Riga Sugar Company Ltd-has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 05/06/2025 ,inter alia, to consider and approve Pursuant to Regulation ....
Awaiting price reaction for this filing.
Riga Sugar Company, currently under liquidation under the Insolvency and Bankruptcy Code, 2016, has scheduled a meeting on June 5, 2025. The Liquidator, Mr. Neeraj Jain, will consider and approve the Financial Statements and Financial Results for the financial years ended March 31, 2023 and March 31, 2024. The company went into liquidation following an order dated April 11, 2023 from the Kolkata Bench of NCLT. Notably, the Liquidator has stated he will rely solely on representations from the (suspended) directors and key managerial personnel and will not carry out any independent verification of the financial results.
This is a procedural notice from a company in liquidation, so it has limited direct impact on stock price or shareholder value. However, it confirms Riga Sugar remains in the IBC liquidation process with multi-year-old financial results still pending approval, signaling extreme distress and likely eventual delisting or liquidation distribution to creditors. Shareholders should treat any remaining holding as effectively nil-valued given the liquidation status.