Pursuant to the acquisition plan submitted by Elysian Wealth Fund Erstwhile known as Silver Stallion Limited in consortium with Vikasa India EIF I Fund and AIG Direct LLC, the successful ....
Awaiting price reaction for this filing.
Nitin Fire Protection Industries, which has been under liquidation since January 2022 following a failed Corporate Insolvency Resolution Process (admitted in October 2018), has completed the sale of the company as a going concern. A Sale Certificate was issued on October 3, 2024, by the Liquidator Mr. Uliyar Balakrishna Bhat. Pursuant to an NCLT order dated June 3, 2025, and the acquisition plan submitted by the consortium of Elysian Wealth Fund (formerly Silver Stallion Limited), Vikasa India EIF I Fund, and AIG Direct LLC, the Board of Directors is being reconstituted. Three new Non-Executive Non-Independent Directors — Mr. Allan Marcelline Lopes, Mr. Vikas Arunkumar Makharia, and Mr. Kailat Hariharan Vaidyanathan — have been appointed effective December 15, 2025. The Liquidator also approved the unaudited financial results for Q1 FY26 (June 30, 2025) and Q2/H1 FY26 (September 30, 2025). The final liquidation closure order from NCLT is still awaited.
This marks a significant turnaround milestone — the company is emerging from a multi-year insolvency and liquidation process under new ownership, which could revive operations and potentially restore shareholder value, though the stock remains in a high-risk category pending the final NCLT closure order and operational restart.