Simbhaoli Sugars Limited , currently undergoing Corporate Insolvency Resolution Process (CIRP), has announced a significant change in its key managerial personnel. The company, under the management of Interim Resolution Professional (IRP) Anurag Goel, has appointed Ms. Jagriti Sharma as its new Company Secretary and Compliance Officer.

Key Appointment Details

Corporate Governance Context

The appointment comes at a crucial time for Simbhaoli Sugars Limited:

• The company is currently under Corporate Insolvency Resolution Process (CIRP).
• The National Company Law Tribunal (NCLT), Allahabad Bench, issued an order on July 11, 2024, initiating the CIRP.
• Following this order, the powers of the Board of Directors have been suspended.
• Anurag Goel, as the Interim Resolution Professional, is now managing the company's affairs, business, and assets.

Professional Background of Ms. Jagriti Sharma

Ms. Sharma brings a wealth of experience to her new role:

• Fellow Member of the Institute of Company Secretaries of India
• Law graduate
• 10 years of experience in Corporate Secretarial Laws, Governance, and Legal Matters
• Expertise in managing corporate affairs, including Insolvency and Bankruptcy Code (IBC) and other corporate laws
• Diverse experience across sectors including Highway, Power, and Petroleum

Regulatory Compliance

This appointment aligns with several regulatory requirements:

• Sections 17, 18, and 20 of the Insolvency Bankruptcy Code
• Regulation 6 and Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
• SEBI Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024

The appointment of Ms. Sharma as a key managerial personnel is a significant step for Simbhaoli Sugars Limited as it navigates through the insolvency process. Her extensive experience in corporate governance and legal matters could prove valuable in managing the company's compliance obligations during this critical period.

Simbhaoli Sugars Limited (SSL), a prominent player in the Indian sugar industry, has announced a delay in submitting its unaudited financial results for the quarter ended September 30, 2025. The company attributes this delay to procedural complexities arising from the ongoing Corporate Insolvency Resolution Process (CIRP) initiated on July 11, 2024.

Key Factors Contributing to the Delay

SSL has cited several reasons for the postponement of its Q2 FY26 financial results:

1. CIRP Proceedings: The company is currently undergoing CIRP, which has necessitated additional procedural formalities, verifications, and coordination among multiple parties.

2. Management Changes: As per the Insolvency and Bankruptcy Code, 2016, the management of SSL's affairs is now vested with the Interim Resolution Professional (IRP), and the powers of the Board of Directors have been suspended.

3. Legal Challenges: One of the company's promoters, Ms. Gursimran Kaur Mann, has filed an appeal against the NCLT order in the National Company Law Appellate Tribunal (NCLAT). The matter is currently sub-judice.

4. Operational Focus: The quarter under review coincided with the commencement of the cane crushing season, requiring significant operational and managerial attention.

5. Additional Audit Requirements: The statutory auditors have sought extra information and clarifications due to the complexities involved in the CIRP proceedings.

6. Personnel Changes: The departure of key finance personnel during the CIRP period has contributed to the delay in completing financial statements and related audit processes.

Impact on Financial Reporting

The delay in submitting Q2 FY26 results highlights the challenges faced by companies undergoing insolvency proceedings. SSL has emphasized that the delay is procedural and attributed to circumstances associated with the ongoing CIRP and operational exigencies.

Company's Response

In a letter to the National Stock Exchange of India Limited and BSE Limited, Dayal Chand Popli, Chief Financial Officer of Simbhaoli Sugars Limited, stated:

"The Company is making every possible effort to ensure completion of the audit and submission of the financial results at the earliest."

SSL has requested additional time from the stock exchanges for the submission of its financial results.

Investor Implications

Investors and stakeholders should note that this delay in financial reporting may impact their ability to make timely assessments of the company's performance. It also underscores the importance of monitoring companies undergoing insolvency proceedings, as such processes can significantly affect normal business operations and reporting timelines.

As the situation develops, stakeholders are advised to keep a close watch on further announcements from Simbhaoli Sugars Limited regarding its financial results and the progress of its insolvency proceedings.