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Morepen Laboratories utilized Rs 88.83 crore, extending project timelines to March 2027
04-Aug-2026, 04:55
A Monitoring Agency report indicates mixed progress for Morepen Laboratories Limited regarding the utilization of funds raised through an issuance. While the company has largely deployed the Rs 88.83 crore initially planned for completion by March 31, 2025, and the Rs 33.97 crore slated for March 31, 2026, timelines have been extended to March 31, 2026, and March 31, 2027, respectively, raising concerns about project planning and execution. The report notes a Rs 4.55 crore transfer to the company’s current account and a remaining balance of Rs 0.09 crore, prompting a review of vendor billing processes. Despite these delays, the company has effectively utilized funds for working capital and made prudent short-term investments, and the report acknowledges flexibility in fund deployment. The agency recommends strengthening project management, improving internal oversight, and enhancing transparency with investors.
A Monitoring Agency report indicates mixed progress for Morepen Laboratories Limited regarding the utilization of funds raised through an issuance. While the company has largely deployed the Rs 88.83 crore initially planned for completion by March 31, 2025, and the Rs 33.97 crore slated for March 31, 2026, timelines have been extended to March 31, 2026, and March 31, 2027, respectively, raising concerns about project planning and execution. The report notes a Rs 4.55 crore transfer to the company’s current account and a remaining balance of Rs 0.09 crore, prompting a review of vendor billing processes. Despite these delays, the company has effectively utilized funds for working capital and made prudent short-term investments, and the report acknowledges flexibility in fund deployment. The agency recommends strengthening project management, improving internal oversight, and enhancing transparency with investors.