Suvidha Infraestate Corporation Ltd Forensic Report - SOIC x StockScans Report

as of Aug 2026

Suvidha Infraestate Corporation's audit record is clean on its face. But the company's own accounts disclose negative net worth and a going-concern doubt, an IDBI bank statement was never produced to auditors, and director borrowings of ₹3.65 crore sit on the books while the board declares no related-party contracts.

Key findings

  1. Director and ex-director borrowings of ₹3.65 crore persist while the board declares no related-party contracts Major - Borrowings repayable on demand from related parties stood at 3.65 crore as at 31 March 2026, 3.44 crore from Directors and ₹20.76 lakh from Ex-Directors. The Board's Report for FY2025-26 states "There were no contracts or arrangements entered into by the company in accordance with provisions of section 188 of the Companies Act, 2013" and "There were no material significant transactions with Related Parties during FY 2025-26". The same declarations were made in every Board's Report from FY2020-21 through FY2024-25.
  2. Customer advances of ₹86.89 lakh sit unrefunded with no conveyance deeds while revenue collapses Major - The company has received ₹86.89 lakh from nine customers as booking advance for the sale of land over several years, with neither the conveyance deed executed nor the amount refunded nor balance confirmation received, as at 31 March 2026. Revenue from operations for FY2025-26 was ₹0.08 crore with an operating margin of -100%, compared to ₹0.19 crore in FY2024-25 and ₹1.04 crore in FY2023-24. The auditor noted in FY2022-23 that "since last three years no sale has taken place," and auditors visited the site and found the lands still available without any encroachment.
  3. Promoter family dominates board and management; two promoter-directors died in office within five months Major - Mr. Kishore K. Goswami, Managing Director, and his brothers Mr. Ashokkumar K. Goswami and Mr. Anupkumar K. Goswami served concurrently as Managing Director/Whole-time Director and CFO throughout FY2020-21 to FY2024-25. Mr. Ashokkumar K. Goswami died on 19 April 2025, and Mr. Anupkumar K. Goswami died on 13 September 2025, causing the withdrawal of his re-appointment resolution at the 33rd AGM on 19 September 2025. The secretarial auditor reported non-compliance with Regulation 31(2) of SEBI (LODR) Regulations, requiring 100% of promoter shareholding in demat form, in each of FY2021-22, FY2022-23, FY2023-24 and FY2024-25.
  4. SEBI LODR non-compliances persist across six years; a 2023 SEBI demand remains the only regulator inquiry Major - The secretarial auditor reported in FY2025-26 that the company "has not complied with Regulation 31(2) of SEBI (LODR) Regulation 2015," a non-compliance also reported in FY2024-25, FY2020-21, and FY2019-20. The company received SEBI Letter No. SEBI/HO/CFID/SEC-4/OW/P/2023/24757/1 dated June 16, 2023, seeking information relating to FY2018-19, and submitted its reply. Each annual report from FY2019-20 through FY2025-26 states "No significant or material orders passed by regulators or courts or tribunals".
  5. Deferred tax assets written off year after year as losses persist and inventory remains unsold Major - In FY2025-26, the company recognized no deferred tax asset and wrote off earlier years' deferred tax assets to profit and loss, citing several years of losses, inability to sell inventory, and no reasonable certainty of sufficient future taxable income. The same write-off occurred in FY2023-24, FY2022-23 and FY2021-22 for identical reasons. In FY2023-24, all fixed assets were scrapped and written off during the year.
  6. Statutory auditor changed once with no stated reason; secretarial auditors churned three times in four years Minor - M/s. Purnesh R. Mehta & Co. retired at the 30th AGM, with M/s. J M Parikh & Associates appointed for 5 years from FY2022-23, with no stated reason for the change. M/s. Nishant Pandya & Associates was appointed secretarial auditor for five years from FY2025-26 at the 33rd AGM, but resigned and was replaced by M/s. Kashyap R. Mehta & Partners in a casual vacancy for FY2025-26. M/s. J M Parikh & Associates has served as statutory auditor continuously since FY2022-23.
  7. Subsidiary structure static for seven years with no core investment company Clean - No company became or ceased to be a subsidiary, joint venture, or associate in any year from FY2019-20 through FY2025-26. CARO clause (xvi)(d) for FY2023-24 states: "No core investment company within the Group; clause not applicable".

What to watch

Bottom line: This is a disclosed record with a clean audit opinion every year, but the opinion sits uneasily against the company's own accounts, negative net worth, a going-concern doubt, and a bank statement accepted on oral explanation. The risk is concentrated in related-party funding: ₹3.65 crore of demand-repayable director loans that the board does not classify as related-party transactions. Watch whether the customer advances get conveyance deeds or refunds, whether the promoter demat non-compliance is cured, and whether the deceased directors' loans are ever transferred or repaid.