NCLT Resolution Plan: existing shares cancelled, new shares allotted to new allottees

Following NCLT Bengaluru order dated June 20, 2025 approving a Resolution Plan under Section 31 of the IBC, the board cancelled 51.37 lakh promoter shares and 48.89 lakh public shares without any consideration. Existing public shareholders (record date July 8, 2026) received only 20,650 fresh shares in exchange. Additionally, 3.92 lakh new equity shares allotted at Rs 10 each to five allottees on preferential basis, giving them effective control.