Setubandhan Infrastructure Limited Unable to Submit Q3 FY26 Compliance Reports Due to CIRP Proceedings

Setubandhan infrastructure Limited has notified stock exchanges of its inability to submit mandatory quarterly compliance reports for the quarter ended 31 December 2025, citing ongoing Corporate Insolvency Resolution Process (CIRP) proceedings as the primary constraint.

CIRP Background and Current Status

The company has been operating under CIRP since 28 November 2022, when the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, admitted an application filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. Sandeep D. Maheshwari was appointed as the Interim Resolution Professional and subsequently confirmed as the Resolution Professional by the Committee of Creditors on 28 December 2022.

The Committee of Creditors had approved a resolution plan, which was submitted to the NCLT. However, the tribunal rejected the resolution plan on 24 March 2025. An appeal against this rejection was filed before the National Company Law Appellate Tribunal on 09 July 2025 and remains pending adjudication.

Non-Compliance Issues

The company's inability to submit compliance reports stems from operational constraints created by the insolvency proceedings. The erstwhile management failed to pay outstanding fees demanded by National Securities Depository Limited (NSDL), Central Depository Services Limited (CDSL), and the Registrar and Transfer Agent (RTA). Consequently, these entities have ceased providing Benpos regarding the company's shareholding information.

Non-Submitted Reports:	Regulation
Shareholding Pattern	Regulation 31(b) of SEBI (LODR) Regulations, 2015
Reconciliation and Share Capital Audit	Regulation 76 of SEBI (D&P) Regulations, 2018
Compliance Certificate from RTA	Regulation 74(5) of SEBI (D&P) Regulations, 2018
Investor Complaints	Regulation 13(3) SEBI LODR Regulations, 2015

Regulatory Exemptions

Despite the non-submission of certain compliance reports, the company benefits from specific regulatory exemptions during the insolvency process. Under Regulations 15(2A) and 15(2B) of SEBI (LODR) 2015, the company is exempt from complying with Regulations 17 to 21, which include corporate governance requirements. Therefore, Setubandhan Infrastructure is not required to file Corporate Governance reports under Regulation 27 of SEBI (LODR) 2015.

Resolution Professional Communication

The Resolution Professional has formally communicated these circumstances to both the National Stock Exchange of India Limited and BSE Limited on 20 January 2026. The communication emphasizes the unique situation created by the ongoing insolvency proceedings and requests the exchanges to take note of the company's inability to meet standard compliance requirements under the current circumstances.

The company continues to operate under the supervision of the Resolution Professional while the appeal process proceeds through the appellate tribunal system.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-5.00%	-13.64%	-15.56%	-46.48%	-36.67%	-65.45%

Setubandhan Infrastructure Limited has informed stock exchanges of its inability to submit required compliance reports for the quarter ended September 30, 2025, due to its ongoing Corporate Insolvency Resolution Process (CIRP).

Key Developments

The company has been under CIRP since November 28, 2022, following an application filed by the State Bank of India.
The National Company Law Tribunal (NCLT) rejected a resolution plan in March 2025.
An appeal against the rejection has been filed with the National Company Law Appellate Tribunal (NCLAT) in July 2025 and is pending adjudication.

Compliance Challenges

Setubandhan Infrastructure is unable to submit the following regulatory reports:

Report Type	Regulation
Shareholding Pattern	Regulation 31 of SEBI (LODR) Regulations, 2015
Reconciliation and Share Capital Audit	Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018
Compliance Certificate from RTA	Regulation 74(5) of SEBI (D&P) Regulations, 2018
Investor Complaints	Regulation 13(3) of SEBI LODR Regulations, 2015

Reasons for Non-Compliance

The company attributes its inability to submit these reports to:

Non-payment of outstanding fees to depositories (NSDL and CDSL) and the Registrar and Transfer Agent (RTA) by the previous management.
Consequent suspension of shareholding data provision by NSDL, CDSL, and RTA.

Exemptions

Setubandhan Infrastructure is exempt from filing corporate governance reports under Regulations 17 to 21 of SEBI (LODR), 2015, due to its ongoing CIRP status.

The company's Resolution Professional, Sandeep D. Maheshwari, has requested the stock exchanges to take this information on record, citing the unique circumstances surrounding the company's insolvency process.

As the insolvency proceedings continue and the appeal remains pending with NCLAT, stakeholders and potential investors should remain cautious and stay updated on further developments regarding Setubandhan Infrastructure's regulatory compliance and financial status.