Post Facto Intimation of the Meeting of Resolution Professional held on Monday, December 01, 2025, under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, ....
SETUINFRA · price
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Setubandhan Infrastructure Ltd (formerly Prakash Constrowell Limited) is under Corporate Insolvency Resolution Process (CIRP) since November 28, 2022, after SBI's petition was admitted by NCLT Mumbai. The Resolution Professional (Sandeep D. Maheshwari) held a meeting on December 1, 2025, and informed the exchanges that the company cannot submit its audited financial results within the SEBI-mandated 60-day deadline because the suspended management has refused to hand over books of accounts and financial records. A CoC-approved resolution plan was rejected by NCLT on March 24, 2025, and an appeal is pending before NCLAT since July 9, 2025. The auditor (JAMPRS & Co.) issued a qualified opinion citing multiple issues — missing bank statements for 19 accounts, unconfirmed balances, unverified inventory, lack of audit trail in accounting software, and no internal audit system. Key financials for FY25: Total income ₹23.22 lakh, Net Loss ₹1.51 crore, EPS ₹(0.15), Total Assets ₹169.70 crore, Net Worth ₹45.14 crore.
This is a significant red flag for shareholders. The stock remains under deep insolvency stress with no approved resolution plan, management non-cooperation preventing financial closure, and repeated audit qualifications since FY2022-23. The appeal outcome at NCLAT is the key catalyst — a favourable ruling could revive the resolution process, while an adverse ruling may lead to liquidation and near-total loss for equity holders.