The Exchange had sought clarification from Melstar Information Technologies Limited for the quarter ended 30-Jun-2024 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
Awaiting price reaction for this filing.
Melstar Information Technologies has clarified that the NSE sought details under Regulation 33 of SEBI LODR. The company disclosed that Corporate Insolvency Resolution Process (CIRP) was initiated against it under IBC 2016 by NCLT Mumbai order dated October 3, 2019. Resolution Applicant M/s Shivasons Solution India Pvt Ltd was selected by the Committee of Creditors and approved by NCLT on November 1, 2023. New management was appointed on July 3, 2024 and is working on revival. The company stated it had no operations, hence no segment details were provided in financial results submitted for March 2021 to June 2024.
The stock remains under insolvency proceedings with a new resolution applicant taking over. Shareholders should monitor revival progress as operations resume.