Setubandhan Infrastructure Limited – Investor Briefing

Key Highlights

• CIRP Status: Under Corporate Insolvency Resolution Process since 28 Nov 2022.
• Resolution Plan: Rejected by NCLT on 24 Mar 2025; appeal filed with NCLAT on 09 Jul 2025 (pending).
• Compliance Gaps: Unable to submit shareholding pattern, share‑capital audit, RTA compliance certificate, and investor‑complaint data for Q4 FY 2025‑26.
• Regulatory Exemption: Exempt from SEBI LODR Regulations 17‑21 and corporate‑governance filing (Reg 27) due to CIRP status.
• Depository Access: NSDL, CDSL, and RTA have halted benpos because of unpaid fees by previous management.

Financial & Operational Implications

• Liquidity Risk: No cash flow from operations; all financial activities are overseen by the Resolution Professional.
• Capital Structure: Share‑capital audit pending; current shareholding cannot be verified, increasing opacity.
• Dividend & Earnings: No earnings guidance or dividend distribution expected until resolution concludes.

Strategic & Regulatory Context

• Resolution Process: The appeal to NCLAT is the only remaining avenue for a viable restructuring; a negative outcome could lead to liquidation.
• Compliance: Non‑submission of mandatory SEBI filings may attract further regulatory scrutiny and could affect listing status.
• Investor Protection: With benpos suspended, investors lack real‑time ownership data, limiting their ability to trade or exercise rights.

Risks

• Outcome Uncertainty: Prolonged legal proceedings may culminate in liquidation, resulting in total loss of equity.
• Regulatory Action: Potential delisting or penalties if compliance gaps persist.
• Liquidity Constraints: Inability to trade shares freely due to depository restrictions.

Opportunities

• Distressed‑Asset Play: For specialized investors, the resolution process may present acquisition or restructuring opportunities if a viable plan emerges.

Forward Guidance

• Resolution Timeline: Dependent on NCLAT decision; no specific timeline disclosed.
• Compliance Resumption: Expected only after resolution of fee disputes and final resolution outcome.
• Investor Communication: Further updates will be provided as the appellate process progresses.

Investors are advised to closely monitor legal developments and regulatory communications, as the current situation presents a high risk of capital loss.