Regulatory Query Response Summary
Date of Communication: July 25, 2026
Nature of Query: Response to NSE email dated July 20, 2026 regarding:
1. Delay in submission of meeting outcome and financial results within prescribed timeline under SEBI LODR Regulations, 2015
2. Non-submission of Consolidated Financial Results for the period ended March 31, 2026
Company's Clarification on Delay in Submission
Arshiya Limited is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Mr. Pankaj Mahajan (IBBI Registration No. IBBI/IPA-001/IP-P00836/2017-2018/11420) has been appointed as Resolution Professional by the National Company Law Tribunal, Mumbai Bench, Court-I (Special Bench) in IA No. 4395/2024 and IA No. 4382/2024 in C.P. (IB) No. 3143(MB)/2019.
The financial results were reviewed and approved by the Resolution Professional but faced delays due to:
- Operational and procedural challenges associated with CIRP process
- Additional time required for coordination among Resolution Professional, finance team, statutory auditors, and compliance personnel
- Limited administrative and compliance resources due to ongoing CIRP proceedings
- Procedural and documentation-related requirements that needed completion before Exchange portal upload
- Inability to communicate outcome and results within prescribed period of 30 minutes/3 hours
The delay was described as "purely inadvertent, procedural, and unintentional in nature" due to CIRP restrictions and limitations. The company asserts there was no intention to withhold material information and submitted the documents immediately upon completion of formalities.
Non-Submission of Consolidated Financial Results
The company could not submit Consolidated Financial Results because:
- Certain subsidiary companies are also undergoing CIRP proceedings
- These subsidiaries have not finalized their financial results due to CIRP-related constraints
- Resolution Professional was unable to consolidate accounts without complete audited data
- Practical difficulties prevented preparation of consolidated results
Regulatory Compliance Reference
The company references compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Resolution Professional assures that necessary measures are being implemented to strengthen the compliance framework and ensure timely disclosures despite CIRP challenges.