Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Board of Directors of the Company ....
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Awaiting price reaction for this filing.
The Board of Directors met on July 20, 2025, to review the implementation of the Scheme of Arrangement between the company and its financial creditors, which was approved by the NCLT on March 28, 2025. The company has substantially completed the scheme, with more than 90% of payouts to lenders already done. Only three lenders — State Bank of India, Punjab National Bank, and Union Bank of India — have small remaining amounts pending, which pertain to margin money for outstanding bank guarantees given on the company's behalf. All financial creditors have unanimously consented to a 90-day extension to complete the security creation formalities for these three lenders.
Positive for shareholders — the company is nearly through its debt resolution process with over 90% payouts already completed. The unanimous lender consent to a short 90-day extension for minor pending items signals that the restructuring is on the verge of conclusion, reducing future uncertainty around the company's debt obligations.