MITCON Consultancy & Engineering Services Limited has informed the Exchange regarding 'MITCON has informed exchange about intimation of forfeiture of shares sent to Shareholders'.
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MITCON Consultancy & Engineering Services has begun forfeiting 2,61,404 partly paid-up rights equity shares from shareholders who failed to pay the First and Final Call Money by the July 23, 2025 deadline. These shares were originally issued as part of a rights issue of up to 42,41,321 partly paid-up shares at ₹76 per share (including a ₹66 premium) in the ratio of 6 rights shares for every 19 fully paid shares held, with a record date of June 20, 2024. The Board of Directors approved the forfeiture on July 28, 2025. Shareholders who did not pay will lose both their unpaid shares and any amounts already paid towards them, as per the Companies Act, 2013. The company can now re-allot, sell, or otherwise dispose of these forfeited shares.
This is a negative development for the specific shareholders who failed to pay their call money, as they lose both the shares and any prior payments made. For existing shareholders, the forfeiture may slightly reduce potential future dilution if the company re-issues these shares, though this is a relatively small portion (2.61 lakh shares) of the overall capital structure.