Tayo Rolls Limited has communicated to the Bombay Stock Exchange regarding its inability to fulfill quarterly and annual statutory compliance obligations due to complications arising from its ongoing corporate insolvency resolution process. The communication, dated March 20, 2026, highlights significant challenges in meeting regulatory requirements amid a deadlock between key stakeholders.

Corporate Insolvency Resolution Status

The company's current predicament stems from its acquisition by Jharkhand Bijli Vitrani Nigam Ltd (JBVNL) under the Insolvency and Bankruptcy Code mechanism. The following timeline outlines key developments:

The implementation of the approved resolution plan has been stayed by the Hon'ble National Company Law Appellate Tribunal (NCLAT), New Delhi, creating uncertainty regarding compliance responsibilities.

Compliance Responsibility Dispute

The erstwhile compliance officer has outlined the complex situation regarding statutory compliance obligations. According to the communication, once a resolution plan receives approval, the responsibility for statutory compliance should transfer to the Successful Resolution Applicant (SRA). Additionally, the Resolution Professional (RP) bears liability for the corporate debtor's statutory compliances upon appointment by the adjudicating authority.

However, the current deadlock has emerged due to:

• Neither the SRA nor the RP showing diligent interest in compliance obligations
• Disputes and differences between the SRA and RP
• Inoperative official email IDs and company website
• Repeated unsuccessful attempts to resolve the compliance issue

Operational Challenges

The company faces significant operational hurdles that impact its ability to meet regulatory requirements. The communication reveals that official communication channels have become non-functional, further complicating compliance efforts. The erstwhile compliance officer emphasized that despite repeated endeavors, the responsible parties have shown deliberate non-interest in adhering to statutory rules and regulations.

Request for Exemption

Tayo Rolls Limited has formally requested the stock exchange to acknowledge the deadlock situation and exempt the erstwhile key managerial personnel from liability regarding statutory compliance failures. The company argues that the impossibility of meeting prescribed timelines results from circumstances beyond the control of former management.

Company Background

Tayo Rolls Limited, identified by stock code 504961, operates under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016. The company's affairs, business, and assets are managed by Resolution Professional Mr. Anish Agarwal, appointed through an order dated October 30, 2019. The company maintains its registered office in Jamshedpur, Jharkhand, and operates as part of the TATA Enterprise group.