Cessation of erstwhile Directors and KMP, with effect from 24/06/2024
Awaiting price reaction for this filing.
XL Energy Limited has confirmed the cessation of five senior personnel — four directors and the CFO — with effect from 24 June 2024. The individuals ceasing include Whole-time Director Aneesh Mittal, Director Ritu Lal Kumar, Managing Director Dinesh Kumar, Director Vikas Nayyar, and CFO K. Surender Reddy. These cessations are part of the implementation of the Resolution Plan approved by the NCLT Mumbai bench on 19 April 2024, following the company's exit from Corporate Insolvency Resolution Process (CIRP). The resolution plan was submitted by a consortium of Karishma Jain, Jupiter City Developers, and Adwaita Navigations. The disclosure was delayed because the company's stock status changed from 'Delisted' to 'Suspended' on 28 May 2025, and exchange login credentials were only retrieved on 24 June 2025.
This is a governance restructuring under the approved insolvency resolution plan and signals the new management taking full control of the board. Shareholders should expect new director appointments by the incoming resolution applicants in due course; the stock remains suspended from trading on NSE and BSE, limiting liquidity until revival actions are completed.