Intimation of NCLT order
Awaiting price reaction for this filing.
NCLT Chennai pronounced an order on 24 July 2025 approving the acquisition of BSE-listed J.R. Foods Limited (Pondicherry-based, vegetable oils manufacturer) by Datacipher Education Services Private Limited as a going concern for Rs 7.28 crore under the IBC liquidation process. Two prior bidders — Vega Symba Maz India and Pureplay Technologies — had won earlier e-auctions but defaulted on payment; Datacipher was the H2 bidder and was approved by the Stakeholders Consultation Committee. The sale consideration of Rs 7,28,09,128 was fully deposited by 11 February 2025 and the sale certificate was issued on 15 February 2025. The NCLT order grants a 'clean slate': extinguishes all past liabilities of J.R. Foods (creditors, statutory dues, taxes, litigations), cancels existing share capital, and approves issuance of 72,80,912 fresh equity shares of Rs 10 each to Datacipher. It also reconstitutes the board with new directors appointed by Datacipher and clears the company under Section 32A of the IBC.
For existing J.R. Foods shareholders, their equity is wiped out via capital reduction, and the listed entity now comes under full control of Datacipher with a restructured balance sheet free of legacy liabilities. Existing public shareholders lose their stake while Datacipher gains control of a BSE-listed shell it can potentially use to scale its education services business.