harish textile engineers has successfully settled a Pre-Institution Mediation matter with Marudhar Refractories. The dispute, categorized as a commercial matter relating to alleged outstanding dues, was resolved amicably between the parties involved.

Settlement Details

The company received a confirmation letter dated May 18, 2026, from Marudhar Refractories. This letter acknowledged the receipt of a payment totaling ₹1,05,653. Upon realization of this amount, Marudhar Refractories confirmed that no outstanding amount remains due and payable by the company in this specific matter. Consequently, the dispute has been formally resolved and closed.

Regulatory Disclosure

The settlement was disclosed to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation references an earlier communication dated December 4, 2025, regarding the initiation of the Pre-Institution Mediation under PIMS No. 157/2025. The matter was mediated by the Mediation Centre, Taluka Legal Services Committee, Vapi.

Financial Impact

The resolution of the dispute involved a one-time payment of ₹1,05,653. The company has stated that no further financial impact is anticipated in relation to this matter. The details of the settlement, including the nature of the action and the financial implications, were submitted as required under the relevant SEBI circular.

Harish Textile Engineers Limited has reported another default on its Non-Convertible Debentures, announcing on 08th April, 2026 its inability to pay interest due for the period January to March 2026. This latest development adds to the company's ongoing financial challenges with its Old Series-III and Series-IV debentures, following previous defaults and partial payments.

Latest Interest Payment Default

The company has defaulted on paying Rs. 3.65 lakh in interest for the period January 2026 to March 2026, which was due on 07th April, 2026. Out of the total interest amount of Rs. 7.38 lakh due for the period October 2025 to March 2026, the company had previously paid Rs. 3.73 lakh covering October to December 2025, leaving the balance amount unpaid.

Previous Payment Progress

Earlier, the company had made progress by paying interest due on the Old Series-III and Series-IV Non-Convertible Debentures up to 31st December, 2025 on 04th April, 2026. This included payments totaling Rs. 11.15 lakh covering different periods, representing progress on previously overdue obligations.

Outstanding Obligations and Debenture Structure

The current default amount stands at Rs. 2.11 crores in principal and Rs. 0.04 crores in interest. The 7% Unlisted, Secured, Unrated, Redeemable Non-Convertible Debentures were issued across four series with a total issue size of Rs. 4.23 crores. The debentures carry a 7% interest rate with half-yearly payment frequency on 30th September and 31st March every year.

Financial Constraints and Resolution Efforts

The company has attributed the delay in payment to ongoing financial constraints, with total financial indebtedness of Rs. 30.25 crores including short-term and long-term debt. The debentures currently have 20 investors as on the date of default. Harish Textile Engineers continues to engage with debenture holders through the Debenture Trustee and is making efforts to arrange necessary funds for settlement of outstanding interest and redemption obligations, remaining committed to fulfilling its obligations to debenture holders.