Summary of Regulatory Communication
Simbhaoli Sugars Limited (SSL) submitted this clarification to the National Stock Exchange of India Limited on March 09, 2026 (Ref: SSL/SE/2025-26) regarding the delayed submission of financial results for the quarter ended June 30, 2025.
Nature of Query and Company's Clarification
The communication serves as a response to the exchange's query regarding the non-submission of Q1 FY26 financial results. The company clarifies that it is currently undergoing Corporate Insolvency Resolution Process (CIRP) effective from July 11, 2024, under the Insolvency and Bankruptcy Code, 2016. Management control has been vested with Interim Resolution Professional Mr. Anurag Goel as per Section 17(1)(a) & (b) of IBC, with board powers suspended.
Trading Volume and Financial Results Discrepancies
The document does not specifically address trading volume discrepancies but explains the delay in financial results submission. The primary reasons cited are:
- One subsidiary, Simbhaoli Power Private Limited (SPPL), failed to submit financial statements timely
- Statutory auditors require additional information and clarifications due to complexities arising from the CIRP process
- The IRP is working within the limitations of the IBC framework to ensure compliance
Regulatory Compliance Reference
The company references compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements through this communication. The CIRP is being conducted under the provisions of the Insolvency and Bankruptcy Code, 2016, with oversight from NCLT Allahabad bench and NCLAT New Delhi.
Financial Results Clarification Details
The company is working towards closure of Consolidated Financial Statements for March 2025 and subsequent quarters. The June 2025 quarter results are delayed due to:
- Subsidiary SPPL's delayed financial submissions
- Additional audit requirements during CIRP process
- Complexity of consolidation during insolvency proceedings
The company formally requests additional time for submission of financial results and states it is evaluating alternative approaches to ensure statutory compliance.
Legal Status Update
The matter is sub-judice as promoter Ms. Gursimran Kaur Mann has filed an appeal before NCLAT against the NCLT order. NCLAT's interim order dated July 24, 2024, directs that no further steps be taken pursuant to the NCLT order.