String Metaverse (Bio Green Papers, BSE: 534535) Reports Q1 FY25: Rs 50.02 Cr Revenue, Rs 5.38 Cr PAT

String Metaverse (Bio Green Papers, BSE: 534535) Reports Q1 FY25: Rs 50.02 Cr Revenue, Rs 5.38 Cr PAT

String Metaverse LTD, following its merger with Bio Green Papers Limited (BSE: 534535) as approved by the Honourable National Company Law Tribunal (NCLT) under the scheme of arrangement of the Insolvency and Bankruptcy Code (IBC), has reported robust financial results for the first quarter of FY 2025. The company achieved consolidated revenue of Rs 50.02 crores and a profit after tax (PAT) of Rs 5.38 crores.

Backed by Spacenet Enterprises LTD (NSE: SPCENET) and 63 Moons Technologies Ltd (NSE: 63MOONS) step down subsidiary 3.0 VERSE Ltd. investments, String Metaverse will be the first Web 3.0 enterprise to start trading on BSE main board.

String Metaverse has global offices in Gift City, Hyderabad, UAE and HK.

The merger has strengthened the company’s position, leading to a consolidated revenue of Rs 151.21 crores and a PAT of Rs 10.82 crores for FY 2024, highlighting the successful integration and growth potential of the combined entity.

The Evolution Web 3.0

Web 1.0: Primarily focused on email and messaging, laying the foundation for digital communication.

Web 2.0: Marked by centralized social communities such as Instagram, Facebook, and WeChat, where monetization is predominantly controlled by large corporations like Meta, Microsoft, and Google.

Web 3.0: Digital communities are created for the people and by the people, enabling users to share, create, and transact within decentralized communities.

“In this new age of the Attention Economy, individuals are rewarded for the time they spend engaging online, transforming their attention and time into digital assets”

“New technological innovations are set to dominate global equity market caps. Disruptive technologies such as Web 3.0’s ‘Public Blockchains,’ Energy Storage, Artificial Intelligence, and Robotics currently have a combined market cap of approximately USD 19 trillion. This is expected to grow to USD 220 trillion by 2030, in contrast to non-innovative companies, whose combined market cap is projected to grow from USD 98 trillion to USD 140 trillion” according to a research report by ARK Investment.

“With Web 3.0 and Next-Generation technologies growing at an unprecedented pace, we are confident of achieving a CAGR of 100 per cent growth for the next 3 years,” stated Krishna Mohan Meenavalli, Founder of String Metaverse Ltd.

Review of Insolvency and Bankruptcy Board of India Rules through Crowdsourcing

Review of Insolvency and Bankruptcy Board of India Rules through Crowdsourcing

The Insolvency and Bankruptcy Board of India (IBBI) has recently announced its intention to seek public comments on its existing rules with the aim of plugging any loopholes in the Insolvency and Bankruptcy Code, 2016. The IBBI believes that crowdsourcing ideas from stakeholders is necessary to create a more conducive regulatory framework in a dynamic environment. The move comes as the rules will soon be severely tested in the case of Wadia-owned Go First, which recently filed for voluntary insolvency.

The IBBI statement highlights that despite the best of efforts and intentions, a regulator in a novel and emerging regulatory regime may not always be able to address ground realities. This is why the IBBI welcomes public comments on the regulations already notified under the code. By seeking input from stakeholders, the regulator hopes to identify any issues that hinder transactions and offer alternate solutions to address them.

Comments from the public have been sought until May 31 on the regulations notified under the IBC to date, and they will be received until December 31. Following this, the regulations will be modified to the extent considered necessary. The IBBI aims to notify modified regulations by March 31, 2024, and bring them into force on April 1, 2024.

The efficacy of the IBC was called into question in August 2017 when the country’s first corporate resolution plan under the code resulted in a 94% haircut to lenders. This was because Synergies-Dooray Automotive promoters retained the firm by paying just Rs 54 crore to the creditors against dues of over Rs 900 crore. The move prompted the government to arm the IBC with Section 29A, making it difficult for promoters of bankrupt companies to regain control of their firms by inflicting injuries to creditors.

In conclusion, the IBBI’s move to seek public comments on its existing rules and regulations is a welcome development. By crowdsourcing ideas, the regulator hopes to create a more conducive regulatory framework that will enable it to address ground realities in a dynamic environment. The move is necessary as the rules will soon be severely tested in the case of Wadia-owned Go First, which recently filed for voluntary insolvency. The IBBI aims to notify modified regulations by March 31, 2024, and bring them into force on April 1, 2024.