Auditors note a lack of third-party confirmations or documents to verify the exact outstanding balance of the assigned debt, which remains subject to reconciliation. * **Segment Reporting Failure**: Due to the absence of business activity, the company is unable to comply with **Ind AS-108** regarding segment-wise reporting. * **Dividend Status**: No dividends have been recommended, and no funds have been transferred to **General Reserves** due to persistent losses. --- ### **Strategic Outlook and Recovery Prospects** Management’s outlook remains conservative, with no foreseeable business activity in the near term. The company’s survival and potential revival are entirely contingent upon: 1. **Successful Infusion of Funds**: The company requires a significant capital injection to settle legacy debts and restart operations. 2. **Resource Arrangement**: Management is attempting to arrange resources, though no concrete timelines or agreements have been disclosed. 3. **Litigation Resolution**: A favorable settlement or resolution regarding the **₹196.1 Crore** interest liability is essential to restore the balance sheet to a positive net worth. Until such financial restructuring occurs, the company remains an inactive entity with a severely compromised balance sheet.