The Exchange has sought clarification from Setubandhan Infrastructure Limited for the quarter ended 31-Mar-2025 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: -1. Consolidated Financial Results not submitted -2. Quarterly figures not submitted by the Company The response of the Company is awaited.
The Trading Window for dealing in Securities of the Company is closed for the purpose of declaration of the Audited Financial Results of the Corporate Debtor for the fourth quarter and ....
Company UpdateUpdates - Corporate Insolvency Resolution Process (CIRP)
Setubandhan Infrastructure Ltd - 533605 - Corporate Insolvency Resolution Process (CIRP)-Updates - Corporate Insolvency Resolution Process (CIRP)
CIRP Status and Legal Developments
CIRP initiated on Nov 28, 2022, by NCLT Mumbai on SBI application; RP appointed Dec 28, 2022.
CoC-approved resolution plan rejected by NCLT on Mar 24, 2025; appeal filed with NCLAT on Jul 9, 2025.
Financial Reporting and Audit Findings
RP unable to finalize audited financials for FY ended Mar 31, 2025, due to non-cooperation from suspended management.
Statutory auditors issued qualified and disclaimer opinions citing lack of asset/liability confirmations, missing bank statements, and incomplete records.
Financial statements prepared on going concern basis relying on FY 2023-24 audited balances without reinstatement for CIRP claims.
Significant audit qualifications include unverified inventories, unvalued assets, non-restated liabilities, and absence of internal audit system.
Company unable to submit consolidated financials for FY 2024-25 and unaudited results for H1 FY 2024-25 due to missing subsidiary data.
Internal financial controls over reporting found inadequate and not operating effectively as of Mar 31, 2025.
Financial Position and Borrowings
CIRP expenses and liabilities disclosed; borrowings include Rs 7,165.11 lakhs current secured loans; no term loans raised during period.
Company UpdateUpdates - Corporate Insolvency Resolution Process (CIRP)
Setubandhan Infrastructure Ltd - 533605 - Corporate Insolvency Resolution Process (CIRP)-Updates - Corporate Insolvency Resolution Process (CIRP)
CIRP Status and Key Developments
CIRP initiated on 28 November 2022 by NCLT Mumbai upon SBI's application against Setubandhan Infrastructure Limited.
Interim Resolution Professional appointed on 28 November 2022, confirmed by CoC on 28 December 2022.
CoC approved a resolution plan, but NCLT rejected it on 24 March 2025; appeal filed with NCLAT on 9 July 2025, pending adjudication.
Company remains under CIRP since 28 November 2022 with ongoing insolvency proceedings.
Resolution Professional Sandeep D. Maheshwari continues to oversee the CIRP process.
No liquidation or monitoring committee formation; process remains in CIRP phase.
Compliance and Reporting Updates ️
Previous management's non-payment to NSDL, CDSL, and RTA halted shareholding data services, impacting compliance.
Company unable to submit shareholding pattern, reconciliation and share capital audit report, RTA compliance certificate, and investor complaints report for Q3 2025.
Exempted from SEBI LODR Regulations 17 to 21 and corporate governance report filing due to ongoing CIRP status.