Update on CIRP Proceedings, Non-Cooperation by Directors (Power suspended) and Postponement of Board Meeting under Regulation 30 of SEBI (LODR) Regulation, 2015
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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The Corporate Insolvency Resolution Process (CIRP) for Supha Pharmachem Ltd commenced on 17 March 2026 following an NCLT Mumbai Bench order. Upon CIRP commencement, the powers of the Board of Directors were automatically suspended under Section 17(1)(b) of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional (IRP) appointed by NCLT has been continuously requesting cooperation from the suspended directors to take control of the company, its records, and subsidiary information, but the directors have refused to cooperate — they are not attending meetings and have failed to hand over any documents. As a result, the Board Meeting scheduled for 30 March 2026 to consider Q3 unaudited financial results (nine months ended 31 December 2025) could not be held. The IRP is taking steps to obtain cooperation and address pending non-compliances.
This is a highly negative development for shareholders. The company is now under formal insolvency proceedings, and the non-cooperation by the suspended board creates additional uncertainty about governance, financial reporting, and the resolution timeline. The stock is likely to face significant pressure or trading suspension.