**Panther Industrial Products Limited** is an Indian listed entity currently navigating a period of fundamental structural and operational transformation. Historically rooted in the industrial and trading landscape of **Maharashtra**, the company has recently executed a strategic shift in its administrative base. * **Geographic Pivot**: Following an order from the **Regional Director (WR), Mumbai** on **December 12, 2025**, the company officially relocated its **Registered Office** from Maharashtra to **Gwalior, Madhya Pradesh**. * **Operational Effective Date**: The relocation was formally notified to the **BSE (Bombay Stock Exchange)** on **January 22, 2026**. * **New Corporate Address**: 1st Floor, Mohan Nagar, Thatipur, Gwalior, **Madhya Pradesh – 474011**. This relocation coincides with a broader effort to streamline the organizational structure and align the company’s physical presence with its evolving business objectives. --- ### **Strategic Amalgamation and Business Model Pivot** The company is moving away from its legacy operations toward a new corporate identity through a significant merger and a shift in its primary business focus. * **Scheme of Amalgamation**: On **April 8, 2026**, the Board of Directors approved a formal **Scheme of Amalgamation** under **Sections 230 to 232** of the **Companies Act, 2013**. Under this plan, **Panther Industrial Products Limited** (the Transferor Company) will merge into **Shivang Edibles Oils Limited** (the Transferee Company). * **Transition to Financial Consultancy**: Due to **intense competition** and diminishing returns in its original "Main Object," the company has pivoted toward providing **Consultancy Services in Financial Sectors**. * **Legacy Business Review**: Management is currently evaluating the long-term feasibility of its traditional business lines—**Trading of Commodities** and **Share Transfer Agent** services. While these remain part of the current portfolio, the company is scaling its consultancy arm with the intent to eventually update its formal **Main Objects** under the **Companies Act, 2013**. --- ### **Financial Performance and Solvency Profile** The company’s financial health is currently characterized by significant strain, including a lack of operational revenue and substantial accumulated losses. | Financial Metric | As of Dec 31, 2025 | Comparative Period | | :--- | :--- | :--- | | **Revenue (9M FY26)** | **Nil** | **Nil** | | **Quarterly Net Loss** | **Rs. 4.97 lakh** | **Rs. 50.38 lakh** (Previous Loss) | | **Accumulated Losses** | **Rs. 38.85 crore** | **Rs. 2.49 lakh** (Historical Profit)* | | **Net Worth** | **Rs. 1.06 crore** | **Rs. 1.22 crore** | *\*Note: Historical profit figures refer to specific prior-period comparisons as per regulatory filings.* **Key Financial Observations:** * **Revenue Outlook**: Despite reporting **zero revenue** for the first nine months of **FY 2025-26**, management has provided written confirmation to auditors expressing an expectation of revenue generation by the **end of the financial year**. * **Accounting Standards**: Financials are prepared in accordance with **Indian Accounting Standards (IND AS)** and **Regulation 33 of SEBI (LODR) Regulations, 2015**. * **Audit Status**: Results for the period ended **December 31, 2025**, underwent a **Limited Review**. Auditors noted the absence of revenue but confirmed no material misstatements regarding disclosure requirements. --- ### **Operational Infrastructure and Governance Framework** The company operates with a lean management structure, focusing on ethical governance and compliance during its transition phase. * **Board Composition**: The Board consists of **4 Directors**, split equally between **2 Executive Directors** and **2 Independent Directors**. * **Key Management Personnel (KMP)**: * **Kaushik C. Shah**: Managing Director * **Abhijit Yashwant Kadam**: Chief Financial Officer (CFO) * **Board Expertise**: The directors possess professional backgrounds in **manufacturing, global finance, taxation, banking, and general management**. * **Governance Codes**: The company has adopted a formal **Code of Business Conduct and Ethics** and an internal code for regulating and monitoring trades by **Insiders**. * **Performance Evaluation**: Under **Regulation 25(4)(a) of SEBI LODR**, the company maintains a framework for assessing board execution and governance standards. --- ### **Risk Factors and Regulatory Challenges** Investors should note several significant risks related to asset recovery, litigation, and legacy liabilities. **1. Asset Quality and Recoverability** * **Trade Receivables**: The company holds outstanding dues from **associate companies** totaling **₹8,47,69,870**. Despite "huge losses and uncertainty" in these operations, **no provision** has been made for these receivables. * **Related Party Loans**: The company has extended **unsecured interest-free loans** to entities under the same management. These are classified as **temporary and recoverable on demand**, yet they represent a high concentration of credit risk. **2. Legal and Tax Litigation** * **Tax Recovery Actions**: The **Tax Recovery Officer (TRO)** has passed orders under **Section 226** and **Section 222** of the **Income-tax Act, 1961**, resulting in the **attachment of credit balances** in specific bank accounts. * **Legacy Charges**: MCA Master Data indicates "Open" charges from the previous management (**Bhor Wavelock Industries Ltd**). While current management envisages **no liability**, these charges remain unsatisfied on official records. **3. Compliance and Listing Risks** * **BSE Listing Fees**: The company has not made provisions for **Listing Fees** payable to **BSE Limited**, which could lead to regulatory penalties or exchange-level actions. * **Governance Exemptions**: Because the **Paid-Up Capital** is less than **₹10 Crore** and **Net Worth** is below **₹25 Crore**, the company is exempt from mandatory compliance under **Regulation 15(2)** of SEBI (LODR). While it pursues voluntary compliance, formal structures are less rigorous than those of larger peers. --- ### **Operational Segment Summary** | Feature | Status | | :--- | :--- | | **Reportable Segments** | **Single Segment** (as per **IND AS 108**) | | **Primary Activities** | Commodity Trading, Share Transfer Services, Financial Consultancy | | **Internal Audit** | Observations raised by auditors; management considers them self-explanatory | | **Reporting Consistency** | Previous period figures are **regrouped or recast** to ensure comparability |