Reduction of equity share capital of the Company in terms of Resolution Plan approved by the Hon''ble NCLT
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JTL Defence Ltd (formerly RCI Industries & Technologies Ltd) is implementing an NCLT-approved Resolution Plan following a Corporate Insolvency Resolution Process (CIRP). The Board has approved cancellation of all existing promoter shareholding and a steep reduction of public shareholding to just 5% of the post-implementation capital base. Public shareholders move from 49,71,800 shares (31.72%) to just 5,24,350 shares (5%). Simultaneously, 1 crore fresh equity shares of face value INR 10 each (totalling INR 10 crore) are being allotted at par to JTL Industries Limited, the successful Resolution Applicant, giving it a 95% stake in the revived company. The record date for the capital reduction was 28 November 2025, and the registered office has been shifted within New Delhi.
This is a near-total wipeout for existing shareholders — promoters lose everything and public shareholders are reduced to a 5% minority with no control. JTL Industries Limited emerges as the new controlling shareholder with 95%, effectively making this a change of control via insolvency resolution. Existing public shareholders will see their stakes drastically shrink and have minimal say in the company's future direction.