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 IBC liquidation since a January 2022 NCLT order, has completed the sale of the company as a going concern. A consortium of Elysian Wealth Fund (formerly Silver Stallion Limited), Vikasa India EIF I Fund, and AIG Direct LLC — the successful bidders — has taken over the company. The Sale Certificate was issued on October 3, 2024, though the final liquidation closure order from NCLT is still awaited. Following NCLT directions pronounced on June 3, 2025, the board is being re-constituted with three new Non-Executive Non-Independent Directors: Mr. Allan Marcelline Lopes (firefighting systems expert, 45+ years), Mr. Vikas Arunkumar Makharia (business leadership, 35+ years, IIM Kolkata alumnus), and Mr. Kailat Hariharan Vaidyanathan (high-pressure/CNG cylinders industry, 50+ years). The Liquidator has also approved unaudited financial results for Q1 FY26 (ended June 30, 2025) and Q2/H1 FY26 (ended September 30, 2025) on standalone and consolidated basis.
This marks a new chapter for shareholders as control of the listed company has effectively changed hands through the IBC liquidation route. With the new board in place, the company may attempt to revive operations in fire protection and related industrial segments under new promoters, though the stock remains under liquidation overhang until the final NCLT closure order is received.