Minutes of 1st CoC meeting of Dhruv Wellness Limited held on 9th April, 2025.
Awaiting price reaction for this filing.
Dhruv Wellness Limited is undergoing a Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT Mumbai Bench on 18th February 2025, with Ashok Mittal re-appointed as Resolution Professional. Total admitted claims stand at about Rs. 39.26 crore, with Axis Bank (Rs. 17.35 crore, 53.23% voting share) and SBI (Rs. 15.25 crore, 46.77%) as secured financial creditors, and GST Department (Rs. 6.66 crore) and BSE (Rs. 3.04 crore) as operational creditors. SBI confirmed the company's bank account was declared fraudulent, and noted its associate Jayesh Lifescience India Pvt Ltd was directly dissolved under a prior CIRP due to lack of assets. The suspended directors have not provided required financial data, and the IRP plans to file a Section 19(2) application against them while seeking forensic audit reports from banks to identify any preferential, undervalued, or fraudulent transactions. A contempt application has also been authorised against the original applicant (Dipak Jha) for failing to deposit Rs. 3 lakh for initial CIRP expenses.
Shareholders face a high-risk situation as the company is in active insolvency with a prior fraud tag on its bank account and an associate company already dissolved due to no assets. Recovery prospects for equity holders look weak given the limited asset base (only securities and financial assets) and non-cooperation from suspended directors.