Reason for Delay
The delay is attributed to the complete cessation of all directors of the company. This has resulted in the composition and structure of both the Board of Directors and the Audit Committee being non-compliant with the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. Consequently, the company is currently unable to legally approve its financial results.
Pending Legal Proceedings
An application under Section 98 of the Companies Act, 2013 is currently pending before the National Company Law Tribunal (NCLT), New Delhi Bench for the appointment of new director(s). The company is awaiting explicit directions from the Tribunal regarding this matter, making the appointment contingent upon judicial order.
Impact on Timeline
Meetings of the Board of Directors and the Audit Committee cannot be convened and held on or before August 14, 2026 (the regulatory deadline) due to the non-compliant board composition.
Forward Statement
The company commits to announcing the results as early as possible once the Board and committee compositions are duly compliant and capable of statutory approval.