Trend Electronics Limited is obliged to submit and/or publish the financial results for the quarter and twelve months ended 31 March, 2023, on or before 30% May, 2023. However, the Company is not in a position to publish the said results due to Corporate Insolvency Resolution Process (CIRP) was initiated in respected to the Company wide an order of the Hon'ble National company Law Tribunal ("NCLT") Mumbai bench on 25.09.2018 under the Insolvency and Bankruptcy Code, 2016 (IBC). Pursuant to the admission for CIRP, the powers of the Board of Directors of the Company stand suspended and the same have been vested with and are being exercised by the Resolution Professional.

Further on September 9, 2021, the Resolution Professional of the Company had filed an application with the Hon'ble NCLT, Mumbai for liquidation of the Company. The Hon'ble NLCT, Mumbai vide Order pronounced on February 10, 2023 has allowed the liquidation of Trend Electronics Limited as a going concern. It may be noted that a Liquidator is duty bound to maintain or update the books of accounts till the Liquidation commencement date and however, during the liquidation period there is no requirement of maintaining profit and loss account and balance sheet of the corporate debtor and to get the same audited.

It may be kindly noted that Chapter III of the IBBI (Liquidation Process Regulations, 2016) provides the powers and functions of the liquidator. Regulations 5 and 6 of these regulations requires the liquidator to submit various reports, to complete the books of accounts and maintain the same for a period of 8 years. However, the said regulation does not assign a duty on the liquidator to prepare financial statements and to file Income Tax Returns.

Therefore, the view that the filing of quarterly unaudited/audited financial statements are not required in terms of the above circumstances for a company under liquidation.