The Exchange had sought clarification from JBF Industries Limited for the quarter ended 31-Dec-2024 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. Consolidated Financial Results not submitted The response of the Company is enclosed.
Awaiting price reaction for this filing.
JBF Industries Limited, currently under Corporate Insolvency Resolution Process (CIRP), has explained to NSE why it did not submit Consolidated Financial Results for the quarter ended December 2024. The company stated that due to ongoing financial restructuring and negotiations with lenders and investors, it did not receive audited financial statements from its subsidiaries, making it unable to prepare consolidated results. Additionally, Madelin Enterprises Pvt Ltd has acquired the company's holding in subsidiary JBF Global Pte Ltd (Singapore) under SARFAESI Act, though share transfer is still pending. The clarification was provided by the Resolution Professional Mukesh Verma.
This filing highlights ongoing financial distress and governance gaps at JBF Industries under CIRP. The non-submission of consolidated results and pending subsidiary share transfer may raise concerns among investors regarding transparency and the resolution process timeline.