Shirpur Gold Refinery Limited has announced the completion of its Twenty-Eighth Committee of Creditors (CoC) meeting, held on February 26, 2026, as part of its ongoing Corporate Insolvency Resolution Process (CIRP). The meeting represents a significant milestone in the company's resolution proceedings under insolvency regulations.

Meeting Details and Compliance

The Committee of Creditors meeting was conducted in accordance with Regulation 30 and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company formally notified both the National Stock Exchange of India Limited and BSE Limited about the meeting outcome, ensuring full regulatory compliance.

Resolution Professional Oversight

The meeting was overseen by Resolution Professional Ashish Vyas, who holds IBBI Registration Number IBBI/IPA-001/IP-P-01520/2018-2019/12267. Vyas digitally signed the regulatory filing on February 26, 2026, at 16:34:52 +05'30', confirming the meeting's completion and ensuring proper documentation.

The Resolution Professional's AFA validity extends until December 31, 2026, providing continuity for the ongoing insolvency resolution process. The company operates under CIRP with dedicated process communication channels established for stakeholder coordination.

Corporate Status and Regulatory Framework

Shirpur Gold Refinery Limited continues to operate under the Corporate Insolvency Resolution Process, with the Committee of Creditors playing a crucial role in decision-making. The regular conduct of these meetings demonstrates the company's commitment to following prescribed insolvency procedures and maintaining transparency with stakeholders.

The company maintains its listing status on both major Indian stock exchanges, with trading under NSE Symbol SHIRPUR-G and BSE Scrip Code 512289. The formal notification to stock exchanges ensures that investors and market participants remain informed about significant corporate developments during the resolution process.

Shirpur Gold Refinery Limited has informed stock exchanges about its inability to submit quarterly financial results for the quarter ended December 31, 2025, within the mandated timeline under SEBI LODR Regulations, 2015. The delay stems from ongoing challenges related to the company's Corporate Insolvency Resolution Process (CIRP).

Corporate Insolvency Resolution Process Details

The company entered CIRP under the Insolvency and Bankruptcy Code, 2016, following order no. CP (IB) No. 250/MB/2022 dated June 24, 2024, passed by the National Company Law Tribunal, Mumbai Bench - VI. The order was received by the Interim Resolution Professional (IRP) on June 25, 2024, triggering the moratorium declaration.

Regulatory Framework During CIRP

Under the CIRP framework, several SEBI LODR Regulations become inapplicable. Regulation 15(2A) exempts the company from Regulation 17 provisions regarding Board of Directors during the insolvency resolution process. The Resolution Professional assumes the roles and responsibilities typically fulfilled by the board of directors as per sections 17 and 23 of the Insolvency Code.

Additionally, Regulation 15(2B) makes provisions of regulations 18, 19, 20, and 21 inapplicable during the insolvency process. These regulations cover:

• Audit Committee (Regulation 18)
• Nomination and Remuneration Committee (Regulation 19)
• Stakeholders Relationship Committee (Regulation 20)
• Risk Management Committee (Regulation 21)

Challenges in Financial Reporting

Resolution Professional Ashish Vyas highlighted severe challenges in completing financial accounts for the quarter ended December 31, 2025. The primary obstacles include unresolved financial accounting issues with the suspended board of directors, which have created delays in preparing the financial results.

Despite diligent efforts by the RP and his team to collate and compile records maintained in both physical and electronic formats, the finalization of financial results has been delayed due to unforeseen circumstances. The company stated it cannot submit both standalone and consolidated unaudited financial results within the prescribed time limits.

Company Information

The Resolution Professional has requested stakeholders to take note of the circumstances preventing timely submission of quarterly financial results, emphasizing the regulatory complexities and operational challenges inherent in the corporate insolvency resolution process.