01st EGM of the company held on Monday 18Th May, 2026 through VC/ OAVM
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Eureka Industries held its 1st EGM on May 18, 2026 via VC/OAVM where shareholders approved 4 resolutions. The most significant is the initiation of Pre-Packaged Insolvency Resolution Process (PPIRP) under IBC 2016 Section 54A, with approval of the Base Resolution Plan. The plan includes amalgamation of Onix Renewable Limited into the company, change of name to 'ONIX RENEWABLE LIMITED', restructuring of liabilities, and reorganization of equity share capital including potential reduction for existing public shareholders. A Resolution Professional (Mr. Bimal Ashok Desai) has been appointed while existing management continues as Debtor-in-Possession. The sole financial creditor (Harsiddhi Distillery Pvt Ltd) representing 100% of financial debt has already approved. Additionally, Mr. Chaitanya Jayantilal Pandya was regularized and appointed Managing Director at Rs 50,000/month, and Ms. Avani Ashwinkumar Shah was regularized as Independent Director.
This is a highly negative development for existing shareholders. The PPIRP and BRP may result in significant dilution or complete loss of equity value for existing public shareholders due to share capital reorganization. The company's financial distress has led to it seeking protection under insolvency code, though the proposed amalgamation with Onix Renewable could potentially revive operations as a going concern.