As per approval of Resolution Plan Bt NCLT Old Management of the Company has been creased w.e.f. 12-08-2025.
Awaiting price reaction for this filing.
The NCLT Mumbai Bench-IV approved the Resolution Plan submitted by Mr. Prashant Ghanshyambhai Ukani on 18 August 2025, with 100% CoC voting share approval. As a result, the old board of four directors (Amit Somani, Ankit Gala, Jayantilal Chaitanya, and Archana Pandya) has ceased to hold office, and a new management has taken over. Existing 6.99 crore equity shares of Rs 10 each stand cancelled, with existing shareholders receiving just 2 new shares for every 1,000 held, while the Resolution Applicant subscribes 60 lakh fresh shares to become the new promoter. Unsecured financial creditors (admitted claims of Rs 27.47 crore) will recover about 25.76% through a mix of cash, compulsory convertible debentures, and equity, while operational creditors (admitted claims of Rs 1.35 crore) recover only about 1.84%. Total plan outlay is Rs 7.80 crore with a Rs 1.63 crore performance guarantee deposited.
This marks a clean-slate revival for existing shareholders, who face massive dilution (effective 99.8% loss in shareholding) but the company exits insolvency and resumes trading. The stock may see sharp repricing as the old equity is wiped out and new shares are allotted to the Resolution Applicant and creditors; small retail shareholders will likely hold a heavily diminished stake.