Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Monitoring Committee ....
Awaiting price reaction for this filing.
Garodia Chemicals Ltd's Monitoring Committee met on May 28, 2025, to formally approve the reconstitution of its Board of Directors following the company's Pre-Packaged Insolvency Resolution Process (PPIRP). The NCLT (Adjudicating Authority) had approved the resolution plan submitted by Mr. Ravindra Salunkhe via an order dated February 24, 2025, with the certified copy received on March 10, 2025, marking the effective date. The new board comprises Mr. Ravi Salunkhe (the successful resolution applicant) as Managing Director for a 5-year term, along with four new Additional Non-Executive Directors: Mrs. Megha Brahmankar, Mr. Suraj Kodak, Mr. Vikram Sabnis, and Mrs. Bhagyashri Devrale. Three existing directors, including Chairman and Whole-time Director Mahesh Gordhandas Garodia and two Independent Directors, ceased with effect from March 10, 2025.
This filing effectively closes out the insolvency resolution process and signals a clean handover to the new promoter-led management. For shareholders, it means the uncertainty around the company's revival is largely behind them, and focus now shifts to how the new board executes on the resolution plan and restarts business operations.