Morarjee Textiles Limited announced delay in announcement of earnings results for the quarter ended June 30, 2023. the company is required to submit to the Stock Exchanges its un-audited quarterly Standalone and Consolidated financial results along with limited review for the quarter ended 30th June, 2023, within 45 days of the end of the quarter i.e. 14th August, 2023. The company refer to its earlier disclosure dated 29th April, 2023 to the exchanges under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 informing to the Exchanges about disruption of work and later of Strike at the Company's plant at Nagpur effective from April 17, 2023, due to which majority of the operations at the plant came to a halt.

Further, the Company in its outcome for Board Meetings for financial results has regularly disclosed that there have been continuous delays and defaults in repayment of debt obligations as well as delay in other payments. The loan account of the Company is classified as NPA by lenders and majority of the lenders have served notice for recall /taken legal recourse against the Company, requiring repayment of the loan. One of the financial creditor has filed an application before National Company Law Tribunal, Mumbai under Section 7 of Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Company.

The matter came up for hearing before the Tribunal on June 27, 2023 and after hearing the parties, it has been reserved for Order. The Bank/s since then are not allowing any withdrawals from the Company's Bank Account/s. With no withdrawals being permitted from Bank Accounts, the company is unable unable to make any payments including those for critical services. Consequent to the above the operations of the Company are completely at halt.

In view of the above, the company informed the Exchange that the Company is unable to prepare and finalize the un-audited Financial Accounts /Results for the quarter ended 30th June, 2023 of Fiscal Year 2023-24.