The Exchange had sought clarification from Melstar Information Technologies Limited for the quarter ended 31-Mar-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 to NSE that the company underwent Corporate Insolvency Resolution Process (CIRP) under IBC 2016, initiated by NCLT Mumbai on 3rd October 2019. Mr. Neehal Mahamulal Pathan was appointed as Interim Resolution Professional and later as Resolution Professional. Shivasons Solution India Pvt Ltd was selected as the Resolution Applicant by the Committee of Creditors and approved by NCLT on 1st November 2023. New management took charge on 3rd July 2024 and is working on reviving the company. Financial results from March 2021 to June 2024 were submitted on 14th August 2024, with no segment details provided as the company was not operational during the insolvency period.
The company has emerged from insolvency proceedings and is under new management working toward revival. The stock may remain suspended or illiquid until operations normalise and regular filings resume.