LEEL Electricals Limited has informed the Exchange regarding Outcome of Board Meeting held on May 10, 2025.
Awaiting price reaction for this filing.
LEEL Electricals Limited's Board of Directors met on May 10, 2025 and approved several key items. Two senior executives resigned: Ms. Komal Phulwani (Company Secretary and Compliance Officer) and Mr. Ankit Sharma (Executive Director and CFO). Mr. Bhoopendra Gaur, with over 20 years of sales experience, was appointed as Additional Executive Director and CFO. New Secretarial Auditor G Aakash & Associates (5-year term) and Internal Auditor Deepak Ingle (30+ years in accounting) were also appointed. The Board approved factory operations starting May 10, 2025, with an investment of about Rs. 20 crore and expected turnover of around Rs. 75 crore for FY 2025-26. Borrowings, inter-corporate loans, and investment of funds were approved. The annual audited financial results for FY ended March 31, 2025 were also approved, showing a net loss of Rs. 86.86 lakhs. The company is currently under NCLT liquidation proceedings, with Krishna Ventures Limited (KVL) as the successful auction purchaser working on a complete takeover.
For shareholders: The simultaneous exit of the Company Secretary and CFO raises governance concerns, though the new CFO brings relevant experience. The factory restart signals an operational revival under the new acquirer (KVL), with Rs. 75 crore revenue target for FY26 offering a recovery path. However, the FY25 net loss, qualified audit opinion, and ongoing NCLT/IBC restructuring mean existing shareholders face dilution risk as the acquirer takes control. Stock may remain volatile until the takeover and capital restructuring are finalized.