Pursuant to Reg 44 of SEBI (LODR), Regulations, 2015, please find enclosed herewith the details regarding the voting results of the 41st AGM of the Company held on Tuesday, 19th August, ....
Awaiting price reaction for this filing.
Nicco Uco Alliance Credit Ltd has submitted the voting results of its 41st Annual General Meeting held on 19th August 2025 at its registered office in Kolkata. All seven resolutions were passed with overwhelming shareholder approval, with over 99.99% of votes cast in favour of each resolution. Key resolutions included adoption of audited standalone and consolidated financial statements for FY25, reappointment of Mrs. Anita Lahiri as Director, appointment of Mr. Prabir Kumar Nag as Independent Director, authorization for filing of Form MR-1, and crucially, a special resolution to accord admission for initiation of the Corporate Insolvency Resolution Process (CIRP) by UCO Bank, the company's lead bank. Another special resolution approved alterations to the company's Memorandum and Articles of Association. The scrutinizer was Madhuri Pandey, Practicing Company Secretary.
Most significantly, shareholders have approved the admission for initiation of Corporate Insolvency Resolution Process (CIRP) by UCO Bank, the lead lender, signaling severe financial distress at the company. This is a highly negative development for shareholders — CIRP typically leads to significant erosion of equity value, potential restructuring, or liquidation, and indicates the company is unable to repay its lenders. Stock price is likely to react very negatively to this disclosure.