iWorld
Planet Marathi founder faces FIR after Bombay HC order on forgery
MUMBAI: The drama has moved off-screen and into the courtroom Planet Marathi’s founder Akshay Bardapurkar now faces a real-life script of forgery, fraud, and financial conspiracy after the Bombay High Court ordered the registration of an FIR against him and three others.
A Bench of Justice Ravindra V. Ghuge and Justice Gautam Ashwin Ankhad, ruling on Criminal Writ Petition No. 4170 of 2025 filed by former partner Soumya Vilekar, directed Mulund Police to book Bardapurkar, casting director Manali Dixit, notary Dodha Doulat Ahire, and Dhaval Shah.
At the heart of the case is a forged partnership deed dated 3 October 2023, allegedly bearing Vilekar’s signature, photograph, and a fake notarisation. She claims she never signed the document, which was used to approach Axis Bank, Deutsche Bank, and others to secure loans and dispose of intellectual property, all without her knowledge.
Vilekar maintains that her only valid exit was through a Deed of Admission-cum-Retirement dated 15 January 2024, and accuses Bardapurkar of fabricating the earlier deed to siphon funds. She says she was left battling multiple litigations originally aimed at the company, exposing her to reputational and financial harm.
“This is not merely forged paperwork, it’s a premeditated act of fraud and conspiracy,” Vilekar said, adding that Bardapurkar had diverted company funds for personal expenses and unauthorised purposes.
The fallout for Planet Marathi has been severe. Its offices have remained shut for months, the app has ceased operations, and employees have resigned en masse. The company is also facing NCLT liquidation proceedings, while Bardapurkar himself is entangled in multiple legal battles:
. Rs 87 lakh cheque bounce case filed by Aayush Shah
. Rs 20 lakh dishonour case filed by Mausam Shah
. Personal insolvency proceedings by Verse
. Several Section 138 NI Act cases across Mumbai, Pune, and beyond
The High Court’s intervention comes after Vilekar alleged that Mulund Police failed to act despite her submitting documentary evidence. The ruling marks another twist in a saga that has seen Planet Marathi, once touted as a Marathi OTT disruptor, now teetering between financial collapse and criminal scrutiny.
As the courtroom script unfolds, Bardapurkar, once celebrated as a cultural entrepreneur now finds himself at the centre of a story where the plot revolves around liabilities, litigation, and law enforcement.
Gaming
Bluestone FY26 revenue rises to Rs 2,436 crore, turns profitable
Q4 profit at Rs 31 crore, full-year profit at Rs 13 crore vs loss last year.
MUMBAI: From sparkle to numbers, Bluestone seems to be polishing more than just jewellery this year. Bluestone Jewellery and Lifestyle Limited reported a sharp turnaround in FY26, with revenue from operations rising to Rs 2,436 crore (Rs 24,364 million), up from Rs 1,770 crore (Rs 17,700 million) in FY25. The company posted a full-year profit of Rs 13 crore (Rs 131.79 million), a significant recovery from a loss of Rs 222 crore (Rs 2,218 million) a year ago.
Total income for the year stood at Rs 2,486 crore (Rs 24,860 million), compared to Rs 1,830 crore (Rs 18,300 million) in the previous year, reflecting both topline growth and improved operational momentum.
The March quarter, however, told a more nuanced story. Revenue from operations came in at Rs 681 crore (Rs 6,814 million), down from Rs 748 crore (Rs 7,486 million) in the year-ago period, though higher than Rs 461 crore (Rs 4,613 million) in the preceding December quarter. Net profit for Q4 stood at Rs 31 crore (Rs 311.81 million), compared to Rs 68 crore (Rs 688 million) a year earlier, but a clear reversal from a loss of Rs 51 crore (Rs 512 million) in Q3.
Margins were shaped by higher input costs, with raw material consumption rising to Rs 2,204 crore (Rs 22,043 million) for the full year, alongside employee benefit expenses of Rs 282 crore (Rs 2,824 million) and finance costs of Rs 210 crore (Rs 2,104 million). Other expenses came in at Rs 371 crore (Rs 3,715 million), slightly lower than Rs 393 crore (Rs 3,938 million) in FY25.
On the balance sheet front, total assets expanded to Rs 4,961 crore (Rs 49,610 million) as of March 31, 2026, from Rs 3,532 crore (Rs 35,322 million) a year earlier, driven largely by a surge in inventories to Rs 2,672 crore (Rs 26,718 million). Equity also strengthened to Rs 1,803 crore (Rs 18,030 million), nearly doubling from Rs 911 crore (Rs 9,107 million).
Cash flows reflected the cost of growth. Net cash used in operating activities stood at Rs 199 crore (Rs 1,990 million), while investing activities saw an outflow of Rs 239 crore (Rs 2,392 million). Financing activities, however, generated Rs 497 crore (Rs 4,971 million), helping the company end the year with cash and cash equivalents of Rs 108 crore (Rs 1,075 million), up from Rs 49 crore (Rs 487 million).
Earnings per share for FY26 came in at Rs 1.10, a sharp improvement from a negative Rs 79.74 in FY25, underlining the shift from losses to profitability.
With revenue scaling up, costs still glittering on the higher side, and profitability finally back in the black, BlueStone’s FY26 performance suggests a business mid-transition less about shine alone, and more about sustaining it.
