Announcement under Regulation 30 (LODR) - Disclosure related to formation of Monitoring Committee for implementation of the Approved Resolution Plan and Delisting of securities of the Company
Awaiting price reaction for this filing.
The National Company Law Tribunal (NCLT), Kolkata Bench, approved the company's Resolution Plan on August 14, 2025, bringing the Corporate Insolvency Resolution Process (CIRP) to a close. The Resolution Professional, Mr. Girish Siriram Juneja, has stepped down with effect from that date. A Monitoring Committee, made up of the Managing Agent, two representatives of the Committee of Creditors (COC), and two members nominated by the Resolution Applicant, will now oversee the implementation of the plan. The company is also moving ahead with applications to SEBI and the stock exchanges to delist both its equity shares and Non-Convertible Debentures (NCDs) under the relevant SEBI delisting and listing regulations.
Shareholders should note that this marks the formal end of the insolvency process with NCLT approval, which is a positive resolution milestone. However, the company has simultaneously initiated delisting of both its equity shares and NCDs from the stock exchanges, meaning equity holders will likely face an exit opportunity (such as a delisting offer) and trading liquidity on BSE/NSE will eventually cease.