IFGL Refractories Ltd has made a regulatory disclosure regarding a significant development affecting its UK-based material subsidiary's auditing arrangements. The company informed stock exchanges on January 20, 2026, about the insolvency of its subsidiary's auditor under SEBI's listing regulations.

Auditor Insolvency Details

Sheffield Refractories Ltd, the UK-based material subsidiary of IFGL Refractories, communicated on January 19, 2026, that their auditor C J Woodhead & Co Ltd had entered insolvency proceedings. The auditing firm filed an application for insolvency following provisions of the UK Insolvency Act 1986, with a liquidator being appointed on October 28, 2025.

Regulatory Compliance

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. IFGL Refractories communicated this development to both the National Stock Exchange of India (NSE code: IFGLEXPOR) and BSE Limited (code: 540774) on January 20, 2026.

Impact and Next Steps

As a direct consequence of the insolvency proceedings, C J Woodhead & Co Ltd is no longer serving as Sheffield Refractories' auditor. The UK subsidiary has indicated that it will appoint a new audit firm to fill the vacancy created by this situation. Sheffield Refractories' Managing Director Trevor Staton confirmed that particulars about the new auditor appointment would be shared within the next few days.

Corporate Communication

The disclosure has been made available on IFGL Refractories' official website at ifglgroup.com under the investor announcements section. Company Secretary Mansi Damani signed the regulatory filing, ensuring compliance with stock exchange notification requirements. The communication included the original letter from Sheffield Refractories dated January 19, 2026, providing transparency about the subsidiary's auditor change circumstances.

IFGL Refractories Ltd has secured a landmark legal victory with the Supreme Court of India ruling in favor of the company's subsidy claim worth ₹11.15 lacs. The apex court delivered its judgment on January 6, 2026, allowing the company's Special Leave Petition and directing payment of interest at 9% per annum since 2003.

Supreme Court Judgment Details

The Hon'ble Supreme Court of India allowed IFGL Refractories' Special Leave Petition (Civil) No. 7013 of 2019 in the case of IFGL Refractories Ltd vs Orissa State Financial Corporation & Others. The court's decision encompasses both the principal subsidy amount and substantial interest accumulated over more than two decades.

Financial Impact and Recovery

The Supreme Court has allowed the company's claim for subsidies aggregating to ₹11,14,750 (Rupees eleven lacs fourteen thousand seven hundred fifty only) together with interest thereon at the rate of 9% per annum since 2003. This represents a significant financial recovery for the refractory manufacturer, considering the extended period over which interest has been accumulating.

The company has indicated that while the judgment has been delivered, detailed reliefs accorded by the Supreme Court are awaited as the complete judgment document is yet to be received. The ruling marks the culmination of a legal battle that has been ongoing since the original petition was filed in 2019.

Regulatory Compliance and Disclosure

IFGL Refractories has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has made the information available on both stock exchanges where it is listed - NSE (IFGLEXPOR) and BSE (540774).

The disclosure has also been hosted on the company's official website at ifglgroup.com and is available in the investor announcements section. This transparency ensures that all stakeholders have access to this material development that could impact the company's financial position.

Company Background

IFGL Refractories Ltd operates in the refractories sector with its registered office located at Sector B, Kalunga Industrial Estate in Odisha. The company's head and corporate office is situated at McLeod House, Netaji Subhas Road, Kolkata. The legal victory represents a positive development for the company's ongoing operations and financial standing in the refractory manufacturing industry.