Ballarpur Industries Limited has informed the Exchange regarding Appointment of Mr Alok Prakash as Chief Executive Officer of the company w.e.f. April 16, 2025.
Awaiting price reaction for this filing.
Ballarpur Industries (BILT) has appointed Mr. Alok Prakash as its new Chief Executive Officer effective April 16, 2025. Mr. Prakash holds a Ph.D. and brings over 28 years of experience in the paper and textile industry, including a previous role as Chief Sales Officer at Century Pulp & Paper (B.K. Birla Group) where he oversaw a turnover of about Rs. 2,750 crore. In the same board meeting, the company cleared long-pending audited consolidated financial results for FY2020-21, FY2021-22, and FY2022-23, all of which received a disclaimer of opinion from the statutory auditors due to material uncertainty about the company's ability to continue as a going concern. The board also allotted the first tranche of 23 lakh 0.01% unlisted non-cumulative redeemable preference shares worth Rs. 23 crore to Finquest Financial Solutions Pvt Ltd, and appointed M/s Todarwal & Todarwal LLP as the new internal auditor for FY2024-25 and FY2025-26. BILT was admitted into the Corporate Insolvency Resolution Process in January 2020 and its resolution plan was approved by the NCLT in March 2023.
The appointment of an experienced paper-industry veteran as CEO signals a fresh push towards operational turnaround following the company's exit from the insolvency resolution process. However, shareholders should note the continued going-concern uncertainty flagged by auditors across three years of results, indicating that financial recovery remains fragile. The Rs. 23 crore preference share allotment to the promoter-group entity (Finquest Financial Solutions) further strengthens the sponsor's financial commitment to the company.