Intimation regarding postponement and rescheduling of 31st Meeting of Committee of Creditors
Awaiting price reaction for this filing.
RCI Industries and Technologies Limited, which has been under Corporate Insolvency Resolution Process (CIRP) since the NCLT Delhi order dated 25 November 2022, has informed BSE about the postponement and rescheduling of its 31st Committee of Creditors (CoC) meeting. The Resolution Professional, Mr. Brijesh Singh Bhadauriya, explained that the company cannot submit its financial results on time due to severe non-cooperation from the suspended Managing Director and ex-management, along with repeated resignations of statutory auditors (the latest on 8 May 2025). All Key Managerial Personnel, including the CFO and Company Secretary, left the company before or shortly after CIRP commenced, leaving no one to manage accounting matters. The RP has filed an application under Section 19(2) of the IBC before NCLT against the suspended directors and lodged a complaint with ICAI against the former statutory auditors, both of which remain pending. The security code referenced is 537254 and the filing is dated 17 July 2025.
This filing confirms that RCI Industries remains deep in insolvency with no functioning management or auditors, meaning shareholders continue to face extreme uncertainty and the stock carries very high risk. The ongoing delays in financial reporting, unresolved auditor complaints, and pending NCLT action against former directors point to a drawn-out resolution process that could further erode any remaining equity value.