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.

Cupid Breweries And Distilleries has achieved a significant milestone in its expansion plans with the receipt of land lease approval from the Government of Sikkim for its proposed brewing and beverage manufacturing unit. The approval marks a crucial step forward in the company's strategic initiative to establish operations in the northeastern state.

Government Approval Details

The company received official communication dated December 10, 2025, from the Commerce Industries Department, Government of Sikkim. The communication confirmed that the land lease for the proposed brewing and beverage manufacturing unit has been duly approved by the Chief Minister of Sikkim.

Next Steps and Formalities

Following the approval, the Government of Sikkim has requested Cupid Breweries And Distilleries to visit the Office of the District Collector to complete the required formalities. This administrative step will enable the company to proceed with the next phases of operationalizing the project.

The company has committed to initiating the necessary follow-up actions promptly and will keep stock exchanges informed of further material developments related to this project.

Strategic Expansion Initiative

This development represents a significant advancement in the company's proposed expansion plans for establishing a brewing and beverage manufacturing facility in Sikkim. The approval provides the foundation for Cupid Breweries And Distilleries to move forward with its manufacturing operations in the state.

The company disclosed this information in compliance with SEBI regulations, emphasizing its commitment to providing timely and accurate information to investors and stakeholders regarding material developments.