Outcome of the meeting of Monitoring Committee of Omkar Speciality Chemicals Limited ('the Company') held on Wednesday, April 15, 2026
Awaiting price reaction for this filing.
Omkar Speciality Chemicals Limited, under Corporate Insolvency Resolution Process since December 2022, held its Monitoring Committee meeting on April 15, 2026. The committee approved: (1) record date of April 29, 2026 for extinguishment/cancellation of all equity shares held by existing promoters and public shareholders as per the NCLT-approved Resolution Plan dated July 31, 2025; (2) issuance of 50,00,000 equity shares to IFFAS Kshitij SPV LLP for INR 5 crore at par; (3) borrowing of up to INR 20 crore as a loan from Kshitij Polyline Limited without conversion option; (4) treatment of earnest money deposit as part of the INR 2,190 lakh funding; (5) appointment of Mahendra Kumar Jain as CFO and Kuldeep Menaria as Company Secretary & Compliance Officer effective same date.
This marks a significant step in the company's resolution process - existing shareholders face total share cancellation while new equity is being issued to a single identified investor (IFFAS Kshitij SPV LLP). The loan from Kshitij Polyline Limited signals continued funding support for the resolution plan implementation.