Bharat Road Network and its subsidiary Orissa Steel Expressway Private Limited received a notice from the Serious Fraud Investigation Office (SFIO) on July 14, 2026, directing an investigation into their affairs. The order, issued by the Ministry of Corporate Affairs under Section 212(1)(c) of the Companies Act, 2013, mandates the SFIO to investigate matters related to SREI Infrastructure Finance Limited and other companies under investigation. The company stated that operations continue in the normal course and that there is currently no material impact on its financial or operational activities.

The investigation involves calling for information under Section 217(1) of the Companies Act, 2013. The SFIO's order, dated April 23, 2026, specifically targets the affairs of SREI Infrastructure Finance Limited and associated entities. Bharat Road Network confirmed that it will cooperate fully with the SFIO during the investigation process.

The disclosure was made to the exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice was received via email at 3:00 P.M. on July 14, 2026. The company clarified that no specific violations or contraventions were detailed in the notice received.

Bharat Road Network emphasized that the receipt of the notice does not affect its business operations. The company and its subsidiary remain committed to maintaining transparency and complying with all regulatory requirements during the investigation.

Srei Infrastructure Finance Limited has disputed its classification as a promoter of Bharat Road Network Limited, citing a change in management and control effective August 11, 2023. In a communication to the stock exchanges, Srei argued that the approval of the resolution plan by the National Company Law Tribunal (NCLT) for its Corporate Insolvency Resolution Process (CIRP) meant it could no longer be part of the promoter group. The company stated that the consent to be named a promoter was given by the erstwhile management and was no longer valid following the change in control.

The disclosure was made pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Srei emphasized that the communication was submitted as a matter of abundant caution and protest. The company clarified that it has not created any encumbrance on its shareholding since the date of allotment on November 12, 2016.

Srei Infrastructure Finance Limited holds a significant stake in Bharat Road Network . The company owns 16,630,000 equity shares, which aggregate to 19.81% of the total issued capital. Despite this substantial shareholding, Srei maintains that its status should be reclassified to 'Public Category' shareholder in light of the NCLT order.

The following table details the shareholding disclosed by Srei Infrastructure Finance Limited:

The company referred to an earlier letter dated May 18, 2026, reiterating its position regarding the resolution plan submitted by National Asset Reconstruction Company Limited (NARCL). Srei asserted that all rights regarding this classification dispute are reserved.