Outcome of 1st Meeting of the Board of Directors after completion of CIRP and constitution of New Board pursuant to approval of Resolution Plan by Hon'ble NCLT
Awaiting price reaction for this filing.
Shivom Investment & Consultancy held its first board meeting after coming out of the Corporate Insolvency Resolution Process (CIRP). The NCLT Mumbai Bench had approved the company's Resolution Plan on 18th August 2025, with Mr. Prashant Ghanshyambhai Ukani as the Successful Resolution Applicant. The board has been fully reconstituted with 6 new directors, and Mr. Ravi Dhirajlal Vagadiya has been appointed as Managing Director. Key actions include issuing 60 lakh fresh equity shares of Rs. 10 each to the Resolution Applicant, allotting 3 lakh shares to unsecured financial creditors, and cancelling/extinguishing all 6.99 crore existing public equity shares with a record date set for 26th September 2025. The company will also issue 0.01% Compulsorily Convertible Debentures worth Rs. 17.5 crore to unsecured creditors, and has shifted its registered office to Ahmedabad.
This is a major corporate restructuring event — existing public shareholders will lose their entire holdings due to the extinguishment of old shares, while the new promoter and creditors receive fresh equity. The stock is likely to see extreme volatility around 26th September 2025 (record date), and existing investors should treat this as effectively a loss of their investment unless specific relief is provided under the resolution plan.