Setubandhan Infrastructure Limited - Regulatory Compliance Clarification

NSE Symbol: SETUINFRA

Date and Nature of Communication

Date: February 26, 2026

Nature of Query: The company is responding to observed discrepancies in submitted financial results for the quarter ended June 30, 2023, specifically regarding missing segment details and non-submission of consolidated financial results.

Company's Clarification on Financial Results

Setubandhan Infrastructure Limited is currently under Corporate Insolvency Resolution Process (CIRP) initiated pursuant to an application filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The process was admitted by the NCLT Mumbai Bench on November 28, 2022.

Sandeep D. Maheshwari was appointed as Interim Resolution Professional and subsequently confirmed as Resolution Professional by the Committee of Creditors on December 28, 2022.

The Resolution Professional states that despite repeated efforts and follow-ups, the financial records, books of accounts, and other relevant data of the Corporate Debtor have not been made available due to the ongoing CIRP. This non-availability of essential financial documents has constrained the Resolution Professional's ability to compile, review, and finalize financial statements comprehensively.

Regulatory Compliance Reference

The submission references Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company had previously submitted the Outcome of Board Meeting along with Unaudited Financial Results for the quarter ended June 30, 2023, but could not provide detailed segment reporting or consolidated financial statements due to the unavailability of complete financial records.

Additional Context

A Resolution Plan approved by the Committee of Creditors was rejected by the NCLT Mumbai Bench on March 24, 2025. An appeal against this order was filed before the NCLAT on July 9, 2025, and the matter remains pending adjudication.

The Resolution Professional requests the exchanges to consider these exceptional circumstances arising from the ongoing CIRP sympathetically when evaluating the compliance issues.

Topic Tags: Regulatory Response, Financial Results Clarification, Corporate Insolvency, Compliance Issue, NCLT Proceedings