Cessation/Removal of erstwhile Directors and KMP, with effect from 24-06-2024 pursuant to Resolution Plan approved by the Hon''ble National Company Law Tribunal vide their order dated 19-04-2024.
Awaiting price reaction for this filing.
XL Energy Ltd has removed its erstwhile Directors and Key Managerial Personnel effective 24-06-2024. This action follows the approval of a Resolution Plan by the National Company Law Tribunal (NCLT) through its order dated 19-04-2024. The change in leadership is a standard step after a resolution plan is sanctioned under the insolvency process. The company is moving forward with a new management structure aligned with the terms of the approved plan.
Existing shareholders may see a significant change in control or ownership structure as a new resolution applicant likely takes charge. This is a positive procedural step indicating the company is exiting or has exited the insolvency resolution process, but the financial implications for current shareholders will depend on the terms of the approved plan.