RIGA SUGAR COMPANY LTD.-$

Riga Sugar Company Ltd announced the appointment of Mr. Saurav Singh as the new Company Secretary and Compliance Officer, effective August 01, 2026. The decision was approved by the Board of Directors based on the recommendation of the Nomination and Remuneration Committee. Mr. Singh, an Associate Member of the Institute of Company Secretaries of India with over seven years of experience, will also serve as Key Managerial Personnel. The company also updated contact details for its Key Managerial Personnel authorized for disclosures.

Riga Sugar Company Ltd. has reported its unaudited financial results for the quarter and half year ended 30th September 2024. The company is currently in the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Due to the liquidation process, the financial results do not include current and non-current assets and liabilities. There are various claims submitted by financial creditors, operational creditors, employees, and other creditors, the overall obligations and liabilities of which will be determined during the CIRP / Liquidation. The company has not assessed or reviewed the plant, machinery, and other fixed assets for impairment, and the impact of employee-related benefits like Gratuity has not been ascertained. There are non-compliances of certain statutory obligations applicable to the company as evidence of compliance has not been provided.

Riga Sugar Co Ltd has released its financial results for the quarter ended June 2024. The company is currently undergoing liquidation proceedings under the Insolvency and Bankruptcy Code, 2016. The financial results have been prepared on a going concern basis, with the consequent effect of the liquidation not given in the accounts. There has been a considerable decline in the level of operations and the net worth of the company, which continues to incur losses. The auction for the sale of the company as a going concern was held and a successful bidder has emerged. The sale of the corporate debtor as a going concern was successful and a Sale Certificate has been issued. However, certain debit and credit balances are subject to reconciliation with individual details and confirmation, and adjustments are currently not ascertainable.

Riga Sugar Company Ltd. has announced its reviewed financial results for the quarter ended June 30, 2022, as well as for subsequent periods leading up to December 31, 2023, and audited financial results for the quarters ended March 21, 2023, and March 31, 2024, along with audited financial statements for the years ended March 31, 2023, and March 31, 2024. The company is undergoing liquidation proceedings under the Insolvency & Bankruptcy Code, 2016, following an order by the National Company Law Tribunal. The corporate debtor has been sold as a going concern, and the successful auction purchasers have filed an application for certain matters including the appointment of new directors. The enclosed financial statements and results have been authenticated by the Liquidator for compliance with the Companies Act, 2012 and SEBI regulations.

Riga Sugar Company Ltd., an ISO 9007:2008 & ISO 14001:2004 Certified Company, has announced a Board of Directors meeting on 05/06/2025. The meeting will consider and approve the financial statements and financial results for the financial years ended 31st March 2023 and 2024. The Liquidator will rely solely on the representations, clarifications, and explanations provided by the directors and key managerial personnel, without conducting further independent verification. The meeting will be held at the Registered Office of the Corporate Debtor, and all suspended directors are requested to attend as per the Insolvency and Bankruptcy Code, 2016 guidelines.

Riga Sugar Company Ltd has reported a loss in its audited financial results for the year ended 31st March 2022. The total revenue from operations was INR 2,002,000 with a total comprehensive income for the period of INR -4,266,980. The company's earnings per share (EPS) for continuing operations was INR 2,836 and INR -28.36 for discontinued operations.

Riga Sugar Co. Ltd., under insolvency proceedings since 2021, has completed the sale of its corporate debtor as a going concern to M/s Nirani Sugars Ltd Ltd. The sale was conducted through an e-auction on September 02, 2024, and the control was handed over to the successful bidder on 18th December, 2024. The liquidation process, overseen by the Liquidator Mr. Neeraj Jain, has now been concluded, with the liquidator no longer managing the company's affairs.

The liquidator of Riga Sugar Company Ltd has issued a public notice for an auction of the company as a going concern. The auction process document is available on www.rigasugar.com and https://nesl.co.in/auction-notices-under-ibc/. Regular updates will be provided on the company's website.