The Exchange had sought clarification from Premier Limited for the quarter ended 30-Jun-2024 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: The response of the Company is enclosed.
PREMIER · price
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Premier Limited responded to NSE's queries about its June 2024 quarterly financial results. The company clarified that a 7-minute delay in uploading results was due to a technical glitch with the NSE portal. It explained that it operates in a single segment (Engineering), so separate segment reporting is not applicable. It also noted that standalone and consolidated figures are identical because the company has no subsidiaries, joint ventures, or holding companies. The response was signed by the Resolution Professional, Kanak Jani, confirming that Premier Limited is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016, following an NCLT Mumbai Bench order dated January 29, 2021.
This filing confirms that Premier Limited is an insolvent company under active CIRP since January 2021, which is a major red flag for shareholders. The company's affairs are managed by a Resolution Professional rather than its original management, and equity shareholders typically face significant risk of dilution or total loss during the resolution process.