The Exchange had sought clarification from Alps Industries 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. Standalone auditors report not submitted -2. Consolidated auditors report not submitted The response of the Company is enclosed.
Awaiting price reaction for this filing.
NSE sought clarification from Alps Industries for not submitting the Standalone and Consolidated Auditor's Reports along with audited financial results for the year ended 31-Mar-2025 under Regulation 33 of SEBI LODR. The company explained that the Board meeting held on 30-May-2025 could not approve the audited accounts because the Statutory Auditors could not provide their reports on time due to unavoidable reasons, so only unaudited results were submitted. A fresh Board meeting has been scheduled for 27-Jun-2025 to consider and adopt the audit reports and audited results. The company is currently under Corporate Insolvency Resolution Process (CIRP) under IBC, with Mr. Hemant Sharma as Resolution Professional, after NCLT Allahabad admitted an insolvency petition by Edelweiss ARC on 13-Sep-2024. For FY25, the company reported a standalone net loss of Rs. 6,399.04 lakh on zero revenue from operations, with negative reserves of Rs. 93,275.01 lakh and total outstanding loans of Rs. 668.19 crore, all in default.
The stock remains under insolvency resolution with no operational revenue, deeply negative shareholder equity, and the entire debt of Rs. 668.19 crore in default. The delay in submitting audited results reflects governance and operational stress typical of a company under CIRP, and shareholders should expect the future of the stock to depend entirely on the outcome of the resolution plan to be approved by the Committee of Creditors and NCLT.