Dharan Infra-EPC Limited (previously known as KBC Global Limited) has informed the stock exchanges of the resignation of Mrs Prachi Aditya Sakpal from her position as Independent Director of the company, with effect from May 8, 2026. The disclosure was made pursuant to the applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, under Regulation 30.

Resignation Details

The company received a resignation letter from Mrs Prachi Aditya Sakpal, who cited her inability to devote sufficient time due to personal commitments as the reason for stepping down in the official regulatory filing. The company has stated that there are no other material reasons for the said resignation. Key details of the development are summarised below:

Resignation Communication

The resignation letter was submitted by Mrs Prachi Aditya Sakpal directly to the company via email on May 8, 2026. In her email communication, she described her role as Non-Executive Director and cited personal and professional reasons for her departure, requesting the company to take the resignation on record and complete all necessary formalities at the earliest. She also confirmed that she does not hold any directorship or committee position in any other company.

Regulatory Disclosure

The intimation to the stock exchanges was signed by Mayura Marathe, Company Secretary (Membership No. 44678), on behalf of Dharan Infra-EPC Limited, which is currently under Corporate Insolvency Resolution Process (CIRP). The company's registered office is located at 2nd Floor, Gulmohar Status, Samarth Nagar, Nashik, and its corporate office is situated at Sakruja Commercial Complex, Tilak Road, Muktsiram, Nashik Road, Nashik.

Dharan Infra-EPC Limited (formerly known as KBC Global Limited) has released its unaudited standalone and consolidated financial results for the second quarter and half-year ended September 30, 2025. The company, currently operating under Corporate Insolvency Resolution Process (CIRP), reported deteriorating financial performance amid ongoing legal proceedings.

Financial Performance Overview

The company's standalone financial results for Q2FY26 revealed a substantial widening of losses compared to the previous year. The comprehensive financial performance is detailed below:

For the half-year period ended September 30, 2025, the company reported a net loss of ₹1,160.92 lacs compared to ₹1,648.59 lacs in the corresponding previous period, showing some improvement in the overall loss trajectory.

Expense Analysis

The company's expense structure showed mixed trends across different categories:

• Finance Costs: Increased significantly to ₹268.41 lacs in Q2FY26 from ₹190.94 lacs in Q2FY25
• Employee Benefits: Rose to ₹74.71 lacs from ₹63.79 lacs
• Other Expenses: Decreased to ₹493.01 lacs from ₹682.63 lacs
• Cost of Construction/Development: Showed a negative figure of ₹107.51 lacs compared to negative ₹217.76 lacs in the previous year

Corporate Insolvency Resolution Process

The company is currently under CIRP following developments with Tata Capital Housing Finance Private Limited:

The financial creditor has confirmed receipt of ₹10 crore towards full and final settlement of outstanding dues, as recorded in its Closure Report dated February 2, 2026. An application under Section 12A of the Insolvency and Bankruptcy Code seeking withdrawal of the petition is currently pending before the National Company Law Tribunal.

Regulatory Compliance Issues

The company faces several regulatory challenges, particularly related to Foreign Exchange Management Act (FEMA) compliance:

• FCCB Issues: The company issued 950 Foreign Currency Convertible Bonds worth USD 95 million in March 2023, but faced deviations in fund deployment
• FEMA Non-compliance: Improper end-use of funds and delays in filing required forms with RBI
• Compounding Application: Filed with RBI on May 8, 2023, resubmitted on July 6, 2023, but returned by RBI
• Statutory Dues: Outstanding dues for Income Tax, GST, and TDS remain unpaid for over one year

Segment Performance

The company operates in three business segments:

Balance Sheet Position

As of September 30, 2025, the company's financial position showed:

• Total Assets: ₹102,848.86 lacs (vs ₹103,193.49 lacs as of March 31, 2025)
• Total Equity: ₹84,610.25 lacs (vs ₹85,775.22 lacs as of March 31, 2025)
• Cash and Cash Equivalents: ₹391.57 lacs (vs ₹372.18 lacs as of March 31, 2025)

Auditor's Qualified Opinion

The statutory auditors, Sharp Aarth & Co LLP, have expressed a qualified opinion on the financial results, citing concerns about FEMA compliance, fund deployment deviations, and the company's ability to continue as a going concern. The auditors noted that most construction sites remain non-operational, raising concerns about the company's ability to generate sufficient cash flow to meet obligations.

The company's management believes that losses can be recovered and regulatory violations will be resolved in due course, though the timeline and financial implications remain uncertain.