ARSS Infrastructure Projects Limited has announced the completion of equity share allotment on December 22, 2025, marking a significant milestone in its corporate restructuring process under the approved Resolution Plan. The allotment was conducted in accordance with the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016.

Resolution Plan Approval and Implementation

The National Company Law Tribunal (NCLT) approved the Resolution Plan on August 29, 2025, submitted by Ocean Capital Market Limited, which emerged as the Successful Resolution Applicant. The Corporate Insolvency Resolution Process was initially initiated on November 30, 2021, leading to this comprehensive restructuring of the company's equity structure.

To facilitate the equity share allotments required under the Resolution Plan, ARSS Infrastructure increased its authorized share capital on December 9, 2025. This increase was approved by shareholders in an extraordinary general meeting held on the same date, as the existing authorized share capital was insufficient to accommodate all the required equity share allotments.

Equity Share Allotment Details

The company has completed the allotment of equity shares to various stakeholders as specified in the approved Resolution Plan:

Corporate Restructuring Completion

The completion of this equity share allotment represents the final phase of the company's restructuring under the Resolution Plan. The allotments were conducted in compliance with the Companies Act, 2023, SEBI Regulations, and other applicable laws. The process involved multiple tranches of allotments, with the largest allocation of 7,35,00,000 equity shares going to the Alternative Investment Fund nominated by the Successful Resolution Applicant.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. All equity share allotments have been completed in accordance with the terms of the approved Resolution Plan and applicable regulatory requirements.

This completion of equity share allotment marks the successful conclusion of the Corporate Insolvency Resolution Process that began in November 2021, providing a structured path forward for ARSS Infrastructure Projects Limited under new ownership and management structure.

Sadbhav Infrastructure Projects has reported a net loss of INR 198.62 crore for the quarter ended September 30, 2025, according to the company's latest financial results. This marks an improvement from the loss of INR 472 crore reported in the previous quarter.

Financial Performance

The infrastructure development company's total income for the quarter stood at INR 24.10 crore, compared to INR 55.00 crore in the previous quarter. The company's expenses, including finance costs and other expenses, totaled INR 527.03 crore for the period.

Key Balance Sheet Figures

As of September 30, 2025, Sadbhav Infrastructure's total assets were reported at INR 13,257.92 crore. The company's equity share capital remained unchanged at INR 3,522.25 crore.

Management Changes

The Board of Directors has approved the appointment of Mr. Kedar Pandya as the new Company Secretary and Compliance Officer, effective November 12, 2025. Mr. Pandya, a member of the Institute of Company Secretaries of India (ICSI), brings experience in corporate law, listing regulations, and legal drafting.

Simultaneously, the company announced the resignation of Mr. Jatin Thakkar from his position as Chief Financial Officer, citing personal reasons and his intention to explore other opportunities. Mr. Thakkar's resignation is effective from November 12, 2025.

Auditor's Observations

The company's auditors have expressed qualified opinions on several matters, including the recoverability of investments in subsidiary companies totaling INR 8,046.85 crore. The auditors noted they were unable to corroborate management's assessment regarding the carrying value of these investments and related receivables.

Going Concern

The financial results highlight concerns about the company's ability to continue as a going concern. Sadbhav Infrastructure has incurred substantial losses over time and is facing significant reductions in income from operations. The company's management has stated that they are in the process of taking necessary remedial measures and believe the going concern assumption remains appropriate based on projected cash flows and potential asset monetization.

Conclusion

While Sadbhav Infrastructure continues to face financial challenges, the reduction in quarterly losses suggests some improvement. The appointment of a new Company Secretary and the ongoing management efforts to address financial concerns will be crucial for the company's future performance and stability.