Citurgia Biochemicals is a chemical manufacturer that has not manufactured anything in more than twenty years. Incorporated in 1974 to produce basic chemicals, its sole operating division-a calcium carbonate plant in Rishikesh-has been shut since a lockout was declared in September 2003, and the company has earned no revenue in any recent financial year. Everything the company does now is about resolving the legal and regulatory knots that keep it suspended: a Rehabilitation Scheme approved by the Board for Industrial and Financial Reconstruction but stayed by the Uttarakhand High Court, an environmental clearance that has never been granted, and a stock that has not traded on the BSE since January 2013. # Business segments One suspended plant, no revenue, and a single division that exists only on paper-the entire business is a legacy asset waiting for a court verdict. ## 1. Calcium carbonate: a plant that has not run in two decades **The company's only operating division has produced nothing and sold nothing since a lockout began in 2003, and it cannot restart without an environmental clearance that remains out of reach.** - **Locked out since 2003** - the Rishikesh factory was shut under a formal lockout on 29 September 2003, and that lockout has never been lifted. - **No environmental green light** - operations cannot resume because the Uttarakhand Environment Protection and Pollution Control Board has not given clearance, so the Board of Directors says it cannot even draw up future plans. - **No working capital** - even if the legal hurdles were cleared, the company lacks the money to restart, and it has not earned any revenue in any year under recent report. - **A rehabilitation scheme in limbo** - a revival plan was passed by the BIFR, but the Uttarakhand High Court stayed it; the company has appealed to the Supreme Court, and the matter is still pending. - **Two employees, no production** - the entire workforce consists of two permanent employees on the rolls, and as of March 2020 the company held no inventory at all. # Group structure and partners **A tightly held shell with no subsidiaries, no joint ventures, and promoters who own virtually every share-though a sliver of legacy shareholders has just been formally cut loose.** - **99.67% promoter-held** - of the 132 million shares outstanding, promoters and their group hold 131.7 million, leaving public shareholders with just 430,070 shares, or 0.33% of the company. - **One dominant promoter** - Satya Sheel Engineers And Miners Pvt Ltd alone owns 60.64% of the equity. - **No corporate family** - the company has no holding company, no subsidiaries, no associates, and no joint ventures. - **Stock frozen since 2013** - trading in the equity shares has been suspended by SEBI since 16 January 2013, though the company received in-principle approval from the BSE for revocation of that suspension in August 2025.