Arshiya Limited has informed stock exchanges about the delay in submitting its unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. The disclosure was made on February 12, 2026, pursuant to SEBI Regulation 33(3) and SEBI Master Circular dated November 11, 2024.

Corporate Insolvency Resolution Process Impact

The primary reason for the delay stems from the company's ongoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016. The process was initiated pursuant to an order from the Hon'ble National Company Law Tribunal Mumbai dated April 23, 2024.

Operational Challenges and Staff Attrition

The company faced significant operational disruptions due to office relocation and mass employee resignations. The registered office was relocated from Worli, Mumbai to Arshiya FTWZ in Raigad district, effective April 29, 2024, involving the movement of all records and corporate staff.

A critical challenge emerged between July 30 and August 2, 2024, when 50 out of 71 employees tendered their resignations without serving the requisite notice period or completing formal handovers. This sudden attrition materially disrupted business operations and adversely impacted the timely finalization of financial accounts.

Data Collection and Consolidation Issues

The Resolution Professional is currently in the process of gathering necessary financial information and supporting documentation to ensure accurate preparation of financial statements in compliance with regulatory requirements. The data collection process has contributed to the delay in finalizing the results.

Further complications arise from Arshiya Limited's role as the holding company of Arshiya Northern FTWZ Limited (ANFL), which is also undergoing CIRP. The non-receipt of financials from multiple subsidiaries has created additional challenges in collecting requisite financial data and consolidating the same for the preparation of consolidated financial statements.

Company Commitment

Arshiya Limited has assured that it is making every effort to submit the unaudited standalone and consolidated financial results at the earliest. The Resolution Professional is working diligently to compile the required data and will submit the financial statements without further delay once the information is consolidated.

Source:

Arshiya Limited has informed stock exchanges that its wholly owned subsidiary NCR Rail Infrastructure Limited has received final approval for its resolution plan from the National Company Law Tribunal. The development marks a significant milestone in the subsidiary's Corporate Insolvency Resolution Process proceedings.

NCLT Approves JSW Infrastructure Resolution Plan

The Hon'ble National Company Law Tribunal Mumbai Bench – II has granted final approval for the resolution plan submitted by JSW Infrastructure Limited under Section 31 of the Insolvency Bankruptcy Code, 2016. NCR Rail Infrastructure Limited, formerly known as Arshiya RAIL Infrastructure Private Limited, had been undergoing Corporate Insolvency Resolution Process.

The implementation of the resolution plan submitted by JSW Infrastructure Limited is currently in process. This marks the successful conclusion of the insolvency proceedings for Arshiya's subsidiary.

Financial Performance of the Subsidiary

The subsidiary's financial contribution to the parent company during the last financial year was substantial:

The negative net worth indicates the financial distress that led to the initiation of the Corporate Insolvency Resolution Process.

Resolution Applicant Details

JSW Infrastructure Limited emerged as the successful resolution applicant for NCR Rail Infrastructure Limited. Importantly, JSW Infrastructure Limited does not belong to the erstwhile promoter, promoter group, or group companies of Arshiya prior to the initiation of CIRP.

The transaction does not fall within related party transactions, ensuring compliance with regulatory requirements. The resolution process was conducted outside any scheme of arrangement.

Regulatory Compliance

Arshiya Limited has made this disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, in compliance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

The company has provided comprehensive details as required under the listing regulations, covering aspects such as financial contribution, buyer details, and transaction nature. The successful resolution of the subsidiary's insolvency proceedings represents a positive development for Arshiya Limited's corporate restructuring efforts.