Ballarpur Industries Limited Annual Compliance Report Highlights Ongoing Resolution Process
On May 30, 2026, the Annual Secretarial Compliance Report for Ballarpur Industries Limited was issued, covering the financial year ended March 31, 2026. The report reflects the operational and compliance context of the Company amid its ongoing Corporate Insolvency Resolution Process (CIRP).The Company's CIRP was initiated by the National Company Law Tribunal (NCLT), Mumbai bench, following an application made by Finquest Financial Solutions Private Limited (FFSPL) under the Insolvency and Bankruptcy Code, 2016. The NCLT issued the Insolvency Commencement Order dated January 17, 2020, which suspended the powers of the erstwhile Board of Directors.
During the resolution timeline, Interim Resolution Professional (IRP) Sri Divyesh Desai, and subsequently Resolution Professional Sri Anuj Jain, managed the affairs and assets of the Company. The NCLT approved the resolution plan submitted by FFSPL as the Approved Resolution Plan via an order dated March 31, 2023.
Compliance Review and Deviations
The review for the financial year 2025-26 revealed several areas where the Company was not fully compliant with required disclosures.Key compliance deviations noted in the report include:
- Financial Reporting: Non-submission of Consolidated Financial Results for the quarter and year ended March 31, 2025, as well as for previous quarters (including those ending June 30, 2025, and September 30, 2025).
- Annual Reporting: Non-submission of the Annual Report for the financial year 2024-25 within the prescribed timeline.
- Related Party Transactions: Failure to disclose Related Party Transactions on a consolidated basis for the half year ended September 2025.
- Policy Disclosure: Non-disclosure of the Dividend Distribution Policy on the Company's website.
- Compliance Officer: The Company was noted as lacking a qualified Company Secretary and Compliance Officer during the period from July 1, 2025, to December 30, 2025.
Management and Recovery Steps
While multiple procedural non-compliances were recorded for the current and past periods, the report also detailed the remediation efforts. The Company stated that the reconstituted Board is taking necessary steps to address these lapses.The new management has filed an Interlocutory Application (IA) before the NCLT Mumbai Bench, seeking an extension or exemption concerning statutory filings. The NCLT granted interim relief on February 6, 2025, stating, "In the meantime, no coercive steps be taken against the applicants for the offences committed prior to the Resolution Plan approval."
In terms of overall governance, the report confirmed that the listed entity is in compliance with Secretarial Standards, and the company continues to maintain a functional website for timely information dissemination.
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