Simbhaoli Sugars Limited hereby submitting Announcement for Appointment of Cost Auditor for FY 2025-2026
SIMBHALS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Simbhaoli Sugars Limited, currently under Corporate Insolvency Resolution Process (CIRP) since July 11, 2024 (stay ordered by NCLAT on July 24, 2024), held an IRP-convened meeting on May 29, 2026. The meeting approved appointment of M/s Cheena & Associates as Cost Auditor for FY 2025-26 (covering Sugar & Distillery units) and M/s Amit Gupta & Associates as Secretarial Auditor for five years (FY 2025-26 to FY 2029-30). Both appointments are subject to ratification by the Committee of Creditors (CoC) and shareholder approval. The meeting also took on record consolidated unaudited financial results for Q1 (June 2025), Q2 (September 2025), and Q3 (December 2025), along with audited standalone results for Q4 and year ended March 31, 2026. The Q1 June 2025 results received an Adverse Conclusion from auditors due to material issues including unprovided bank interest of Rs 1,833.89 crore, unprovided cane farmer interest of Rs 121.63 crore, disclaimer on SPPL subsidiary, adverse opinion on ICCPL subsidiary, and uncertainty over PPE impairment. The company has fully eroded net worth.
The stock is in distress due to ongoing CIRP with NCLAT stay pending. Financial results carry material misstatements with undisclosed liabilities exceeding Rs 2,000 crore. Shareholders face extreme risk as the company continues to operate under insolvency proceedings with unresolved creditor claims.