Shikhar Leasing & Trading Ltd Forensic Report - SOIC x StockScans Report

as of Aug 2026

Shikhar Leasing & Trading’s record is not one of hidden fraud but of structural opacity. The company borrows interest-bearing funds from its own directors and lends them onward to related parties interest-free, with no repayment dates, while the auditor states it cannot verify whether the money ever comes back. That circular flow sits inside a seven-year run of unqualified audit opinions, a multi-year SEBI compliance dragnet that culminated in a promoter arrest, and a business that generates negligible revenue and persistently negative cash flow.

Key findings

  1. Unqualified audit opinions sit atop CARO reports that repeatedly flag unverifiable loans Major - The statutory auditor issued an unqualified opinion on the standalone financial statements for every year from FY2019-20 through FY2025-26. Yet the CARO report for FY2025-26 states that for loans granted, “schedule of repayment of principal and payment of interest not stipulated; auditor unable to comment on regularity of receipts”. The same inability to comment appears in the CARO reports for FY2022-23, FY2021-22, FY2020-21, and FY2019-20. The company incurred a cash loss of Rs. 12.93 lakhs in FY2025-26.
  2. A single promoter-family member dominates the board with rising pay amid governance churn Minor - Mr. Vipul Popatlal Chheda has served as Chairman and Whole-Time Director since 15 May 2002, and his remuneration rose 55% over five years to Rs. 20.03 lakh in FY2025-26. The company cycled through three compliance officers between October 2024 and August 2025. The Secretarial Audit Report for FY2025-26 again flags non-compliance with the requirement to dematerialise the entire promoters’ shareholding.
  3. Revenue is minimal, operating cash flow is persistently negative, and a large disputed receivable sits fully provided Minor - Total Revenue from Operations was Rs. 93.97 lakhs in FY2025-26, of which Rs. 25.15 lakhs was rental income. Operating cash flow was negative Rs. 2.01 crore in FY2024-25 and negative Rs. 0.72 crore in FY2025-26, while the company reported a net profit of Rs. 0.14 crore and a net loss of Rs. 0.10 crore respectively. Disputed trade receivables of 1.28 crore are fully provided for and outstanding for more than three years as of FY2024-25.
  4. A ₹1.46 crore advance remains unrecovered and unprovided, while a ₹4.02 crore tax demand vanished from filings Minor - The company has filed litigation to recover an advance of ₹1.46 crore paid to Vanaji Cables Pvt Ltd for FSI rights, and no provision has been made as management expects full recovery. The advance was first disclosed as under litigation in FY2022 and stood at 1.47 crore as of 31 March 2025. A disputed income-tax demand of 4.02 crore disclosed in FY2020 does not appear in any subsequent annual report through FY2026.
  5. Gratuity liability is unprovided and stated as “not ascertainable” in three disclosed years Minor - Provision for gratuity under Ind AS 19 has not been made and is stated as “not ascertainable” in FY2025, FY2020, and FY2021. The company has elected not to apply Ind AS 116 lease accounting, citing the absence of a written contract and pending litigation with the lessor, and treats all leases as short-term low-value arrangements.

What to watch

Bottom line: This is a record of circular insider lending wrapped in clean audit opinions, with a regulator that has already moved to fines and an arrest. The business itself is negligible, revenue barely covers a rounding error, and operating cash flow has been negative in each of the last four disclosed years. The real question is whether the 6.33 crore in related-party loans comes back, and whether the SEBI and criminal proceedings force a change in control or a restatement. Watch the promoter arrest and the Vanaji Cables recovery for the first signal.