Injecto Polymers restates related-party disclosures, ROC pending

Injecto Polymers restated related-party disclosures for FY 2022-23 through FY 2024-25 after identifying omissions in financial-statement schedules and AOC-4 filings. The largest disclosed revised total is Rs 61.87 crore for FY 2023-24, compared with Rs 23.46 crore originally reported; its August 20, 2026 application to the Registrar of Companies, Kolkata-I remains pending.

How did Injecto Polymers restate related-party disclosures?

Injecto Polymers incorporated previously unreported transactions into the related-party schedule of its restated standalone financial statements for FY 2022-23, FY 2023-24 and FY 2024-25. Related-party transactions are dealings with entities treated as related parties for disclosure purposes. The company says the omitted transactions had already been considered in revenue from operations and expenses, but were not specifically disclosed under Schedule III to the Companies Act, 2013.

The restatement changed both the rupee totals and the share of revenue represented by related-party transactions. FY 2024-25 had the highest revenue from operations, at Rs 261.48 crore, but its revised related-party total of Rs 56.21 crore represented 14.97% of revenue. FY 2022-23 had a lower revised total of Rs 34.90 crore, yet that amount represented 32.01% of Rs 96.25 crore in revenue from operations.

Injecto Polymers reported the largest revised rupee total in FY 2023-24, at Rs 61.87 crore, while the largest restated ratio to revenue was FY 2022-23's 32.01%. The FY 2023-24 reconciliation lists Rs 3.87 crore of omitted sales, Rs 3.98 crore of omitted purchases and Rs 3.59 crore of other omitted related-party transactions. The prospectus presents these category additions alongside the revised total but does not explain the difference between their sum and the movement from the originally reported total.

Which transactions did Injecto Polymers omit from the schedules?

Injecto Polymers listed omitted sales, purchases, loans, advances, loan repayments and interest for FY 2022-23 and FY 2023-24, followed by an omitted purchase in FY 2024-25. For FY 2022-23, the listed items included Rs 63.72 lakh of goods sales to Jupax Vanijya Private Limited, a Rs 9 lakh loan taken from Bhagyashri Trading Private Limited, and Rs 10 lakh of advances given or received back involving Jupax Vanijya Private Limited.

For FY 2023-24, the disclosed omissions included Rs 3.87 crore of goods sales to Maruti Packagers Private Limited and Rs 3.98 crore of goods purchases from Jupax Vanijya Private Limited. The company also listed loan repayments of Rs 25 lakh, Rs 15 lakh, Rs 45 lakh and Rs 19 lakh involving Shipra Retailors Private Limited, Nivedeeka Commercial Private Limited, Nilkanth Commercial Private Limited and Bhagyashri Trading Private Limited, respectively. Bhagyashri Trading Private Limited was also listed for a Rs 17 lakh loan taken.

The FY 2024-25 omission was Rs 1.27 crore of goods purchases from Rateria Laminators Private Limited, described as a consignment agent of Brahmaputra Cracker and Polymers Limited and GAIL India Limited on a commission basis. Injecto Polymers says the draft red herring prospectus reported Rs 7.46 crore of the Rateria Laminators transactions, while the full value was Rs 8.74 crore. The company identified the Rs 1.27 crore under-reporting and updated the restated financial statements.

What did the restatement change by transaction category?

Injecto Polymers' restatement increased FY 2023-24 sales to related parties from Rs 1.12 crore to Rs 5.00 crore and purchases from Rs 21.86 crore to Rs 25.83 crore. Other related-party transactions for FY 2023-24 increased from Rs 47.96 lakh to Rs 4.07 crore. The resulting revised related-party total was stated as Rs 61.87 crore, or 23.66% of revenue from operations.

FY 2024-25 had no additional related-party sales in the reconciliation, leaving that category at Rs 26.04 crore. Purchases rose from Rs 27.40 crore to Rs 28.68 crore after the Rs 1.27 crore Rateria Laminators transaction was included, while other related-party transactions rose from Rs 1.40 crore to Rs 7.15 crore. The revised FY 2024-25 total was therefore Rs 56.21 crore, compared with Rs 54.85 crore originally reported.

FY 2022-23 changed from Rs 15.65 crore, or 16.26% of revenue, to Rs 34.90 crore, or 32.01% of revenue. Sales to related parties rose from nil to Rs 63.72 lakh, while other related-party transactions rose from Rs 1.31 crore to Rs 1.40 crore. The table also presents purchases unchanged at Rs 14.34 crore, or 14.90% of FY 2022-23 revenue.

Why is ROC adjudication still pending for Injecto Polymers?

Injecto Polymers says the historic AOC-4 filings cannot be corrected through revised AOC-4 submissions because the e-forms for the relevant financial years had already been filed. AOC-4 is the electronic form used to file financial statements with the Registrar of Companies, or ROC. The lapse therefore covers both the omitted Schedule III disclosures in the financial statements and incomplete or absent reporting in the corresponding AOC-4 filings.

On August 20, 2026, Injecto Polymers filed e-Form GNL-1 with the Registrar of Companies, Kolkata-I, seeking adjudication of the disclosure and reporting lapses under the Companies Act, 2013. The application covers non-disclosure or incomplete disclosure of the relevant transactions in the financial statements and non-reporting or incomplete reporting in AOC-4. The application was pending before the Registrar of Companies, Kolkata-I as of the red herring prospectus date.

Banerjee Sarkar & Co., the statutory and peer-reviewed auditors, stated in a certificate dated April 27, 2026 that, apart from the identified reporting lapse, no other related-party transactions remained unreported as of the prospectus date. The auditors also confirmed no non-compliance concerning pricing, commercial terms, arm's-length treatment or ordinary-course practice. Injecto Polymers states that issue proceeds will not be used for fees, fines or penalties arising from the matter.

Conclusion

Injecto Polymers' restatement makes its related-party transaction disclosures materially different across all three reported years, especially in FY 2023-24 and FY 2022-23. The company maintains that revenue and expenses already reflected the omitted transactions, while the failure concerned the Schedule III disclosure schedule and the related AOC-4 reporting. The restated figures show that the scale of related-party dealings was higher than originally presented.

The next disclosed development is the decision on Injecto Polymers' August 20, 2026 adjudication application to the Registrar of Companies, Kolkata-I, because the original AOC-4 forms cannot be revised. Injecto Polymers has disclosed remedial measures including appointing a qualified company secretary, periodic internal compliance audits and strengthened internal controls, but the prospectus says future regulatory action cannot be ruled out.