Outcome of Board meeting held on 21.11.2025
Awaiting price reaction for this filing.
RCI Industries & Technologies Ltd (BSE: 537254) held its second board meeting post-completion of the Corporate Insolvency Resolution Process (CIRP). The board noted the NCLT New Delhi Bench's order dated October 9, 2025, which approved the resolution plan in the case between Standard Chartered Bank (Singapore) Ltd and RCI Industries. Management was formally handed over to the newly constituted board. Three new directors were ratified — Pranav Singla re-designated as Managing Director, Madan Mohan as Executive Director, and Rakesh Garg as Non-Executive Chairperson. The previous Managing Director and other directors/KMPs ceased effective October 28, 2025. M/s R. Bansal & Co. was re-appointed as statutory auditor for 5 years from FY 2025-26. A record date of November 28, 2025 has been fixed for extinguishment of existing equity share capital.
This marks the successful exit from insolvency for RCI Industries. Existing shareholders will see their equity extinguished on November 28, 2025, meaning they are likely to lose their holdings as part of the resolution plan — a major negative for legacy shareholders. The company will emerge with a new board and potentially fresh equity issuance under the resolution plan, essentially making it a restructured entity going forward.