Outcome of 7th meeting of Implementation and Monitoring Committee.
Awaiting price reaction for this filing.
PAE Limited's Monitoring Committee approved key actions to implement the Resolution Plan sanctioned by NCLT Mumbai on 27th November 2024. The entire shareholding of erstwhile promoters will be cancelled and extinguished, existing public shareholders will be allotted 50,000 equity shares at face value (constituting 5% of post-restructured capital), and 9,50,000 new equity shares will be allotted to the new promoter group at Rs. 10 each. The Committee also took on record unaudited standalone financial results for the quarters ended June 2024, September 2024, and December 2024. The statutory auditor issued a disclaimer of opinion citing non-availability of confirmations/reconciliations for receivables, payables, fixed assets, and borrowings, along with the company's failure to appoint an internal auditor.
This marks a major restructuring milestone - existing public shareholders will see their holdings heavily diluted (to just 5%), with effective control shifting to new promoters. Shareholders should expect significant changes in shareholding pattern and board composition as the company exits the CIRP process initiated in April 2023.