Dharan Infra-EPC seeks 7-day SEBI extension in 2026

What the company told exchanges

Dharan Infra-EPC Limited has informed stock exchanges that it has asked the Securities and Exchange Board of India (SEBI) for an additional seven days to submit remaining information sought in an ongoing investigation. The disclosure was filed on August 17, 2026, and relates to the period before the company entered the Corporate Insolvency Resolution Process (CIRP). The company said it is in the process of responding to the information and data sought by the regulator. It also indicated that updates will be shared with the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) as required under SEBI Listing Regulations.

SEBI summons in May and June 2026

According to the filing, SEBI issued summons to the company’s directors and key managerial personnel (KMP) in May and June 2026. The summons required specified records, data, and information to be provided to the regulator. The company described the matter as an “ongoing SEBI investigation” and linked the requests to the pre-insolvency period. While the disclosure does not detail the specific subject of SEBI’s investigation, it clarifies that the regulator’s information requests are being handled during the CIRP phase.

Partial submissions made, further time requested

Dharan Infra-EPC stated that a portion of the required data has already been submitted. However, the suspended board of directors and KMP have approached SEBI multiple times seeking extensions to furnish the remaining information. As of the filing date, the interim resolution professional noted that another request had been submitted for a seven-day extension to complete the process. With the initial summons issued in mid-2026 and extensions still being sought in August, the timeline for closure of this specific compliance track remains open.

CIRP context and governance constraints

The company’s request for more time comes while it is undergoing CIRP. In such cases, records, internal coordination, and approvals can be constrained, especially when responsibilities are split between the resolution professional and a suspended board. Dharan Infra-EPC’s filing explicitly refers to the “suspended board of directors and KMP” having already provided part of the information. The company’s disclosure also reinforces that it will keep exchanges informed of material developments, signalling that the regulatory process remains a live issue for shareholders.

Stock identifiers and latest market snapshot

On the market side, the company trades with NSE symbol DHARAN and BSE scrip 541161. The input data shows a “live price” of ₹0.16 at one point, while another data point lists the share price as ₹0 as on 23 August, 2026 | 10:15. The market capitalisation is shown as ₹83.7 crore as on 23 August, 2026 | 10:15, while another reference point cites ₹99 crore. Valuation metrics included in the data show a P/E ratio of -2.4 and a P/B ratio of 0.1 as on 23 August, 2026 | 10:15. A one-year return figure of -60.53% is also cited.

Recent corporate disclosures around the company

The broader disclosure trail includes a notice on “closure of trading window” and other exchange updates. Separately, promoters confirmed that they did not create any encumbrance on their shares during the financial year ended March 31, 2026, as per SEBI regulations. The company also disclosed the resignation of Independent Director Mrs Prachi Aditya Sakpal, effective May 8, 2026, citing personal commitments. The filing for that resignation was signed by Company Secretary Mayura Marathe, and it also noted the company’s CIRP status.

Financial results show losses and revenue decline

Dharan Infra-EPC submitted un-audited financial results for the quarter and half year period referenced as Q2 and H1 of FY2026. The company reported a widened net loss of ₹4.08 crore for Q2 FY2026 compared with ₹1.19 crore in Q2 FY2025. Revenue declined to ₹3.21 crore from ₹6.20 crore over the same period. The data also lists losses for the first half: standalone net loss of ₹11.61 crore for H1 FY2026, and consolidated net loss of ₹12.55 crore for H1 FY2026. Auditors expressed a modified or qualified view, linked to compliance and going-concern stresses described in the results commentary.

FEMA and FCCB-related issues flagged

The financial update also references regulatory issues including alleged non-compliance with Foreign Exchange Management Act (FEMA) requirements. One cited issue relates to the deployment of FCCB funds of USD 80.62 million for overseas expansion, rather than an approved use linked to low-cost housing projects. The funds were described as transferred to subsidiaries in Ghana, Liberia, and Kenya. The company’s updates also cite operational challenges such as non-operational construction sites. In addition, the data points to outstanding statutory dues, including unpaid Income Tax, GST, and TDS for over a year, and GST returns not filed since December 2022.

Insolvency case milestones referenced in disclosures

The company’s CIRP was linked to a default claim by Tata Capital Housing Finance, with the following details cited: petition number CP (IB) 729/MB/2025, a default amount of ₹28.04 crore, and admission date December 12, 2025. The company disclosed a settlement amount paid of ₹10 crore and referenced a next hearing date of March 20, 2026. It also stated that the financial creditor confirmed receipt of ₹10 crore towards full and final settlement as recorded in a Closure Report dated February 2, 2026, and that a withdrawal application was pending. Separately, another line in the data states the company “successfully resolved its insolvency proceedings” by settling outstanding dues on December 31, 2025.

Key facts at a glance

Market impact and why the SEBI timeline matters

The immediate market relevance of the SEBI extension request lies in regulatory overhang during a period of stressed governance and financial reporting. When a company under CIRP continues to receive summons and must submit historical records, the process can influence how quickly stakeholders get clarity on past conduct and disclosures. The stock data provided shows extremely low quoted prices and a sharp one-year decline, alongside negative earnings and a low price-to-book ratio, which together highlight the stressed nature of the equity. At the same time, the promoters’ statement on no share encumbrance for FY ended March 31, 2026, addresses one specific investor concern, but does not directly resolve the compliance timeline with SEBI.

Conclusion

Dharan Infra-EPC’s August 17, 2026 filing frames the SEBI investigation response as ongoing, with partial submissions already made and a fresh seven-day extension request pending for the remaining information. The investigation relates to the pre-CIRP period, but the compliance work is unfolding while the company is in insolvency proceedings and amid multiple corporate and financial disclosures. The next milestones, based on the information provided, are further exchange updates on SEBI submissions and developments linked to the insolvency process and related applications.