Triveni Glass Ltd Forensic Report - SOIC x StockScans Report

as of Aug 2026

Triveni Glass's record is one of a company that has largely ceased to operate, yet continues to carry unresolved litigation and governance strain. An IBC petition over an acknowledged ₹11.14 crore debt remains pending, revenue has collapsed to near-zero with inconsistent prior-year comparatives in the company's own filings, and the secretarial auditor has flagged the same board-composition non-compliance for three consecutive years.

Key findings

  1. An IBC petition sits over an acknowledged ₹11.14 crore debt Major - Laxmi Float Glass Limited filed a Section 7 IBC petition before NCLT Allahabad, which remained not admitted as at 31 March 2026, with Triveni acknowledging a debt of ₹11,13,85,734 and disputing an additional interest claim of ₹4,63,34,846. Disputed statutory dues not deposited fell from ₹65.61 crore in FY2023-24 to ₹23.61 crore in FY2024-25 to ₹15.58 crore in FY2025-26. A Central Excise demand of ₹20.96 crores with equal penalty was dropped after CESTAT Allahabad ruled in the company's favour and the Department did not appeal.
  2. Revenue has collapsed to near-zero with inconsistent comparatives Major - Triveni Glass Ltd reported revenue from operations of Rs. 38.65 Lakhs for the year ended 31.03.2026, down from 1.09 crore for the year ended 31.03.2025. The company's separate result announcement for the same period reported the FY2025 revenue from operations as 1 crore, not 1.09 crore. The ageing analysis of trade receivables is reported as "N.A." in the FY2025-26 standalone financial statements.
  3. Reported profits rest on write-backs and exceptional items Major - Triveni Glass Ltd reported a profit of Rs. 1,556.66 Lacs for FY2019-20, and the increase was mainly due to the write-back of IDBI interest of Rs. 1,810.20 Lacs as per the OTS settlement, without which there was an operating loss of Rs. 317.94 Lacs. Material exceptional items of at least 5% of profit before tax occurred in 4 of 10 years, with an average effective tax rate of 0.0% versus a statutory rate of 25.2% over the latest 2 years. The company adopted Ind AS for the first time with transition from IGAAP carried out in accordance with Ind AS 101, as disclosed in the FY2025-26 annual report.
  4. Board-composition non-compliance is flagged across multiple years Major - The Secretarial Audit Report for FY2023-24 states "the number of Independent Directors did not comprise fifty percent or more of the Board" and that the company was served a notice for appointment of an Independent Director above 75 years requiring a special resolution, "which the company could not comply with". The FY2022-23 report contains the identical finding, while the FY2021-22 report notes only that the Independent Directors did not comprise fifty percent or more of the Board. The FY2025-26 AGM notice proposes a special resolution to continue Mr. Ishwar Chandra Agarwal as Independent Director after he attains age 75, until 20 June 2032.
  5. Unqualified opinions for seven years on a non-operational company Major - The statutory auditor issued an unqualified opinion on the standalone financial statements for each year from FY2019-20 through FY2025-26, with no qualifications, adverse remarks, or Emphasis of Matter paragraphs reported in any year. The auditor's Key Audit Matter for FY2023-24, FY2024-25, and FY2025-26 states the company has no revenue from operations as it is non-operational, with income majorly from sale of fixed assets and interest income. CARO clause (i)(b) states management has not verified property, plant, and equipment due to closure of the Allahabad Unit in FY2022-23, FY2023-24, FY2024-25, and FY2025-26.
  6. Operating cash flow is negative despite reported profits Major - Triveni Glass Ltd reported negative operating cash flow of Rs.0.53 crore in FY2024-25 against a PAT of Rs.0.09 crore, and negative operating cash flow of Rs.1.21 crore in FY2023-24 against a PAT of Rs.2.87 crore. ROCE swung from 77.86% in FY2023-24 to 2.23% in FY2024-25 to -23.01% in FY2025-26. The Board of Directors did not recommend any dividend for FY2022-23, stating the company is in a stage of recovery from a sick company and still has some financial liabilities.
  7. Related-party dealings are small and disclosed Minor - Triveni Glass Ltd paid rent of ₹40,000 per month to Uttar Pradesh Safety Glass Works (P) Ltd, a promoter and shareholder entity, under a 5-year agreement approved by the Board on 26.07.2017, with no advances paid. The standalone financial statements for FY2025-26 state there were no outstanding balances with related parties as at 31 March 2026 or 31 March 2025. The Board on 28 July 2026 approved two related party transactions with Uttar Pradesh Safety Glass Works Private Limited: supply of materials including scrap for 5 years with aggregate value not exceeding ₹15 lakh per annum, and lease of motor vehicles at ₹10,000 per month plus GST for 5 years.
  8. Statutory auditor rotated on schedule; secretarial auditor churned Minor - M/s. Sanjay Talwar & Associates served as statutory auditors from the 46th AGM (2017) to the 51st AGM (FY2022). M/s. Amit Ray & Co. were appointed as statutory auditors for five consecutive years from the conclusion of the 51st AGM (2022) until the conclusion of the 56th AGM in FY2027. M/S S Basu & Associates resigned as Secretarial Auditor on 29th September 2022, citing pre-occupation with professional assignments.

What to watch

Bottom line: This is a disclosed record of a company that has stopped operating, with the auditor stating so plainly each year. The risk sits in the unresolved IBC petition and the pattern of board-composition non-compliance that the secretarial auditor has flagged for three consecutive years. Watch the NCLT Allahabad adjudication and the shareholder votes on the independent director continuations.