The Exchange had sought clarification from DHARAN INFRA-EPC LIMITED for the quarter ended 31-Mar-2025 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: -1. Financial results submitted in XBRL with discrepancies -2. The company has not submitted the Statement of Impact of Audit Qualifications in case of modified opinion(s) The response of the Company is enclosed.

Dharan Infra-EPC (NSE: DHARAN) has submitted revised audited financial results for FY25 after the stock exchange flagged XBRL discrepancies and missing audit qualification impact statements. The auditor Sharp Aarth & Co LLP issued a QUALIFIED OPINION on both standalone and consolidated results, citing misuse of USD 95 million raised through Foreign Currency Convertible Bonds (FCCBs) — funds meant for low-cost housing projects in Africa via a UAE subsidiary were instead diverted to subsidiaries in Ghana, Liberia, and Kenya, violating FEMA rules. The RBI returned the company's compounding application, leaving potential financial liabilities unquantified. Standalone revenue from operations fell to Rs 1,799.24 lakh (FY24: Rs 2,061.20 lakh) and net loss widened to Rs 3,943.69 lakh (FY24 loss: Rs 3,707.55 lakh). The auditor flagged material going-concern uncertainty, unpaid statutory dues (Income Tax, GST, TDS), non-filing of GST returns since December 2023, unrepaid bank borrowings, cancelled-then-reinstated GST registration, and a corporate guarantee for Shree Sainath Land & Development (now in CIRP) that may be invoked.