Ballarpur Industries Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 26/05/2025 ,inter alia, to consider and approve 1. Un-audited Consolidated ....
Awaiting price reaction for this filing.
Ballarpur Industries has called a Board meeting on May 26, 2025 to approve a large stack of pending financial results, including un-audited consolidated results for the quarters ended June 2023, September 2023 and December 2023, audited consolidated results for the year ended March 2024, and audited standalone results for the year ended March 2025. The Board will also consider allotting 0.01% unlisted non-cumulative redeemable preference shares of ₹100 each on a private placement basis, possibly in multiple tranches. Importantly, the filing confirms that the company's equity shares have been suspended from trading on both BSE and NSE since June 23, 2023, as part of a share capital reduction under an NCLT-approved Resolution Plan under the Insolvency and Bankruptcy Code, 2016. The existing paid-up equity capital is being extinguished and written down per the NCLT order, and trading window closures remain in force from June 2020 through December 2024 pending declaration of these results.
Existing equity shareholders have effectively been wiped out as part of the IBC resolution plan, with the share capital being extinguished per the NCLT order and trading suspended since June 2023. The preference share allotment is likely tied to the resolution plan restructuring, meaning the company is being revived under new capital structure while old equity holders receive nothing.