Citurgia Biochemicals Limited is an Indian industrial entity historically positioned in the biochemical and chemical manufacturing sector. The company is currently navigating a complex phase of corporate restructuring, regulatory remediation, and legal litigation aimed at resolving a long-standing operational suspension. --- ### **Core Industrial Assets and Product Specialization** The company’s manufacturing infrastructure is centered around its factory located in **Rishikesh, Uttarakhand**. While currently inactive, the company is designed to produce high-demand chemical agents for the food, pharmaceutical, and industrial sectors: * **Citric Acid:** A versatile biochemical used as an acidulant in soft drinks, confectionery, and pharmaceuticals. It also serves the textile and chemical industries by providing stable pH conditions for **polyester, nylon, and acrylic print-curing**, as well as **cotton-resist printing**. * **Calcium Carbonate:** Produced for diverse industrial applications, ranging from paper and plastics to construction. * **Plasticizers:** Chemical additives manufactured for use in industrial polymer processing. **Infrastructure Status:** * **Registered Office:** Shifted to **Mumbai** in **January 2025** to centralize corporate functions. * **Fixed Assets:** The company maintains records for **Plant and Equipment** and holds **immovable property (land)** acquired for the Rishikesh factory. * **Inventory:** As of **March 31, 2025**, the company reported **no inventory**, reflecting the total cessation of production activities. --- ### **Operational Stagnation and Financial Performance** Citurgia is currently in a state of operational suspension, characterized by a total lack of revenue and persistent net losses. The company’s financial health is under significant pressure due to the erosion of net worth. | Metric (INR) | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | | :--- | :--- | :--- | :--- | :--- | | **Gross Income** | **Nil** | **Nil** | **Nil** | **Nil** | | **Net Profit/(Loss)** | **(42,30,801)** | **(47,55,848)** | **(43,62,121)** | **(40,41,360)** | | **EPS (Rs.)** | **(0.160)** | **(0.180)** | **(0.165)** | **(0.153)** | **Primary Drivers of Financial Distress:** * **Calcium Carbonate Division:** Non-operational due to a critical lack of **Working Capital** and pending environmental clearances from the **Uttarakhand Environment Protection and Pollution Control Board**. * **Factory Lock-out:** A formal lock-out at the Rishikesh facility, declared on **September 29, 2003**, remains in force. * **Administrative Overheads:** Annual losses of **Rs. 40 Lakhs to Rs. 48 Lakhs** are driven by essential maintenance, legal fees, and compliance costs despite zero production. --- ### **Regulatory Milestones and Shareholding Reclassification** A central pillar of the company’s current strategy is the normalization of its shareholding structure. Following an order from the **Hon'ble Securities Appellate Tribunal (SAT)**, the company successfully reclassified several promoter entities into the public category in **May 2025**. **Shareholding Pattern Post-Reclassification:** | Category | Pre-Reclassification (%) | Post-Reclassification (%) | Post-Reclassification (Shares) | | :--- | :--- | :--- | :--- | | **Promoters & Promoter Group** | **99.67%** | **99.36%** | **131,250,000** | | **Public** | **0.33%** | **0.64%** | **845,315** | **Strategic Timeline:** * **June 2022:** Initial application for re-classification submitted to **BSE Limited**. * **April 2025:** **SAT** issues order regarding the re-classification of promoters. * **May 2025:** **BSE Limited** grants **Final Approval** for the re-classification under **Regulation 31A** of SEBI (LODR) Regulations. --- ### **Governance Framework and Compliance Status** The company is overseen by a Board of **06 Directors**, comprising **01 Executive Director**, **03 Non-Executive Independent Directors**, and **02 Non-Executive Non-Independent Directors**. While a **Risk Management Committee** exists, the company has historically struggled with statutory mandates. **Key Compliance Indicators:** * **Dematerialization:** Only **12.48%** of equity shares were held in dematerialized form as of **March 2025**. * **Key Appointments:** **CS Yatendra Kumar** was appointed as **Company Secretary & Compliance Officer** in **December 2025**, addressing a previous vacancy. * **Accounting:** Financials are prepared in accordance with **Indian Accounting Standards (Ind AS)**. --- ### **Critical Risk Factors and Legal Litigation** Investors should note that Citurgia faces severe regulatory and legal hurdles that impact its "Going Concern" status. **1. Legal and Judicial Risks:** * **BIFR Rehabilitation Scheme:** A significant legal dispute exists regarding a rehabilitation scheme previously passed by the **BIFR**. The **Hon’ble High Court of Uttarakhand** stayed this scheme; the company’s appeal is currently pending before the **Hon’ble Supreme Court**. **2. Listing and Trading Risks:** * **Trading Suspension:** Shares have been suspended from the **BSE** since **January 16, 2013**, due to penal reasons. * **Revocation Progress:** The company received **In-Principle approval** for the revocation of this suspension on **August 11, 2025**, though final listing remains pending. **3. Material Compliance Lapses:** The company has been flagged for several failures under the **Companies Act, 2013** and **SEBI Regulations**: | Risk Area | Specific Non-Compliance | | :--- | :--- | | **Public Float** | Failure to meet the **Minimum 25% Public Shareholding** mandate. | | **Statutory Filings** | Non-payment of **Annual Listing Fees**; failure to file various statutory returns. | | **Shareholder Rights** | Failure to provide **E-Voting facilities** for AGMs held in **2022, 2023, and 2024**. | | **SEBI Enforcement** | Received a **Warning Letter (May 2025)** for a 3-year delay in disclosing promoter reclassification applications. | | **Internal Audit** | No internal audit conducted for the recent reporting year; lack of a functional internal audit department. | --- ### **Future Outlook** The company’s immediate survival depends on the **revocation of its trading suspension** and the resolution of the **Supreme Court litigation** regarding its rehabilitation. While the recent **In-Principle approval from BSE** and the **SAT-mandated reclassification** represent progress in corporate governance, the lack of working capital and the ongoing factory lock-out remain the primary barriers to resuming industrial operations.