Tasty Dairy Specialities Limited , currently undergoing Corporate Insolvency Resolution Process (CIRP), has announced the resignation of two of its Independent Directors. Mrs. Vimi Sinha (DIN: 07311247) and Mr. Aman Tiwari (DIN: 08495617) have stepped down from their positions, effective November 21, 2025, and November 15, 2025, respectively. The company disclosed these developments in regulatory filings.

Resignation Details

Mrs. Vimi Sinha cited personal reasons for her departure, while Mr. Tiwari attributed his resignation to personal and unavoidable circumstances. In his resignation letter, Mr. Tiwari confirmed that there were no other material reasons for his decision beyond those mentioned.

Company Status

Tasty Dairy Specialities Limited has been under CIRP since October 07, 2025. The company's affairs, business, and assets are currently being managed by Resolution Professional Anish Agarwal (IP Registration No.: IBBI/IPA-001/IP-P-01497/2018-2019/12256).

Key Information

The company has complied with the regulatory requirements by submitting the necessary disclosures under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

These resignations come at a time when Tasty Dairy Specialities Limited is navigating through the insolvency resolution process, and will affect the board composition of the company.

Tasty Dairy Specialities Limited , a dairy products manufacturer based in Uttar Pradesh, has reported its unaudited financial results for the quarter ended September 30, 2025, while operating under Corporate Insolvency Resolution Process (CIRP).

Financial Performance

The company's financial results reveal significant challenges:

Tasty Dairy Specialities' total income for Q2 FY2026 stood at ₹109.78 lakhs, marking a substantial decline from ₹647.55 lakhs in the same quarter of the previous year. The net loss for the quarter was ₹205.70 lakhs, compared to a loss of ₹287.83 lakhs in Q2 FY2025.

Ongoing Insolvency Proceedings

The company is currently under the Corporate Insolvency Resolution Process, with Resolution Professional Anish Agarwal managing its affairs. This process was initiated following an order dated October 7, 2025, under the Insolvency and Bankruptcy Code 2016.

Material Uncertainties

Tasty Dairy Specialities faces several material uncertainties that cast significant doubt on its ability to continue as a going concern:

1. Frozen Bank Accounts: All of the company's bank accounts have been frozen since November 2023, severely restricting normal operations. The company is resorting to routing transactions through third parties, including related parties.

2. Negative Net Worth: The financial statements indicate that the company's net worth has become negative.

3. Recovery Proceedings: Lenders have initiated recovery proceedings under the SARFAESI Act. During FY 2024-25, a bank sold hypothecated property worth ₹26.81 crores and adjusted the proceeds against the loan. The company has challenged this action before the Debt Recovery Tribunal (DRT).

4. Operational Challenges: The company has reported non-payment of statutory dues (ESI, PF, TDS), non-payment of salaries (which are being paid by promoters), and cessation of manufacturing activities.

Management's Response

Despite these challenges, the management is actively engaged in negotiations with lenders for a revival or settlement plan. They are also implementing cost-saving measures and working on improving operational efficiency. The management believes that with the conclusion of the ongoing resolution process and improved operational efficiency, the company's situation may improve.

Auditor's Observations

The statutory auditors have expressed a qualified opinion on the financial results, citing concerns about the company's ability to continue as a going concern, non-compliance with certain Indian Accounting Standards, and unconfirmed balances of sundry debtors, creditors, loans, and advances.

As Tasty Dairy Specialities navigates through these challenging times, stakeholders will be closely watching the outcome of the insolvency proceedings and the company's efforts to revive its operations.

Note: The financial figures mentioned are based on the unaudited results for the quarter ended September 30, 2025, as reported by the company.