The Exchange had sought clarification from Sadbhav Infrastructure Project 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 is not as per format prescribed by SEBI The response of the Company is enclosed.
SADBHIN · price
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Awaiting price reaction for this filing.
NSE asked Sadbhav Infrastructure Project to explain why its Q4 FY25 financial results did not follow the SEBI-prescribed format. The company clarified that the adjusted figures after audit qualifications are shown as 'not ascertainable' because the qualifying amounts relate to claims recoverable from NHAI via its subsidiary Rohtak Panipat Tollway (RPTPL), whose net worth is fully eroded. RPTPL suspended toll collection from December 2020 after farmer protests and terminated its NHAI concession in July 2021. A major arbitral award on 23-Jan-2025 came in the company's favour for a net amount of INR 10,805.45 million (principal INR 7,796.31 mn + interest INR 3,009.14 mn) covering termination payment, force majeure, COVID-19 and demonetisation claims. Two older awards (2017 and 2020) were settled for about INR 650 million under the Vivad se Vishwas II scheme. Management has chosen not to impair its INR 217.74 million investment and subordinate debts in RPTPL, citing expected recovery.
Resolves a procedural compliance query from the exchange, so no immediate regulatory action is indicated. The large arbitration award in the company's favour is a positive signal for potential cash recovery, but recovery is still uncertain, and the decision to not impair subsidiary assets remains a key judgement that auditors and investors should watch closely.