Shirpur Gold Refinery Ltd Under CIRP; Company Faces Compliance Hurdles Due to Depository Service Interruptions
Shirpur Gold Refinery Limited is currently undergoing the Corporate Insolvency Resolution Process (CIRP). The company has faced significant operational challenges regarding corporate compliance due to disruptions in depository services.The proceedings commenced after an application for CIRP, filed by Prudent ARC Ltd., under Section 7 of the Insolvency and Bankruptcy Code, 2016. This application was admitted by the Hon'ble National Company Law Tribunal, Mumbai Bench on June 24, 2024.
Initially, the undersigned professional was appointed as the Interim Resolution Professional (IRP). The first meeting of the Committee of Creditors took place on July 24, 2024. Following an e-voting conclusion on September 14, 2024, the existing IRP was subsequently designated as the Resolution Professional (RP).
Operational Challenges and Compliance Status
Since entering CIRP on June 24, 2024, the company has encountered difficulties in fulfilling certain compliance requirements for the quarter ended June 30, 2026. These issues stem from NSDL, CDSL, and the Registrar and Transfer Agent (RTA) halting the provision of beneficial ownership details due to outstanding fee non-payment by the erstwhile management.Consequently, Shirpur Gold Refinery Limited is presently unable to submit several key compliances related to shareholding and auditing.
The specific compliance items that could not be submitted include:
| Compliance Requirement | Status |
|---|---|
| Compliance certificate from RTA | Unable to Submit |
| Shareholding Pattern | Unable to Submit |
| Reconciliation and Share Capital Audit report from PCS | Unable to Submit |
The company has noted that due to its status under CIRP, it is exempted from complying with certain regulations related to Corporate Governance reporting.
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