DPSC Limited has informed the Exchange regarding Proceedings of Postal Ballot
DPSCLTD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
India Power Corporation Limited (formerly DPSC Limited) has disclosed that the Hon'ble NCLT Hyderabad Bench-1 admitted a Section 7 application under the Insolvency and Bankruptcy Code on May 15, 2026, commencing the Corporate Insolvency Resolution Process. As a result, the powers of the Board of Directors stand suspended. The company also disclosed proceedings of a Postal Ballot conducted between April 30 and May 29, 2026 for the re-appointment of Mr. Anil Kumar Jha as Independent Director for a second term of 5 years from June 11, 2026 to June 10, 2031. The voting results were declared on May 29, 2026 by the Scrutinizer. Notably, the CIRP admission occurred during the postal ballot process, raising questions about the validity of the Board-level appointment given that Board powers are now suspended.
This is a highly negative development for shareholders as the company has entered the formal insolvency resolution process under NCLT, which typically results in significant dilution or wipeout of existing equity shareholders' interests. The suspended Board status also questions the legitimacy of the director re-appointment approved through the postal ballot.