The Exchange had sought clarification from JBF 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. Consolidated Financial Results not submitted -2. Financial results submitted is not as per format prescribed by SEBI The response of the Company is enclosed.
Awaiting price reaction for this filing.
JBF Industries, currently under Corporate Insolvency Resolution Process (CIRP), has responded to NSE's queries about non-submission of financial results for the quarter ended 31 March 2025. The company stated it could not prepare consolidated financial results because it did not receive audited financials from its subsidiaries amid ongoing financial restructuring with lenders and investors. It also disclosed that M/s. Madelin Enterprises Pvt. Ltd. has acquired the company's stake in subsidiary JBF Global Pte Ltd (Singapore) under the SARFAESI Act, though share transfer is still pending. On the format issue, the company claimed the required balancing figure was already disclosed in the Audit Report under 'Other Matters.' The response is signed by the Resolution Professional, confirming CIRP status.
Continued non-compliance with SEBI listing norms and ongoing CIRP signal serious financial distress; shareholders face uncertainty as subsidiary assets are being transferred to lenders under SARFAESI, likely eroding residual value for equity holders.