Pursuant to Regulation 30 read with Schedule III of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform that ....
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The board approved a major restructuring of the company following a resolution plan approved by the NCLT Kolkata bench on 27th March 2025. Promoter and promoter group shares totaling 66,92,050 equity shares (32.09% holding) will be cancelled entirely. The share capital will first be reduced (face value cut from Rs.10 to Re.0.10 per share, creating 1,41,61,700 shares) and then consolidated back into 1,41,617 shares of Rs.10 each. Resolution Applicant Mr. Mukesh Goel will invest Rs. 2.69 crore for 26,90,723 fresh shares, giving him and his representatives 95% ownership while existing public shareholders will be left with just 5%. A new CFO, Mr. Mukesh Kumar Agarwal, has been appointed, board committees have been reconstituted, and 30th April 2025 is fixed as the record date for these changes.
Existing public shareholders face severe dilution, dropping to just 5% of the company, while the original promoter group is completely wiped out. A new controlling shareholder (Mr. Mukesh Goel) is taking over the company through the IBC resolution process, marking a significant change in control and likely a fresh start for the business.