Shirpur Gold Refinery Limited has informed stock exchanges about its inability to submit quarterly financial results for the quarter ended December 31, 2025, within the mandated timeline under SEBI LODR Regulations, 2015. The delay stems from ongoing challenges related to the company's Corporate Insolvency Resolution Process (CIRP).

Corporate Insolvency Resolution Process Details

The company entered CIRP under the Insolvency and Bankruptcy Code, 2016, following order no. CP (IB) No. 250/MB/2022 dated June 24, 2024, passed by the National Company Law Tribunal, Mumbai Bench - VI. The order was received by the Interim Resolution Professional (IRP) on June 25, 2024, triggering the moratorium declaration.

Regulatory Framework During CIRP

Under the CIRP framework, several SEBI LODR Regulations become inapplicable. Regulation 15(2A) exempts the company from Regulation 17 provisions regarding Board of Directors during the insolvency resolution process. The Resolution Professional assumes the roles and responsibilities typically fulfilled by the board of directors as per sections 17 and 23 of the Insolvency Code.

Additionally, Regulation 15(2B) makes provisions of regulations 18, 19, 20, and 21 inapplicable during the insolvency process. These regulations cover:

• Audit Committee (Regulation 18)
• Nomination and Remuneration Committee (Regulation 19)
• Stakeholders Relationship Committee (Regulation 20)
• Risk Management Committee (Regulation 21)

Challenges in Financial Reporting

Resolution Professional Ashish Vyas highlighted severe challenges in completing financial accounts for the quarter ended December 31, 2025. The primary obstacles include unresolved financial accounting issues with the suspended board of directors, which have created delays in preparing the financial results.

Despite diligent efforts by the RP and his team to collate and compile records maintained in both physical and electronic formats, the finalization of financial results has been delayed due to unforeseen circumstances. The company stated it cannot submit both standalone and consolidated unaudited financial results within the prescribed time limits.

Company Information

The Resolution Professional has requested stakeholders to take note of the circumstances preventing timely submission of quarterly financial results, emphasizing the regulatory complexities and operational challenges inherent in the corporate insolvency resolution process.

Shirpur Gold Refinery Limited has notified stock exchanges of its inability to submit several mandatory regulatory compliances for the quarter ended 31 December 2025, citing ongoing Corporate Insolvency Resolution Process (CIRP) proceedings that have disrupted normal operations.

CIRP Background and Timeline

The company entered CIRP proceedings on 24 June 2024 when the National Company Law Tribunal, Mumbai Bench admitted an application filed by Prudent ARC Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. Ashish Vyas was initially appointed as Interim Resolution Professional and subsequently confirmed as Resolution Professional following the first Committee of Creditors meeting on 24 July 2024 and e-voting concluded on 14 September 2024.

Service Disruptions Affecting Compliance

The Resolution Professional explained that National Securities Depository Limited (NSDL), Central Depository Services Limited (CDSL), and the Registrar and Transfer Agent (RTA) have ceased providing essential services to the company. These service providers stopped offering Benpos regarding shareholding data due to non-payment of outstanding fees by the erstwhile management.

Non-Compliant Regulatory Requirements

The company cannot submit the following mandatory compliances for Q3FY26:

Regulatory Exemptions During CIRP

The company noted that it remains exempt from certain compliance requirements during the insolvency process. Under Regulations 15(2A) and 15(2B) of SEBI (LODR) 2015, Shirpur Gold Refinery is not required to comply with Regulations 17 to 21, which include corporate governance provisions. Consequently, the company is also exempt from filing Corporate Governance reports under Regulation 27 of SEBI (LODR) 2015.

Current Status

The Resolution Professional has formally communicated these circumstances to both the National Stock Exchange of India (NSE Symbol: SHIRPUR-G) and BSE Limited (Scrip Code: 512289), requesting that the exchanges take note of the company's inability to meet standard compliance requirements due to the ongoing insolvency proceedings and associated operational constraints.