Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 - Change in Management pursuant to the approved Resolution Plan by Hon''ble NCLT, Cuttack Bench dated 29.08.2025.
Awaiting price reaction for this filing.
Following NCLT Cuttack Bench approval of the company's Resolution Plan under Section 31(1) of the IBC Code on 29.08.2025, ARSS Infrastructure has completely reconstituted its Board effective 29.09.2025. The new Board includes Mr. Dipti Ranjan Patnaik as Executive Chairman (first-generation promoter of Altrade Group with interests in mining, steel, cement and infrastructure), Mr. Gopal Krishna Dash (ex-banker, 35+ years experience) as Managing Director, Mr. T.K. Padmanaban (retired IRSE officer) and Mrs. Payal Agarwal (Chartered Accountant) as Independent Directors. The three previous directors — Mr. Subash Agarwal, Mr. Rajesh Agarwal and Mr. Pareswar Panda (all from the existing Agarwal promoter family/associates) — have ceased to be directors as part of the resolution plan. Additionally, 30,00,000 equity shares of Rs. 10 each (Rs. 3 crore at face value) have been allotted to Ocean Capital Market Limited, the Strategic Resolution Applicant (SRA).
The company has emerged from insolvency proceedings with an entirely new management team, replacing the earlier Agarwal-era board. Existing shareholders face dilution from the 30 lakh share allotment to the SRA. Investors should view this as a fresh start post-IBC — operational continuity and the credibility of the new promoter (Altrade Group) will be key things to watch as the stock re-rates.