Shirpur Gold Refinery Limited – Investor Update (21 April 2026)

Key Highlights

CIRP Ongoing: The company has been under a Corporate Insolvency Resolution Process since 24 June 2024, with Ashish Vyas acting as the Resolution Professional.
Regulatory Non‑Compliance: Due to unpaid fees to NSDL, CDSL and the RTA, the depositories have stopped providing benpos, preventing the filing of:
1. Shareholding pattern (SEBI LODR Reg. 31(b)).
2. Share‑capital audit/reconciliation report (SEBI D&P Reg. 76).
Exemptions Granted: Under SEBI LODR Regulations 15(2A) & 15(2B), the company is exempt from governance filings under Reg. 17‑21 and Reg. 27.
No Governance Report: No corporate‑governance report will be filed for the quarter/year ended 31 Mar 2026.

Liquidity Stress: Non‑payment of depository fees indicates cash flow constraints.
Valuation Uncertainty: Lack of shareholding data hampers market valuation and benchmarking.
Potential Dilution: Any resolution plan may involve equity restructuring, which could dilute existing shareholders.

Resolution Process: The Committee of Creditors (CoC) has already appointed a Resolution Professional, suggesting that a restructuring plan is being formulated.
Regulatory Relief: SEBI has provided temporary relief from certain reporting obligations, but this does not mitigate the underlying insolvency risk.

Insolvency Outcome: Possibility of liquidation or asset sale, leading to total loss of equity.
Governance Gap: Absence of mandatory disclosures reduces transparency and increases information asymmetry.
Market Perception: Continued non‑compliance may affect the company’s ability to raise capital post‑resolution.

Restructuring Upside: If the CoC approves a viable resolution plan, there could be an opportunity for new equity issuance at a discount to current holders.
Asset Sale Proceeds: Potential distribution of proceeds from asset sales to creditors and possibly residual shareholders.

No Formal Guidance: The announcement does not contain forward‑looking statements. Investors should monitor future communications from the Resolution Professional and the NCLT for updates on the resolution plan and any potential exit from CIRP.

Investors are advised to treat this investment as high‑risk and to consider the possibility of total capital loss.