Appointment of new Directors after approval of Resolution Plan by the NCLT
Awaiting price reaction for this filing.
The NCLT Mumbai Bench IV approved a Resolution Plan submitted by Mr. Prashant Ghanshyambhai Ukani on August 18, 2025, effectively ending the company's insolvency process. Under this resolution plan, four new directors were appointed on September 8, 2025: Ms. Purvi Ramkumar Ukani (Woman Independent Director), Mr. Kevin Chhaganbhai Aghara (Independent Director), Mr. Manish Mahendrabhai Raval (Independent Director), and Mr. Ravi Dhirajlal Vagadiya (Managing Director). The new board brings experience in finance, taxation, banking, sales, trading, and manufacturing operations. The letter is signed by the Ex-Resolution Professional, confirming handover of the company back to new management.
A positive development for shareholders — the NCLT-approved resolution plan means the company has exited insolvency, and the new promoter-backed board has taken charge. Stock may see renewed trading interest, though governance and operational revival will take time to play out.