Nature of the Event

iSERA Lifesciences Limited (formerly known as Covidh Technologies Limited) has received an administrative warning letter from the Securities and Exchange Board of India (SEBI) for violations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations).

Key Violations Identified by SEBI

The SEBI warning letter cited three specific categories of violations:

  • Failure to submit compliance certificate under Regulation 7(3) for FY 2020-21
  • Failure to submit statement of investor grievances under Regulation 13(3) for Q4 FY 2018-19
  • Failure to publish newspaper advertisements for financial results for multiple quarters: Q1 FY 2017-18 to Q4 FY 2017-18, Q1 FY 2018-19, Q2 FY 2018-19, Q4 FY 2018-19 (excluding Q3 FY 2018-19), Q4 FY 2019-20, and Q1 FY 2020-21

Dates and Receipt Details

The administrative warning letter was issued by SEBI on October 22, 2026, but the company received it electronically via email on November 6, 2026, at 10:42 IST.

Financial and Operational Impact

The company explicitly states there is "no impact on the financial, operation or other activities of the Company" as a result of this administrative warning.

Company Response and Actions

iSERA Lifesciences has stated that it "shall ensure due compliance of the directions contained in the letter and exercise due caution to avoid recurrence of such events." The company is required to place this communication before its board of directors in the upcoming board meeting and forward their comments to SEBI regarding corrective steps taken.

Reason for Disclosure Delay

The company attributed the delay in disclosure to the Diwali festive season and consequent office closure, followed by an internal review process to verify relevant facts, collate supporting documents, and ascertain the complete factual position before making the disclosure.

NCLT Order and IBC Context

The company provided detailed information about the Corporate Insolvency Resolution Process (CIRP) that commenced on January 5, 2021, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Resolution Plan was approved by the NCLT, Hyderabad Bench, on January 10, 2022, under Section 31(1) of the Code.

According to the company, Section 31(1) makes the Resolution Plan binding on all stakeholders, including statutory authorities, and Section 238 provides overriding effect of IBC over other laws. The Resolution Professional verified that no claims were submitted or admitted on behalf of BSE, and the Resolution Plan did not consider any liability towards BSE.

Clause 17 of the NCLT order states that "all crystallized liabilities and unclaimed liabilities of the Corporate Debtor as on the date of this order shall stand extinguished on the approval of this Resolution Plan."

The company contends that due to the NCLT order and IBC provisions, "the non-compliances pertaining to the period prior to the approval of the Resolution Plan are not required to be separately rectified or regularised by the Company."

SEBI Requirements

SEBI has warned the company and its Board of Directors and advised them to be careful to avoid recurrences of such lapses. SEBI stated that any repetition of such violations will be viewed seriously and appropriate enforcement action would be initiated.