The financial statements are riddled with holes. Capex since last several years is almost nil. There is a history of making losses. Company was a defaulter and went through CDR mechanism. Several litigations, auditor’s qualifications, defaults, etc. are present on the statements. Even in FY22, there are several auditor qualifications and adverse remarks. There is continuous promoter selling. No wonder valuation is so low, unlikely to go away.
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