Submission of Disclosure of change in management along with resignation letter with reference to the email dated 26th April, 2025
Awaiting price reaction for this filing.
Alka India Limited (Scrip Code: 530889) has filed the resignation letters of its entire suspended management team with BSE, following the Hon'ble NCLT, Ahmedabad/Mumbai Bench approving the Resolution Plan submitted by Mr. Jatin Patel on 7th February 2025 under the Insolvency and Bankruptcy Code, 2016. Pursuant to the order, the suspended board is deemed to have resigned effective 18th February 2025. Eight persons have resigned, including the Managing Director & Chairperson (Satish Ramswroop Panchariya), CFO (Hemant Mahabaleshwarkar), Company Secretary (Heena Bedi), Executive Director (Ramakant Sharma), and four Non-Executive Independent Directors (Ashok Panchariya, Alok Jain, Hiramani Sharma, Mohammed Ansari). The company acknowledged a delay in filing the resignation letters within the SEBI-prescribed 7-day window, attributing it to an inadvertent oversight and noting its website is under maintenance.
This marks a complete change of guard at Alka India Limited as it emerges from the corporate insolvency resolution process. Shareholders should expect a new board to be constituted by the successful resolution applicant (Mr. Jatin Patel), which could lead to a potential change in business direction or revival plans for the company.