Simbhaoli Sugars Limited (SSL), a prominent player in the Indian sugar industry, has announced a delay in submitting its unaudited financial results for the quarter ended September 30, 2025. The company attributes this delay to procedural complexities arising from the ongoing Corporate Insolvency Resolution Process (CIRP) initiated on July 11, 2024.

Key Factors Contributing to the Delay

SSL has cited several reasons for the postponement of its Q2 FY26 financial results:

1. CIRP Proceedings: The company is currently undergoing CIRP, which has necessitated additional procedural formalities, verifications, and coordination among multiple parties.

2. Management Changes: As per the Insolvency and Bankruptcy Code, 2016, the management of SSL's affairs is now vested with the Interim Resolution Professional (IRP), and the powers of the Board of Directors have been suspended.

3. Legal Challenges: One of the company's promoters, Ms. Gursimran Kaur Mann, has filed an appeal against the NCLT order in the National Company Law Appellate Tribunal (NCLAT). The matter is currently sub-judice.

4. Operational Focus: The quarter under review coincided with the commencement of the cane crushing season, requiring significant operational and managerial attention.

5. Additional Audit Requirements: The statutory auditors have sought extra information and clarifications due to the complexities involved in the CIRP proceedings.

6. Personnel Changes: The departure of key finance personnel during the CIRP period has contributed to the delay in completing financial statements and related audit processes.

Impact on Financial Reporting

The delay in submitting Q2 FY26 results highlights the challenges faced by companies undergoing insolvency proceedings. SSL has emphasized that the delay is procedural and attributed to circumstances associated with the ongoing CIRP and operational exigencies.

Company's Response

In a letter to the National Stock Exchange of India Limited and BSE Limited, Dayal Chand Popli, Chief Financial Officer of Simbhaoli Sugars Limited, stated:

"The Company is making every possible effort to ensure completion of the audit and submission of the financial results at the earliest."

SSL has requested additional time from the stock exchanges for the submission of its financial results.

Investor Implications

Investors and stakeholders should note that this delay in financial reporting may impact their ability to make timely assessments of the company's performance. It also underscores the importance of monitoring companies undergoing insolvency proceedings, as such processes can significantly affect normal business operations and reporting timelines.

As the situation develops, stakeholders are advised to keep a close watch on further announcements from Simbhaoli Sugars Limited regarding its financial results and the progress of its insolvency proceedings.

Simbhaoli Sugars Limited , currently undergoing Corporate Insolvency Resolution Process (CIRP), has announced the departure of its Company Secretary and Compliance Officer, Anil Sharma. This development comes as the sugar manufacturer navigates through a critical phase under the supervision of an Interim Resolution Professional.

Key Details of the Departure

• Name: Anil Sharma
• Position: Company Secretary & Compliance Officer
• Membership No.: A13430
• Effective Date of Cessation: October 31, 2025 (after working hours)

Corporate Insolvency Resolution Process (CIRP) Context

The company is currently under CIRP following an order by the National Company Law Tribunal (NCLT), Allahabad Bench, dated July 11, 2024. As a result:

• Anurag Goel serves as the Interim Resolution Professional (IRP)
• The powers of the Board of Directors are suspended
• The IRP is vested with the management of the company's affairs, business, and assets

Reasons and Next Steps

According to the company's communication:

• The decision for Sharma's departure was based on a performance review following the completion of his probation period on September 17, 2025
• The company has initiated the process of shortlisting potential candidates for the role
• The new appointment will be finalized within the timelines prescribed by SEBI regulations

Regulatory Compliance

This announcement aligns with:

• Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
• SEBI Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024

The company has committed to making the required disclosures upon the appointment of a new Company Secretary and Compliance Officer.

As Simbhaoli Sugars navigates through its insolvency proceedings, this change in key managerial personnel underscores the ongoing challenges and restructuring efforts within the organization.