Reasons for Delay Filing of Results for Quarter ending 30 June, 2025
Awaiting price reaction for this filing.
The company, under Corporate Insolvency Resolution Process (CIRP) initiated by NCLT Delhi on November 25, 2022, has informed BSE it cannot file quarterly results for the period ending June 30, 2025 within the SEBI-mandated timeline. The Resolution Professional, Mr. Brijesh Singh Bhadauriya, blames non-cooperation from the suspended Managing Director and ex-auditors, the resignation of all Key Managerial Personnel (CFO, CS) around CIRP commencement, and a string of auditor resignations — most recently on May 8, 2025. The RP has filed a Section 19(2) IBC application against non-cooperative directors and auditors (pending in NCLT, next hearing July 10, 2025) and lodged a complaint with ICAI on March 6, 2025. The company says it is unable to finalise accounts despite engaging new chartered accountants and statutory auditors approved by the Committee of Creditors.
Shareholders should treat this as a distressed stock under ongoing insolvency with no clear timeline for revival; continued non-filing of results means lack of transparency on the company's financial health, and unresolved governance/cooperation issues signal significant operational risk. The fine being levied by BSE is unlikely to materially change the situation, but persistent reporting delays could trigger further regulatory action.