Simbhaoli Sugars Limited hereby submitted announcement for Appointment of Secretarial Auditor from FY 2025-2026 to FY 2029-2030.
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Simbhaoli Sugars has been undergoing Corporate Insolvency Resolution Process (CIRP) since July 11, 2024, after NCLT admitted a petition by Punjab National Bank. The IRP (Mr. Anurag Goel) convened a meeting on May 29, 2026, approving appointments of M/s Cheena & Associates as Cost Auditor for FY 2025-26 and M/s Amit Gupta & Associates as Secretarial Auditor for 5 years (FY 2025-26 to FY 2029-30). The meeting also took on record consolidated unaudited financial results for Q1-Q3 FY2025 and approved audited standalone results for Q4 FY2026. For Q1 June 2025, the company reported total income of Rs 23,392.40 Lakhs with a net loss of Rs 2,243.24 Lakhs. The auditors issued an adverse conclusion citing: non-provision of bank interest (Rs 1,83,389.90 Lakhs accumulated), cane farmer dues interest (Rs 12,163.25 Lakhs), going concern doubts, and subsidiary issues. NCLAT has reserved judgment on the CIRP stay. The company continues operating under NCLAT stay since July 2024.
Simbhaoli Sugars remains in insolvency proceedings with no resolution in sight. Shareholders face extreme risk as the company has accumulated massive debt, negative equity of Rs 16,643.64 Lakhs, and ongoing losses. The stock is highly speculative and unsuitable for retail investment at this stage.