Simbhaoli Sugars Limited announced the re-designation of Sachchida Nand Misra as a Non-Executive Director and Chief Operating Officer, effective September 18, 2026. This change follows the completion of his tenure as Whole-time Director on September 17, 2026.

The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) pursuant to the Insolvency and Bankruptcy Code, 2016, since July 11, 2024. Consequently, the powers of the Board of Directors are suspended, and an Interim Resolution Professional (IRP) manages the company's assets and management functions.

Governance changes under CIRP

The decision was taken during a meeting convened by the IRP on September 26, 2026. The meeting commenced at 3:40 pm and concluded at 3:56 pm. The primary agenda was to record the cessation of Misra’s role as Whole-time Director and his continuation in a modified capacity.

Misra retains his position as Chief Operating Officer while shifting from an executive to a non-executive director role. He remains a member of the suspended board. The term of appointment for this new designation remains unchanged from his previous tenure.

Key details of the re-designation

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company noted that detailed profiles and relationship disclosures were not applicable as this was a re-designation rather than a new appointment.

Context of insolvency proceedings

Simbhaoli Sugars has been under CIRP since July 11, 2024. The adjudicating authority appointed Mr. Anurag Goel as the Interim Resolution Professional to oversee operations. The company’s board powers remain suspended throughout this period. The IRP is responsible for managing assets and carrying out functions mandated by the Insolvency and Bankruptcy Code.

This governance adjustment ensures continuity in operational leadership through the Chief Operating Officer role while aligning director status with regulatory requirements during the resolution process.

Simbhaoli Sugars Limited has secured regulatory approval to extend the deadline for holding its Annual General Meeting (AGM) for FY26 by three months. The new cutoff date is now December 31, 2026.

The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. This process began on July 11, 2024, following an order by the adjudicating authority.

Governance Under Insolvency

Since the initiation of CIRP, the powers of the Board of Directors have been suspended. These powers now vest with the Interim Resolution Professional (IRP) or Resolution Professional (RP), as per Sections 17 and 23 of the IBC 2016.

Mr. Anurag Goel was appointed as the IRP on July 11, 2024. He manages the company’s assets and operations in accordance with the code’s provisions.

Regulatory Compliance

The application for the AGM extension was filed through e-Form GNL-2 with the SRN AC5803702. This filing was made pursuant to Ministry of Corporate Affairs General Circular No. 8/2020 dated March 6, 2020.

The Registrar of Companies, Noida, has approved the form and taken it on record. Jagriti Sharma, Company Secretary and Compliance Officer, confirmed the approval on September 21, 2026.