Arshiya Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter and half year ended September 30, 2025. The filing comes with a delay attributed to the company's ongoing Corporate Insolvency Resolution Process, which has created administrative and procedural constraints affecting regular statutory submissions.

Corporate Insolvency Resolution Process Details

The company is currently undergoing Corporate Insolvency Resolution Process (CIRP), which was initiated on April 23, 2024, by a financial creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The process is being overseen by Resolution Professional Pankaj Mahajan, who holds IBBI Registration No: IBBI/IPA-001/IP-P00836/2017-2018/11420.

SEBI Compliance Certificate Status

The certificate was issued by Bigshare Services Private Limited, the company's Registrar and Share Transfer Agent, confirming compliance with SEBI regulations. The certificate confirms that no dematerialization requests for equity shares were received during the period from July 1, 2025 to September 30, 2025.

Regulatory Filing and Future Compliance

The company has acknowledged the delay in submitting the report for the relevant quarter, expressing regret for the same. Management has indicated that with the CIRP process now stabilized and necessary systems having been put in place, Arshiya Limited is positioned to regularize and submit requisite statutory filings with the stock exchanges going forward.

Company Information

Arshiya Limited operates under CIN: L93000MH1981PLC024747 and maintains its registered office at 205 & 206 (Part), 2nd Floor, Ceejay House, F-Block, Shiv Sagar Estate, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra, India, 400018. The submission of this compliance certificate represents the company's efforts to maintain regulatory adherence despite the challenges posed by the ongoing insolvency proceedings. The filing was made to both the National Stock Exchange of India Limited and BSE Limited as part of the company's listing obligations.

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: