5336052024-10-012025-03-315336052025-03-315336052024-03-315336052024-04-012025-03-315336052024-10-012025-03-31in-capmkt:OtherExpenses1Member5336052024-04-012025-03-31in-capmkt:OtherExpenses1Member5336052024-10-012025-03-31AuditorDomain15336052024-10-012025-03-31in-capmkt:AuditedMember5336052025-03-31in-capmkt:AuditedMember5336052024-10-012025-03-31in-capmkt:AdjustedMember5336052025-03-31in-capmkt:AdjustedMember5336052024-10-012025-03-31AuditQualification15336052024-10-012025-03-31AuditQualification25336052024-10-012025-03-31AuditQualification35336052024-10-012025-03-31AuditQualification45336052024-10-012025-03-31AuditQualification55336052024-10-012025-03-31AuditQualification65336052024-10-012025-03-31AuditQualification75336052024-10-012025-03-31AuditQualification85336052024-10-012025-03-31AuditQualification95336052024-10-012025-03-31AuditQualification105336052024-10-012025-03-31AuditQualification11iso4217:INRxbrli:pureiso4217:INRxbrli:shares533605SETUINFRANOTLISTEDINE023M01027Setubandhan Infrastructure LimitedMain BoardEquity2024-04-012025-03-312025-12-012025-12-01INRLakhsHalf YearlyYearlySingle segmentCivil Construction2025-12-0117:00:002025-12-0117:30:00trueCash Flow IndirectStatement on impact of audit qualificationfalsefalseNANAfalsefalsefalsefalseNot Applicable2024-10-012025-03-31AuditedStandalone00000000000000000000000000000000000002024-04-012025-03-31AuditedStandalone023220002322000000007501000991800017419000-150970000-150970000338900033890000-184860000000-184860000-18486000125678000100-0.15-0.1500-0.15-0.15000Other Expenses0Other Expenses99180002658070000008700000042330000018501600018924900002648800007200230003621070000151486000292900000017550001825310002432090001891230009769700000016969930001256780003257440004514220004514220000000132072000132072000612000245760000550000157810000716511000069649000696490000786160000301285000316000001087761000001245571000169699300000001108000275010000-327000000687100007501000000-19000000232200000000004031300025216000000002521600000000000000000000000000000002322000002322000000000000000000027538000027538000175200029290000AuditedQualified opinionJ A M P R S & Co.true2027-06-3023223530000023223530000017419228000001741922800000-1509687500000-1509687500000-0.15-0.151696992307000001696992307000001696992307000001696992307000004514220860000045142208600000i. Balance Confirmation of Assets and liabilities along with other documentary evidence has not been made available to us. The same has also been mentioned in the Significant accounting policies by Resolution professional while preparing the financial statement. <br></br> Qualified opinionRepetitiveWe wish to inform you that the Corporate Insolvency Resolution Process (CIRP) for Setubandhan Infrastructure Limited (the 'Corporate Debtor'), initiated by the State Bank of India under Section 7 of the IBC, 2016, was admitted by the Honble NCLT, Mumbai Bench on November 28, 2022. Following this, the undersigned was appointed as the IRP and later confirmed as the RP by the CoC on December 28, 2022. Although a resolution plan was approved by the CoC and submitted, it was rejected by the NCLT on March 24, 2025. An appeal against this rejection was filed with the Honble NCLAT on July 09, 2025, and is currently sub-judice. Due to the persistent non-availability of essential books of accounts and financial data despite repeated requests, the RP is unable to finalize the financial statements at this time.Not Applicable <br></br> Not ApplicableNot Applicableii. The liabilities has not been restated according to claim received and accepted during the CIRP period by Resolution professional it has been carried forward with the historical value taken from last audited balance sheet of Financial year 2023-24 <br></br> Qualified opinionRepetitiveSetubandhan Infrastructure Limited has been under CIRP since November 28, 2022, following an application by State Bank of India. While the CoC confirmed my appointment as Resolution Professional on December 28, 2022, the subsequent resolution plan was rejected by the NCLT Mumbai Bench on March 24, 2025. We are currently appealing this decision before the NCLAT. Please note that because the Corporate Debtor has failed to provide necessary financial records despite multiple follow-ups, the RP was unable to compile or review the company's financial statements for the current period.Not ApplicableNot Applicable <br></br> Not Applicableiii. Assets has not been revalued as per valuation report received by the Resolution professional. Further valuation report has not been shared with us. The value of assets has been carried forward on the basis of audited financial statement as on 31.03.2024. The same has also been mentioned in the Significant accounting policies by Resolution professional while preparing the financial statement.Qualified opinionRepetitiveSince its admission into CIRP on November 28, 2022, Setubandhan Infrastructure Limited has undergone significant legal developments. After my confirmation as RP in December 2022, a resolution plan was presented to but ultimately rejected by the NCLT in March 2025. An appeal was promptly filed with the NCLAT on July 09, 2025. Throughout this process, the absence of vital financial documentation from the Corporate Debtor has hindered the RP's ability to finalize any financial reports, as essential records remain unavailable despite extensive efforts.Not ApplicableNot ApplicableNot Applicableiv. No Bank statement has been received for confirmation of Balance of following bank Accounts (Table attached in Audit Report). <br></br> Qualified opinionRepetitivePursuant to the NCLT Mumbai Bench order dated November 28, 2022, the Corporate Debtor was placed under CIRP. The undersigned, serving as the confirmed RP since December 28, 2022, submitted a CoC-approved resolution plan which was denied by the Adjudicating Authority on March 24, 2025. This matter is now pending before the Hon'ble NCLAT following an appeal on July 09, 2025. In light of the continued non-cooperation regarding the handover of financial records, the RP remains legally and practically unable to review or finalize the company's financial statements.Not ApplicableNot ApplicableNot ApplicableWhether there have been any qualifications or adverse remarks by the respective auditors in the Companies (Auditor's Report) Order (CARO) reports of the companies included in the consolidated financial statements, if yes, indicate the details of the companies and the paragraph numbers of the CARO report containing the qualifications or adverse remarks. <br></br> Auditor's Remarks: -we have not received any audit report of subsidiaries or hence we cannot comment on the same. <br></br> Disclaimer of opinionRepetitiveWe are providing an update on the ongoing insolvency proceedings of Setubandhan Infrastructure Limited. Since the admission of the CIRP application in late 2022, we have navigated through the rejection of a resolution plan by the NCLT in early 2025 and a subsequent appeal at the NCLAT, which is still active. We regret to inform stakeholders that due to the unavailability of core financial data from the company's management, the Resolution Professional cannot provide finalized financial statements at this juncture.Not ApplicableNot ApplicableNot Applicable <br></br> According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have not been disclosed in the financial statements as required by the applicable accounting standards.Disclaimer of opinionRepetitiveThe insolvency journey of Setubandhan Infrastructure Limited began with an SBI-filed petition admitted on November 28, 2022. As the appointed RP, I have overseen the submission of a resolution plan that the NCLT rejected on March 24, 2025, leading us to seek relief from the NCLAT in July 2025. A major hurdle in this process continues to be the lack of access to the company's books and records. Despite our best efforts to secure this data, the ongoing absence of these documents makes it impossible to finalize the financial statements.Not Applicable <br></br> Not Applicable <br></br> Not Applicable <br></br> a) Based on information and explanations provided to us and our audit procedures, in our opinion, the company has no internal audit system commensurate with the size and nature of its business. <br></br> b) We were not provided any internal audit reports for the reporting period.Disclaimer of opinionRepetitiveCIRP Admission dated November 28, 2022, via NCLT Mumbai (SBI application). RP Confirmation dated December 28, 2022, by the Committee of Creditors.Resolution plan rejected by NCLT on March 24, 2025, currently under appeal at NCLAT (filed July 09, 2025). Due Non-availability of financial records and books of accounts from the Corporate Debtor, the RP is unable to compile, review, or finalize financial statements due to lack of essential data.Not Applicable <br></br> Not Applicable <br></br> Not Applicable <br></br> In respect of its inventories: <br></br> a) As explained to us, inventories i.e. WIP of construction activity have not been physically verified by the management at reasonable intervals during the reporting period. We do not find any document to verify the physical verification of the inventories by the management. <br></br> b) As per the information given to us, and on the basis of our examination of the records of the Company, the Company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks. However, the limits sanctioned by the banks are already classified by the Banks as NPA and CIRP has been initiated on company during F.Y. 2022-23 hence there are no stock statements being submitted by the company. <br></br> The company is not maintaining proper records of inventory. Since there are no proper documents to support the physical verification of the inventories by the management, we cannot comment on the adequacy and discrepancy in the stock items.Qualified opinionRepetitiveThe ongoing CIRP of Setubandhan Infrastructure Limited has faced delays following the NCLTs rejection of the proposed resolution plan on March 24, 2025. While an appeal is currently being heard by the NCLAT, a more immediate challenge is the inability of the Resolution Professional to meet financial reporting requirements. Because the Corporate Debtor has not provided the necessary books of accounts despite repeated follow-ups, the finalization of financial statements remains on hold until the required data is secured.Not Applicable <br></br> Not Applicable <br></br> Not Applicable <br></br> We are informed that the company has a regular programme of physical verification of its property, plant and equipment by which all the property, plant and equipment are verified in a phased manner over a period of three years. However, as per the information's and explanations given to us, the management have not done the verification during the reporting period.Disclaimer of opinionRepetitiveSetubandhan Infrastructure Limited has been in CIRP since November 2022. Following the NCLTs rejection of a CoC-approved resolution plan in March 2025, the matter is now under appeal at the NCLAT. Critically, the Resolution Professional has been unable to fulfill financial reporting obligations because the Corporate Debtor has failed to hand over the necessary books of accounts and records, despite exhaustive efforts to retrieve them.Not Applicable <br></br> Not Applicable <br></br> Not Applicable <br></br> Based on our examination which included test checks. The company has not used accounting software for maintaining its books of accounts which has a feature of recording audit trail (edit log) facility.Disclaimer of opinionRepetitiveNotice is hereby given that the CIRP of Setubandhan Infrastructure Limited, initiated on November 28, 2022, remains ongoing with an appeal currently pending before the Honble NCLAT against the NCLTs rejection of the resolution plan. Please be advised that the financial statements of the Corporate Debtor cannot be compiled or reviewed at this stage. This is a direct result of the non-availability of the companys books of accounts and supporting data, which have not been released to the Resolution Professional to date.Not Applicable <br></br> Not Applicable <br></br> Not Applicable <br></br> a) We do not been provided sufficient documents and details regarding depositing of statutory liabilities hence we cannot comment on the depositing with appropriate authorities undisputed statutory dues including Provident Fund, employee's state insurance, income tax, service tax, sales tax, tax deducted at source, cess and other material statutory dues applicable.Qualified opinionRepetitiveWe are providing an update on the ongoing insolvency proceedings of Setubandhan Infrastructure Limited. Since the admission of the CIRP application in late 2022, we have navigated through the rejection of a resolution plan by the NCLT in early 2025 and a subsequent appeal at the NCLAT, which is still active. We regret to inform stakeholders that due to the unavailability of core financial data from the company's management, the Resolution Professional cannot provide finalized financial statements at this juncture.Not Applicable <br></br> Not Applicable <br></br> Not Applicable <br></br> NANANAJ A M P R S & Co. (CA Sandeep Kumar)Sandeep Maheshwari (Resolution Professional)Mumbai2025-12-01