MPIL Corporation’s record is a study in concentration: a promoter family holds three-quarters of the equity and the only executive pay cheque, while the company lends without repayment terms and reports zero debt on a balance sheet that carries loans and deposits. The audit opinions have been clean, and no regulator has imposed a penalty in the last three years.
Key findings
- Loans carry no repayment or interest terms, even as shareholders approve more lending
Major- In FY2024-25, the company granted loans with no stipulation for repayment of principal or payment of interest, and no repayments were received during the year. In FY2023-24, loans were also granted with no such stipulation, though aggregate amounts paid during the year totalled ₹54 lacs. On 22 September 2025, shareholders authorised lending up to ₹2.00 crores to entities where directors are interested. Every year from FY2019-20 through FY2025-26, the company stated in Form AOC-2 that it had no related-party transactions that were not at arm’s length. - The company reported zero indebtedness in 2026 while carrying loans and deposits
Major- The company reported total financial indebtedness of ₹0 as on 12 June 2026 and 21 May 2026. As at 31 March 2024, it carried a loan from Kotak Bank of ₹20.39 Lakhs, intercorporate deposits of ₹256.73 Lakhs, and security deposits of ₹284.50 Lakhs, all classified under Other Current Liabilities. In FY2025-26, the balance sheet held a Term Loan from PNB Housing Finance of ₹3,02,53,399 and a Vehicle Loan from Bajaj Finance of ₹16,36,887. - A two-decade-old property dispute sits unresolved, with unascertainable rent arrears
Minor- An advance of ₹5,00,000 relates to a 2006 MoU with Watumull Trust for office premises, disputed by the vendor and under suit in the Bombay High Court filed in February 2008. Watumull Trust filed a notice of motion on 31 March 2013 for a rent increase the company does not accept, and the rent arrears are not ascertainable. Separate eviction and mesne-profits petitions by another landlord are also pending, with amounts not ascertainable. - Promoter family holds board control and the sole executive pay
Minor- Promoter shareholding stood at 74.78% from FY2023-24 through FY2025-26 with zero pledge. Mrs. Veena Dalal, Whole Time Director, received ₹2.50 lakhs per month from FY2019-20 through FY2022-23; no other director received salary, perquisites, or performance-linked incentives in any year through FY2025-26. Mr. Milan Dalal, Chairman, was re-appointed by rotation at every AGM with dissent votes of 0% in five of the last six years. - Buildings sit at a 1993 revaluation, and deferred tax assets go unrecognised
Minor- Buildings were revalued as at 31 March 1993, with the revalued amount of ₹2,21,71,368 carried unchanged through FY2025-26. Deferred tax assets on accumulated losses and unabsorbed depreciation have not been recognised in any year from FY2019-20 through FY2025-26, citing absence of virtual certainty of sufficient future taxable income. Prior-year figures were regrouped or reclassified in five of the last seven annual reports. - A single procedural lapse on board-meeting intimation, with no penalties
Minor- The Secretarial Audit Report for FY2022-23 noted non-compliance with SEBI (LODR) Regulations for failure to give prior intimation of the board meeting on 17 May 2022 that was for the purpose of recommending a dividend. No strictures or penalties were imposed by SEBI, stock exchanges, or any statutory authority on capital-market matters in the last three years.
What to watch
- Loan recovery. Repayment or recovery of the loans granted in FY2024-25 and FY2023-24 that carry no stipulated repayment or interest terms, as reported in the FY2025-26 Annual Report.
- Lending authority utilisation. Use of the ₹2.00 crore lending authority approved on 22 September 2025, to be reported in the FY2026-27 Annual Report.
- Watumull Trust suit. Resolution of the Bombay High Court suit pending since February 2008, with no hearing date disclosed as of the FY2025-26 Annual Report.
- Eviction petitions. Outcome of eviction and mesne-profits petitions pending in various courts, with no hearing dates disclosed as of the FY2023-24 Annual Report.
- Next AGM. Re-appointment of Mr. Milan Dalal by rotation and any new independent director appointments at the FY2025-26 AGM, date not yet announced.
Bottom line: This is a company where control is concentrated and disclosure is uneven: loans flow out without repayment terms while debt sits on the balance sheet reported as zero. The audit opinions are clean and no regulator has acted, but the record asks you to trust the promoter’s judgement on both sides of the balance sheet. Watch whether the interest-free loans come back and whether the ₹2.00 crore lending authority turns into actual exposure.