Outcome of the second Monitoring Committee meeting held on October 28, 2025
Awaiting price reaction for this filing.
The Monitoring Committee, set up under the Resolution Plan approved by the NCLT on October 9, 2025, held its second meeting on October 28, 2025. The committee reviewed progress on implementing the Resolution Plan and deferred a decision on renewing the job-work MOU with JTL Industries Limited to its next meeting. Three new Non-Executive Non-Independent Directors — Mr. Madan Mohan (35+ years in steel), Mr. Rakesh Garg (35+ years in steel, trade and commercial operations), and Mr. Pranav Singla (capital markets, finance, production) — were appointed effective October 28, 2025. Four outgoing directors and KMPs, including Managing Director Mr. Rajeev Gupta, ceased on the same date as part of the board reconstitution required by the NCLT order. The filing confirms none of the incoming directors are debarred from holding office by any SEBI or other authority.
Confirms the company's insolvency-driven revival is moving forward on schedule, with a new board installed to drive the approved Resolution Plan. For shareholders, this is a procedural but important step toward business stabilisation, though execution of the plan and future operating performance remain the key things to track.