Notice of Extra Ordinary General Meeting will be held on Monday, 18th May, 2026 through Video Conferencing / other Audio Visuals Means (VC/OAVM)
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Eureka Industries Ltd is calling an EGM on May 18, 2026 to address a critical financial situation. The primary agenda item is seeking shareholder approval to initiate a Pre-packaged Insolvency Resolution Process (PPIRP) under Section 54A of the Insolvency and Bankruptcy Code, 2016, as the company faces financial stress and liquidity constraints. The company qualifies as an MSME, making it eligible for this debtor-in-possession restructuring model. The resolution plan includes restructuring of liabilities, settlement of creditor claims, and mandatory capital reduction for existing public shareholders with new share allotments. Additionally, the meeting seeks to formalize Mr. Chaitanya Jayantilal Pandya's appointment as Managing Director (already acting as Managing Director and CFO) and Ms. Avani Ashwinkumar Shah's appointment as Independent Director. Voting deadline is May 17, 2026.
This is a high-risk situation for existing shareholders. The mandatory capital reduction will significantly dilute or potentially wipe out existing public shareholders' stakes as part of the debt restructuring. The company is attempting to revive as a going concern, but success depends on 66% creditor approval and NCLT clearance.