As Per Attachment
Awaiting price reaction for this filing.
Procal Electronics India Limited's Board, at its meeting on 31 March 2026, approved three actions: (1) the takeover and sale of the Company's immovable, movable assets and inventory by Canara Bank through an E-Auction under the SARFAESI Act, 2002, following a sale notice dated 2 May 2024, as part of the Bank's loan recovery proceedings; (2) the write-off of several long-standing unrecoverable/unpayable credit and debit balances to present a true financial position; and (3) a re-grouping and reclassification of various ledger accounts to consolidate, segregate, and correctly categorize assets and liabilities. The Board meeting ran from 5:30 PM to 7:40 PM.
This is materially negative for shareholders — Canara Bank enforced security under the SARFAESI Act by seizing and auctioning the Company's assets, which signals a prior loan default (NPA) and a significant loss of productive assets for the Company. The accompanying write-offs and account reclassifications are post-event cleanup, not a recovery, and are likely to weigh on the stock and shareholder value.