Outcome Of Board Meeting Held On 01.12.2025
Awaiting price reaction for this filing.
JTL Defence Ltd (formerly RCI Industries & Technologies Ltd) held a board meeting on 1 December 2025 to give effect to the Resolution Plan approved by the NCLT New Delhi Bench on 9 October 2025, under which the company emerged from the Corporate Insolvency Resolution Process (CIRP). The entire existing equity share capital of promoters (1,07,04,615 shares, 68.28%) and public shareholders (49,71,800 shares, 31.72%) has been cancelled and extinguished, with existing public shareholders retaining only 5% (5,24,350 shares) of the post-CIRP capital. JTL Industries Limited, the successful Resolution Applicant, has been allotted 1,00,00,000 equity shares of face value INR 10 each (totalling INR 10 crore) at par on a preferential basis, giving it 95% ownership post-allotment. The company has also shifted its registered office within New Delhi to Asaf Ali Road.
This is a near-total wipeout for existing shareholders — pre-CIRP equity has been reduced to just 5%, meaning retail and promoter shareholders have effectively lost 95% of their holdings. Going forward, JTL Industries Limited becomes the dominant 95% owner, giving the stock a fresh start under a new promoter but with a dramatically different shareholder base. Existing holders should expect a sharp value reset and review their positions carefully.