Sun Granite Export Limited received approval from the Registrar of Companies (ROC), Cuttack, for a three-month extension to hold its Annual General Meeting (AGM) for the financial year ended March 31, 2026. The new deadline is December 31, 2026.

The extension was sought under Section 96(1) of the Companies Act, 2013. The company cited practical difficulties in finalising financial statements due to the ongoing Corporate Insolvency Resolution Process (CIRP). The Board of Directors' powers were suspended following an NCLT order dated August 5, 2026, which appointed Raghunath Bhandari as the Interim Resolution Professional (IRP). He was subsequently confirmed as the Resolution Professional (RP) by the Committee of Creditors on September 3, 2026.

Operational hurdles in financial finalisation

The primary reason for the delay is the transfer of management control from the Board to the RP. Under Section 17 of the Insolvency and Bankruptcy Code (IBC), 2016, the RP assumes custody of all books of account, statutory registers, and financial records. The current process involves collating, verifying, and reconciling this data, which has prevented the completion of statutory compliances within the original timeline.

Additionally, the company faced technical difficulties on the Ministry of Corporate Affairs (MCA) portal when attempting to file e-Form GNL-1. Consequently, it submitted e-Form GNL-2 to the ROC to document these circumstances and secure the extension.

Timeline of regulatory interventions

What the numbers show

The timeline reveals a compressed window for statutory compliance. With the NCLT intervention occurring in early August and the CoC confirmation in early September, the RP had less than two months before the standard AGM deadline to take full control of records. The request for a three-month extension highlights the scale of the reconciliation work required to verify financial information that was previously managed by the suspended Board.