Arshiya Limited has failed to submit its audited standalone and consolidated financial results for the fourth quarter and financial year ended March 31, 2026, citing the ongoing Corporate Insolvency Resolution Process (CIRP) and operational disruptions. The company is under CIRP pursuant to an order by the National Company Law Tribunal (NCLT), Mumbai, dated April 23, 2024, which suspended the powers of the Board of Directors. Pankaj Mahajan has been appointed as the Resolution Professional to manage the company's functions during this period.

The delay in filing is also linked to logistical challenges following the relocation of the registered office to Arshiya FTWZ in Panvel on April 29, 2024. This move involved shifting all records and corporate staff. Operations were further disrupted between July 30 and August 2, 2024, when 50 out of 71 employees resigned without serving notice periods or completing handovers. This attrition materially impacted the timely finalization of financial accounts.

Data Collection and Subsidiary Delays

The non-submission of financial statements is primarily due to the extensive data collection process required by the Resolution Professional. Mahajan is gathering necessary financial information and documentation to ensure compliance with regulatory requirements. The company stated that financial statements will be submitted immediately once the data consolidation is complete.

Additionally, Arshiya Limited is the holding company of Arshiya Northern FTWZ Limited (ANFL), which is also undergoing CIRP. The Resolution Professionals are facing challenges in collecting and consolidating financial data from ANFL and other multiple subsidiaries. This lack of requisite financial data from subsidiaries has further contributed to the delay in preparing the consolidated financial statements.

Regulatory Reference

The disclosure was made pursuant to Securities and Exchange Board of India (SEBI) Regulation 33 read with the SEBI Master Circular SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The company confirmed it is making every effort to submit the audited results at the earliest.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE968D01022/909033b32af84d70.pdf

Arshiya Limited reported a net profit of ₹36.78 lakh for the quarter ended June 30, 2025, marking a turnaround from the net loss of ₹99,759.94 lakh recorded in the corresponding period of the previous year. Revenue from operations for the quarter stood at ₹450.00 lakh, while total income was ₹456.75 lakh. The unaudited standalone financial results were considered, approved, and taken on record by the Resolution Professional, Mr. Pankaj Mahajan, on May 29, 2026, in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) pursuant to an order by the National Company Law Tribunal (NCLT), Mumbai Bench, dated April 23, 2024. Consequently, the powers of the Board of Directors stand suspended and are vested with the Resolution Professional. Due to the ongoing CIRP proceedings at certain subsidiary companies, the Resolution Professional was unable to consolidate their accounts, and the Consolidated Financial Results for the quarter could not be prepared.

M/s ARTHA & Associates, Chartered Accountants, issued a Limited Review Report with a disclaimer of conclusion. The auditors stated they were unable to obtain sufficient appropriate review evidence to verify the completeness, accuracy, and validity of the underlying records and balances. This inability stems from significant manpower constraints, limitations in the availability of records, and the suspension of the Board's powers. Key areas of uncertainty included the non-recognition of liabilities related to corporate guarantees, the non-assessment of impairment for Property, Plant and Equipment, and revenue recognition without meeting Ind AS 115 criteria.

The financial results highlighted specific operational and financial challenges. The company recognized revenue of ₹450 lakh during the quarter from Ascendas Panvel FTWZ Limited; however, the auditors noted there was no executed contract or evidence of customer acceptance for this arrangement. Additionally, the company raised interim finance of ₹237.24 lakh from members of the Committee of Creditors to meet cash flow deficiencies, with interest not accounted for due to the CIRP moratorium.

A significant operational disruption was cited in the notes, where 50 out of 71 employees resigned between July 30 and August 2, 2024, without fulfilling notice periods. This mass departure, followed by the resignation of key accounting personnel on December 31, 2025, resulted in severe manpower shortages and delays in finalizing accounts. The company also received termination notices for sub-lease agreements from Ascendas Panvel FTWZ Limited and Anomalous Infra Private Limited in July 2024 due to events of default.

Financial Performance Summary