RP unable to obtain promoter declarations under SEBI Takeover Regs

Nclt Insolvency AdmittedRegulatory & Legal View source PDF

SETUINFRA · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reaction · full curve 14 horizons · vs prior close

-8.7%1-day move

₹0.46

prior close

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base price

After-mkt

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AI summary

Resolution Professional Sandeep Maheshwari filed a clarification on SEBI Takeover Regulations 31(4) and 31(5) promoter disclosures for FY ending March 2026. The company is under CIRP since NCLT admission on November 28, 2022 following an SBI petition. The CoC-approved resolution plan was rejected by NCLT on March 24, 2025; an appeal is pending before NCLAT. The RP could not secure the required declarations from current promoters as their contact details are unavailable with both old and current management.

Likely market impact

Promoter disclosure gap flagged amid ongoing CIRP and pending NCLAT appeal on the rejected resolution plan, leaving resolution timeline uncertain.