Announcement under Regulation 30 (LODR) - Change in Management
Awaiting price reaction for this filing.
The board approved unaudited financial results for the quarter and half year ended September 30, 2025. Mr. Davinder Kaushik, a 27-year-old Chartered Accountant with prior stints at Chaturvedi & Shah, Kotak Securities, and the Ceigall Group, was appointed as the new Chief Financial Officer effective November 10, 2025. The board also cleared a Rs. 1 lakh investment to set up Ceigall Integrated Energy Limited, a new wholly owned subsidiary in the electric power sector. The company is still recovering from a long insolvency saga: NCLT admitted it to CIRP in 2019, ordered liquidation in October 2022, and the Liquidator eventually sold the firm as a going concern to M/s R K Constructions for Rs. 104 crore in December 2024. The formal liquidation closure is still pending before NCLT, and the new management has filed an application seeking various reliefs. Auditors flagged major concerns, including incomplete records from the Liquidator, ongoing IBC uncertainties, and pending tax prosecution notices.
For shareholders, the new CFO and subsidiary formation show the new management is actively rebuilding the business after the IBC-driven acquisition, but financial statements carry an auditor emphasis-of-matter note with material uncertainties linked to the unfinished liquidation process. Investors should treat the results with caution until NCLT formally closes the liquidation and final accounts are reconciled.