Simbhaoli Sugars Ltd

Simbhaoli Sugars Limited has been notified by Punjab National Bank (PNB) that its loan accounts have been classified as "Fraud" due to alleged misappropriation of funds and criminal breach of trust, and forgery with intent to commit fraud. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) since July 11, 2024. Simbhaoli Sugars states that the credit facilities pertain to the period prior to CIRP. The company also highlights protections under the Insolvency and Bankruptcy Code, 2016 (IBC), including Section 32A, which provides immunity against liabilities for offenses committed before CIRP upon approval of a resolution plan. Therefore, the fraud classification is not expected to have a material impact on the company.

Simbhaoli Sugars Limited has announced the closure of its trading window for dealing in the company's securities. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The window will be shut from July 1, 2026, and will reopen 48 hours after the declaration of the unaudited financial results for the first quarter ending June 30, 2026. All designated persons, their immediate relatives, and other insiders are prohibited from trading in the company's securities during this period.

Simbhaoli Sugars Limited announced the resignation of MSKA & Associates LLP as the statutory auditor for its subsidiary, Simbhaoli Power Private Limited. The resignation is effective for the financial year 2026-27. MSKA & Associates LLP cited internal quality control frameworks and client/engagement continuance evaluation as reasons for their decision. They have completed the audit for the financial year 2025-26 and issued a disclaimer of opinion report. The resignation comes while Simbhaoli Sugars is undergoing Corporate Insolvency Resolution Process (CIRP).

Simbhaoli Sugars Ltd's IRP convened meeting on May 29, 2026, approved the appointment of M/s Cheena & Associates as Cost Auditor for FY 2025-26 and M/s Amit Gupta & Associates as Secretarial Auditor for five years from FY 2025-26 to FY 2029-30. The IRP also took on record the consolidated unaudited financial results for the quarters ended June 30, 2025, September 30, 2025, December 31, 2025, and the audited standalone financial results for the quarter and year ended March 31, 2026.

Simbhaoli Sugars Ltd has appointed M/s Cheena & Associates as Cost Auditor for FY 2025-26. The appointment was approved during a meeting convened by the Interim Resolution Professional (IRP) on May 29, 2026, and will be placed for ratification before the Committee of Creditors (COC) and subject to shareholder approval at the Annual General Meeting. Additionally, M/s Amit Gupta & Associates were appointed as Secretarial Auditor for five years from FY 2025-26. The board also reviewed and approved the unaudited financial results for the quarters ended June 30, 2025, September 30, 2025, December 31, 2025, and the audited standalone results for the quarter and year ended March 31, 2026.

Simbhaoli Sugars Ltd announced the appointment of M/s Amit Gupta & Associates as Secretarial Auditor for five years from FY 2025-26 to FY 2029-30. The appointment, approved by Senior Management and IRP, will be placed for ratification before the Committee of Creditors and shareholders. The company also approved unaudited financial results for quarters ended June 30, 2025, September 30, 2025, December 31, 2025 and audited standalone financial results for the quarter and year ended March 31, 2026.

Simbhaoli Sugars Ltd submitted consolidated unaudited financial results for the quarter ended September 30, 2025. The board also approved the appointment of Cost Auditor M/s Cheena & Associates for FY 2025-26 and Secretarial Auditor M/s Amit Gupta & Associates for five years from FY 2025-26 to FY 2029-30. The appointments are subject to ratification by the Committee of Creditors and shareholders. Consolidated Unaudited Financial Results for the quarters ended June 30, 2025, December 31, 2025, and Audited Standalone Financial Results for the quarter and year ended March 31, 2026 were also approved.

Simbhaoli Sugars Ltd submitted unaudited consolidated financial results for the quarter ended June 2025, along with a limited review report. The company's Interim Resolution Professional (IRP) convened a meeting on May 29, 2026, where they approved the appointment of M/s Cheena & Associates as Cost Auditor and M/s Amit Gupta & Associates as Secretarial Auditor. The board also considered and approved the unaudited financial results for the quarters ended June 30, 2025, September 30, 2025, and December 31, 2025, as well as the audited standalone financial results for the quarter and year ended March 31, 2026.

Simbhaoli Sugars Ltd submitted audited standalone financials as of March 31, 2026. The company's IRP convened a meeting on May 29, 2026, and approved the appointment of M/s Cheena & Associates as Cost Auditor for FY 2025-26 and M/s Amit Gupta & Associates as Secretarial Auditor for five years from FY 2025-26. The board also considered and approved the consolidated unaudited financial results for the quarters ended June 30, 2025, September 30, 2025, and December 31, 2025, and the audited standalone financial results for the quarter and year ended March 31, 2026.

Simbhaoli Sugars Ltd has scheduled a Board of Directors meeting on May 29, 2026, to consider and approve the unaudited financial results for the quarters ended June 30, 2025, September 30, 2025, and December 31, 2025, as well as the audited financial results for the quarter and year ended March 31, 2026. The trading window for dealing in the company's securities will remain closed until 48 hours after the declaration of the financial results. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP), but the process is under stay by NCLAT.