Infra Industries Limited has disclosed that the Hon'ble National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, passed a clarificatory order dated 05th May, 2026, in relation to the Interlocutory Application bearing Company Appeal (AT) (Insolvency) No. 592 of 2025 and I.A. No. 2117 of 2026. The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Part A of Schedule III thereto. The order adds clarification to the earlier order passed in I.A. No. 2280 of 2025, dated 15th July, 2025.

Background of the Interlocutory Application

The Interlocutory Application was filed by Equator Financial Services Ltd. (Appellant) seeking clarification on the order dated 15th July, 2025, passed by the NCLAT. The Appellant's counsel referred to Paragraph 7 of the earlier order, which had observed that the prayer made by the Successful Resolution Applicant (SRA)—aimed at ensuring a minimum 5% public shareholding in the company in compliance with applicable law—ought to have been allowed.

The application included a shareholding table in Paragraph 28, outlining the proposed pre- and post-Corporate Insolvency Resolution Process (CIRP) shareholding structure. The NCLAT confirmed that the table was in conformity with its earlier observations in Paragraph 7 of the order dated 15th July, 2025.

Shareholding Structure Under the Resolution Plan

The following table, as extracted in Paragraph 28 of the Interlocutory Application and affirmed by the NCLAT, details the shareholding structure before and after the CIRP:

*100% extinguishment of shareholding of erstwhile Promoters; **the public shareholders as on record date have been reduced in the ratio of 1:8 and for every fraction, it will be rounded off to the next higher integer.

NCLAT's Clarification and Disposal

The NCLAT noted that the shareholding structure presented in the table in Paragraph 28 of the application is consistent with the tribunal's earlier directive that a minimum 5% public shareholding ought to have been permitted. Counsel for BSE Ltd., the Respondent, also submitted that there was no objection to following the table as stated in Paragraph 28. In view of the submissions by both parties, the tribunal disposed of the Interlocutory Application with the above clarifications. The order was pronounced by Justice Ashok Bhushan, Chairperson, and Barun Mitra, Member (Technical).

Regulatory Compliance

Pursuant to the NCLAT's order, the clarification permits the interpretation of the shareholding structure and amendment of the resolution plan filed by the SRA, ensuring compliance with Regulation 19A of the Securities Contracts (Regulation) Rules, 1957. The intimation was signed by Sanjay Kumar Jain, Whole-time Director & CFO (DIN: 00313886), on behalf of Infra Industries Limited, and submitted to BSE Limited under reference Ref/BSE/26-27.

Infra Industries Limited has officially declared to BSE Limited that it does not meet the criteria for classification as a Large Corporate Entity for the financial year ending March 31, 2026. The declaration was made in compliance with SEBI circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, and subsequent updates.

Regulatory Compliance Declaration

The company submitted its formal declaration on April 8, 2026, confirming its non-applicability status under the Large Corporate Entity framework. This compliance requirement ensures that companies accurately report their borrowing status and corporate classification to maintain transparency in the financial markets.

Financial Position Details

As part of the mandatory disclosure requirements, Infra Industries Limited provided specific financial information in the prescribed format:

The outstanding borrowing amount of ₹4.47 crore as of March 31, 2026, places the company below the threshold required for Large Corporate Entity classification under SEBI guidelines.

Corporate Authorization

The declaration was duly authorized and signed by key company officials, ensuring proper corporate governance protocols were followed. Company Secretary & Compliance Officer Shilpa N. Satra (Membership No: A45953) and Whole Time Director & CFO Sanjay Kumar Jain (DIN: 00313886) provided their digital signatures on the compliance documents.

SEBI Framework Compliance

The submission addresses the requirements under SEBI's Large Corporate Entity framework, which mandates specific borrowing thresholds and compliance obligations for qualifying companies. By declaring its non-applicability status, Infra Industries Limited has fulfilled its regulatory obligations and provided transparency regarding its corporate classification status for the current financial year.