Indrayani Biotech Limited will hold its Board meeting to consider the audited financial results for the quarter and year ended March 31, 2026, at a later date due to delays in finalizing accounts. The company was required to submit the standalone and consolidated results by May 30, 2026, under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The delay impacts the timely disclosure of its annual financial performance to the market.

The company attributed the postponement to the extended time required for consolidating results from its subsidiaries and completing internal and external audit processes. Operational disruptions were also cited as a contributing factor to the delay in preparation. The Board meeting will be scheduled once these processes are concluded, with prior intimation to be provided to the exchanges.

In compliance with regulatory norms, the trading window for dealing in the securities of the company will remain closed for all designated persons. The window will reopen 48 hours after the declaration of the audited financial results for the period ended March 31, 2026. This measure is intended to prevent insider trading during the sensitive period preceding the results announcement.

The intimation was signed by Ramya Ravi, Company Secretary and Compliance Officer. The company has also uploaded the notification to its official website. The delay in results submission is a procedural deviation that the company has communicated to BSE Limited along with the detailed reasons for the deferment.

Whole-Time Director S. Indirakumar resigned from Indrayani Biotech Limited effective March 16, 2026, citing persistent governance failures, statutory non-compliance, and financial mismanagement. The director alleged that the company's affairs were conducted unilaterally by the dominant management group, excluding him from decision-making despite holding over 10.7% of the issued share capital. This resignation follows previous disclosures made by the company on March 20, 2026, and March 24, 2026, regarding the matter.

The resignation letter highlights severe statutory breaches, including an Income Tax demand of ₹13,29,94,040 for Assessment Year 2023–24. Indirakumar stated that GST collected from clients between September 2025 and January 2026 was neither filed nor remitted to the government. Additionally, Tax Deducted at Source (TDS) deducted from employee salaries was not deposited with the authorities for four consecutive financial years, spanning 36 months. The company also reportedly failed to pay ESI and EPF dues from October 2025 onwards.

Governance and Operational Issues

Indirakumar alleged that Board meetings held on September 30, 2025, and February 26, 2026, violated mandatory notice provisions under the Companies Act, 2013. He claimed his requests for agenda inclusion and participation via video conferencing were ignored. Furthermore, Board minutes for the past seven years were allegedly withheld, and dissenting views were not recorded.

The director also raised concerns about related party transactions involving HSL Agri Solutions Ltd., which he claimed was used to route supply chain operations without Board approval or disclosure. He alleged this resulted in the diversion of company profits.

Financial Liabilities and Demands

The resignation details a significant financial crisis within the catering operations, which were merged into the company in 2018. Indirakumar noted that no dividend had been declared or paid to shareholders since the merger in April 2018. He listed outstanding interest liabilities on private finance loans and an Axis Bank overdraft facility, which has been frozen.

Indrayani Biotech stated in its regulatory filing that it is seeking appropriate legal advice on the way forward and reserves its rights in this regard. The company disclosed the resignation letter to BSE Limited on May 27, 2026, pursuant to Regulation 30 of the LODR Regulations.