Pursuant to regulation30, Read with Schedule III of SEBI (LODR) Regulations, 2015 in the BM held on 18th April, 2025, it was considered and approved: 1. Appointment of MD and Independent ....
Awaiting price reaction for this filing.
KDJ Holidayscapes has emerged from insolvency after the NCLT Mumbai Bench approved the Resolution Plan of Mr. Ravikumar Gaurishankar Patel on 4th March 2025. As part of the plan, the company's share capital is being slashed from 5,46,56,000 equity shares (₹2 each) down to just 5,00,000 equity shares. Existing promoters lose 100% of their holdings with no compensation. Public shareholders face severe dilution – out of every 998 shares held, 997 are cancelled and only 1 is retained, with those holding 997 or fewer shares having their entire holding extinguished without any cash payment. The successful resolution applicant, Mr. Ravikumar Patel and his group, will be allotted 4,75,000 equity shares (95% of the restructured capital), giving them effective control. The old board has been entirely replaced – new MD Mr. Hemant Raval, new CFO Mr. Akash Parmar, and two new Independent Directors have been appointed, while five earlier directors have ceased pursuant to the NCLT order. Record date for the share capital reduction is 30th April 2025.
This is an extremely negative event for existing public shareholders – their equity is being virtually wiped out with zero cash compensation, effectively transferring ownership to the new resolution applicant. Existing shareholders should expect their holdings to be reduced to roughly 0.1% of what they held previously. The stock is likely to see a sharp repricing reflecting the new capital structure and change of control to Mr. Ravikumar Patel and his group.