Cian Healthcare Limited has restructured its board governance following the completion of insolvency resolution proceedings. The company announced the constitution of three new board committees on February 09, 2026, marking a significant milestone in its corporate reorganization under the Insolvency and Bankruptcy Code, 2016.

The board of directors passed resolutions by circulation on February 09, 2026 at 06:06 P.M., approving the formation of mandatory board committees as required under regulatory provisions. This development follows the National Company Law Tribunal's approval of the resolution plan on December 18, 2025, submitted by the successful resolution applicant, Mr. Pradeep Kumar Jain.

Board Committee Structure

The company has established three essential committees to ensure compliance with the Companies Act, 2013, and SEBI listing regulations. The restructuring became necessary following the deemed resignation of erstwhile directors and the dissolution of previous committees as mandated by the NCLT order.

Committee Composition Details

The newly formed committees demonstrate a balanced governance structure with independent directors taking key leadership positions:

Regulatory Compliance Framework

The committee formation aligns with multiple regulatory requirements, including Section 177 and Section 178 of the Companies Act, 2013, along with SEBI listing regulations. The company has also complied with the SEBI Master Circular dated January 30, 2026, ensuring adherence to updated governance norms.

The Stakeholders' Relationship Committee will oversee investor grievances and stakeholder communications, while the Audit Committee will monitor financial reporting and internal controls. The Nomination and Remuneration Committee will handle board appointments and compensation policies, ensuring transparent governance practices.

Post-Resolution Corporate Structure

The successful completion of the insolvency resolution process under Mr. Pradeep Kumar Jain's leadership has enabled the company to establish a fresh governance framework. The inclusion of two independent directors, Mr. Manish Goswami and Mr. Anjani Misra, strengthens the board's independence and oversight capabilities.

This committee restructuring represents a crucial step in Cian Healthcare's corporate revival, providing the necessary governance infrastructure to support future business operations and regulatory compliance.

Cian Healthcare Limited has successfully completed its Corporate Insolvency Resolution Process (CIRP) with the dissolution of its Resolution Plan Implementation Committee on February 01, 2026. The pharmaceutical company received total consideration of ₹37,30,13,553 from the successful resolution applicant, Mr. Pradeep Kumar Jain, marking the conclusion of a complex restructuring process that began in June 2024.

Resolution Plan Implementation Completed

The Resolution Plan Implementation Committee, in its meeting held on February 01, 2026, confirmed the successful completion of all settlement obligations. The total bid value has been utilized for settling various stakeholder claims in accordance with the approved resolution plan.

The settlement covered Insolvency Resolution Process costs and claims from financial creditors, operational creditors, workmen, employees, and other eligible claimants. With the committee's dissolution, all powers have been transferred to the Interim Board, which will now operate under the Companies Act, 2013, and applicable listing regulations.

Financial Performance for FY25

Cian Healthcare's consolidated financial results for the year ended March 31, 2025, reflect the challenging operational environment during the insolvency process. The company's performance showed significant deterioration compared to the previous financial year.

The company's revenue from operations declined by over 50% to ₹3,079.84 lakhs in FY25 from ₹6,169.55 lakhs in FY24. Despite reduced expenses, the company reported a consolidated net loss of ₹2,597.75 lakhs compared to a net profit of ₹84.86 lakhs in the previous year.

Balance Sheet Position

As of March 31, 2025, Cian Healthcare's consolidated balance sheet showed total assets of ₹15,605.85 lakhs compared to ₹16,117.59 lakhs in the previous year. The company's financial position reflected the impact of the insolvency proceedings.

Notably, the company's cash position improved significantly to ₹1,777.04 lakhs from ₹119.41 lakhs, while shareholders' funds decreased to ₹3,235.73 lakhs from ₹5,833.49 lakhs.

Subsidiary Under CIRP

The company's subsidiary, Dr. Smith's Biotech Private Limited, is also undergoing its own Corporate Insolvency Resolution Process. The NCLT admitted an insolvency petition against the subsidiary on April 28, 2025, with Ms. Megha Agrawal appointed as the Interim Resolution Professional. Cian Healthcare's investment in the subsidiary amounts to ₹708.84 lakhs, with uncertain recoverability due to the ongoing insolvency proceedings.

Auditor Disclaimer and Key Concerns

The statutory auditors, SSRCA & Co., issued a disclaimer of opinion on the consolidated financial results, citing multiple significant concerns. These included pending reconciliation of creditor claims totaling ₹81.43 crores, uncertainties regarding asset valuations, incomplete documentation for various balance sheet items, and material uncertainty about the company's ability to continue as a going concern.

The auditors highlighted exceptional items totaling ₹1,225.37 lakhs, primarily comprising ₹1,109.01 lakhs for batch closures and ₹108.42 lakhs for sundry balance write-offs. These non-recurring items significantly impacted the company's financial performance for FY25.

With the successful completion of the resolution plan implementation, Cian Healthcare now transitions to a new phase under the successful resolution applicant's control, aiming to restore operational stability and financial health in the pharmaceutical sector.