Annual Report for the FY 2023-24
Awaiting price reaction for this filing.
Leel Electricals Ltd (formerly Lloyd Electric & Engineering Ltd) has filed the Notice of its 37th Annual General Meeting along with the Annual Report for FY 2023-24. The AGM is scheduled for Monday, December 29, 2025 at 4:00 PM, to be held via video conferencing. The filing carries a strong disclaimer from the new management that it disclaims all responsibility for the financial statements covering FY 2018-19 to FY 2023-24, since these were prepared under the previous management, Resolution Professional, and Liquidator. The company had a turbulent history — it was admitted to the insolvency resolution process by NCLT in March 2020, liquidation began in December 2021, and it was ultimately sold as a going concern to Krishna Ventures Limited (KVL) via an NCLT order dated March 21, 2024, with the new management taking control in July 2024. The company is also in the middle of a capital restructuring where ~94.97% of shares (1,02,60,000) are being allotted to the promoter group and the remaining ~5% (5,43,011 shares) to eligible public shareholders in a 43:1 ratio.
For shareholders, this is primarily a regulatory filing to clear past compliance backlogs following the insolvency-driven change in management. However, the capital restructuring will significantly dilute existing public shareholders and shift ~95% control to the new promoter group (KVL), making only those whose names appear in post-allotment MCA records eligible to vote at the AGM.