Pursuant to Reg 30 read with Sch III of SEBI LODR, Reg 2015 we wish to inform you that Board of Directors of the Company at their meeting held today i.e. 12.02.2026 have approved and noted ....
Awaiting price reaction for this filing.
The Board of Directors met on February 12, 2026 and approved multiple items. The CFO, Mr. Mahadeb Chatterjee, had his service extended for a further two years from February 13, 2026, on existing terms. Mr. Abhijit Banerjee, a practicing advocate with corporate law expertise, was appointed as an Additional Director. A significant positive development: the NCLT dismissed UCO Bank's insolvency application (Section 7 of IBC, Case No. CP(IB)-129/2025) filed against the company. However, UCO Bank has filed an appeal against this NCLT order. The Board also noted ongoing legal proceedings before the Debt Recovery Tribunal (next hearing April 6, 2026) and property-related cases involving the company and its CFO.
Positive for shareholders as the NCLT dismissal of the insolvency petition removes an immediate existential threat, but the bank has appealed, so the risk is not fully behind the company. CFO continuity provides stability, while the multiple outstanding legal cases with UCO Bank and others signal ongoing financial and operational stress that warrants close monitoring.