Shah Metacorp Limited has informed the Exchange regarding Appointment of Mr K Jatin & Co,PCS and J N A D & Co.,CA as Other of the company w.e.f. Jun 09, 2025.
SHAH · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The board of Shah Metacorp approved the allotment of 3.55 crore equity shares to promoter and director Ms. Mona Viral Shah at Rs. 4.02 per share (Rs. 1 face value + Rs. 3.02 premium) on conversion of convertible warrants, out of 4.45 crore warrants issued earlier. This increases the promoter's equity holding in the company. The board also appointed M/s. K Jatin & Co. as Secretarial Auditor for five years (FY 2025-26 to FY 2029-30) and re-appointed M/s. JNAD & Co. as Internal Auditor for FY 2025-26. Separately, the company disclosed receiving a notice of an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Startmount Coal and Commodity Private Limited and Vatsal Agarwal, which could be a concern for creditors and shareholders.
The warrant conversion strengthens the promoter's stake but is at a low price (Rs 4.02), which may dilute existing minority shareholders' value. The IBC application is a negative signal as it indicates a creditor has initiated insolvency proceedings, which could affect the stock negatively and create uncertainty for shareholders.