Disclosure of reasons for delay in submission of financial resultspursuant to SEBI Circular CIR/CFD/CMD-11142/2018 dated 19thNovember, 2018
ARSHIYA · price
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Arshiya Limited, which is currently under Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, has informed stock exchanges that it cannot submit its Q1 FY26 (quarter ended June 30, 2025) unaudited standalone and consolidated financial results by the August 14, 2025 deadline. The company has cited multiple reasons for the delay, including the CIRP proceedings (where Board powers are suspended and a Resolution Professional is in charge), the April 2024 relocation of its registered office from Worli to Panvel, the sudden resignation of 50 out of 71 employees in late July/early August 2024 without notice, recent resignations of key accounting personnel, and the time required to consolidate financials from multiple subsidiaries. The company also disclosed that the audit of the previous year's accounts is still ongoing.
This is a significant negative signal for shareholders. The company is under insolvency proceedings, the previous year's audit is not yet complete, and the inability to file quarterly results on time indicates severe operational and financial distress. Investors should view this as a high-risk situation with potential implications for share value and recovery prospects.