Outcome of 02nd meeting of Implementation and Monitoring committee.
Awaiting price reaction for this filing.
Alka India Limited's Implementation Monitoring Committee met on April 12, 2025 and approved three key items. First, it took note of Ms. Avani Patel's withdrawal of consent (dated March 6, 2025) to act as Additional Independent Director, along with her exit from the Audit Committee and as Chairperson of the Nomination & Remuneration Committee and Stakeholder Relationship Committee. Second, it approved allotment of 47,50,000 equity shares to the Promoter and Promoter Group at Rs. 1 face value (totalling Rs. 47.50 lakh) and 2,50,000 equity shares to existing public shareholders at Rs. 1 face value (totalling Rs. 2.50 lakh), under the approved Resolution Plan. Third, the committee approved its own dissolution and handed over management of the company to the successful resolution applicant, effectively closing out the CIRP process.
This filing marks the formal end of the Corporate Insolvency Resolution Process for Alka India, with control now transferring from the Resolution Professional to the successful resolution applicant. The fresh equity infusion of Rs. 50 lakh signals a restart of operations, though the abrupt exit of an independent director just before handover may raise short-term governance questions for incoming shareholders.