Sastasundar Ventures Limited has informed the Exchange about Intimation of reduction of share capital of Genu Path Labs Limited, step-down subsidiary of the Company under Reg 30 of SEBI (LODR) Reg, 2015 subject to the approval of National Company Law Tribunal.
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Sastasundar Ventures Limited informed the exchange that its step-down subsidiary Genu Path Labs Limited (GPL) has filed a scheme of reduction of share capital with the NCLT Kolkata Bench under Section 66 read with Section 52 of the Companies Act, 2013. GPL has a paid-up share capital of Rs. 19.75 crore (1,97,49,998 shares of Rs. 10 each) and accumulated losses of around Rs. 38.93 crore as of December 31, 2024. If approved, 90% of GPL's paid-up equity capital (17,77,49,982 shares) will be cancelled, reducing the face value to Re. 1 per share. The company said the move is to reflect true and fair financial values and write off accumulated losses against the securities premium account. There is no change in shareholding pattern or management control, and promoters do not gain any benefit.
This is a balance sheet cleanup at the subsidiary level to absorb heavy accumulated losses. It does not change the promoter group's effective ownership in GPL and is unlikely to have a direct material impact on Sastasundar Ventures' consolidated earnings or shareholder value, though it may slightly improve GPL's networth.