Cupid Breweries and Distilleries Limited announced a significant business development on December 30, 2025, following a high-level meeting with the Hon'ble Chief Minister of Goa. The meeting focused on the company's expansion plans and regulatory requirements for establishing manufacturing operations in the state.

Key Discussion Points

The management team presented four critical business initiatives during the meeting with the Chief Minister:

Regulatory Framework and Expansion Strategy

The company emphasized that the discussions were constructive and focused on facilitating the proposed initiatives within the applicable regulatory framework. This indicates a collaborative approach between Cupid Breweries and Distilleries Limited and the Goa state government toward establishing manufacturing operations in the region.

The meeting addressed both the parent company's direct manufacturing ambitions and the operational status of its subsidiary, Forte Spirits Private Limited. The subsidiary already holds an existing license, and discussions covered the commencement of its commercial operations along with securing additional brewery licensing.

Business Development Implications

The engagement with Goa's Chief Minister represents a strategic move by Cupid Breweries and Distilleries Limited to expand its manufacturing footprint in one of India's key markets for alcoholic beverages. The comprehensive nature of the discussions, covering land acquisition, multiple product categories, and subsidiary operations, suggests a substantial expansion plan.

Future Disclosures

The company has committed to making appropriate disclosures in accordance with applicable laws as and when there are material developments regarding these initiatives. This regulatory filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders about significant business developments.

Cupid Breweries And Distilleries Limited has disclosed receiving a penalty from BSE Limited for non-compliance with financial reporting regulations. The company received a fine of ₹1.50 lakh (exclusive of GST) on December 16, 2025, for delayed submission of quarterly financial results.

Regulatory Non-Compliance Details

The fine was imposed under SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, for alleged non-compliance with Regulation 33 of the SEBI Listing Regulations. The violation pertains to the delayed submission of unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2025.

Auditor Transition Challenges

The company's Board of Directors, in their meeting held on November 14, 2025, could not approve the unaudited financial results due to unavailability of the Limited Review Report from the statutory auditor. Despite repeated follow-ups, M/s H Rajen & Co., the company's statutory auditor, failed to provide the required review report and subsequently tendered their resignation on November 16, 2025.

To address the auditor vacancy, the Board appointed M/s MMRS & Co. as the new statutory auditor on November 18, 2025, subject to shareholder approval. The postal ballot process for the auditor appointment is scheduled to be completed on December 21, 2025.

Company's Response and Mitigation Efforts

Cupid Breweries And Distilleries has been actively communicating with BSE Limited regarding the delay circumstances. The company submitted a detailed explanation on November 15, 2025, outlining the reasons for the delay in finalizing and submitting financial results. Additionally, on December 10, 2025, the company provided another comprehensive explanation to BSE Limited, clarifying the factual position and circumstances leading to the delay.

Financial Impact and Next Steps

The financial impact on the company is limited to the fine amount of ₹1.50 lakh (exclusive of GST) payable to BSE. The company has indicated that it is in the process of submitting a representation to BSE Limited requesting a waiver of the imposed fine, along with supporting documents and justification as per BSE's prescribed process.

The company continues to maintain regular correspondence with BSE Limited and has responded to all communications received in this regard, demonstrating its commitment to regulatory compliance despite the temporary challenges faced during the auditor transition period.