The Hon'ble NCLT-Ahmedabad Bench, at the hearing held on 19th April 2024, Pronounced Orders in CP No. (IB)- 407 of 2020 , approved the resolution plan submitted by Mr. Prasanna Sai Raghuveer ....
Awaiting price reaction for this filing.
The NCLT Ahmedabad approved a resolution plan submitted by Mr. Prasanna Sai Raghuveer Kandula on 19th April 2024 to revive Maximaa Systems Ltd out of insolvency. Under the plan, the entire promoter shareholding will be cancelled without any payout, and public shareholders face a 95% haircut — they will receive just 1 new equity share of Rs 2 for every 20 existing shares held. The Resolution Applicant will infuse Rs 3.6 crore and receive 1.8 crore shares. Additionally, Jan Shakti Oil Products Pvt Ltd will be merged into Maximaa, resulting in allotment of 25 crore shares to JSOPPL shareholders. Total share count will expand from about 5.8 crore to roughly 28.5 crore shares post-restructuring. Secured financial creditors will receive only 10% of their admitted claims (Rs 3.43 crore against Rs 34.3 crore), and operational creditors will recover just 1%. The company also plans to change its name and MOA objects. No delisting is planned; the company will remain listed on BSE.
This is a major restructuring event. Existing public shareholders will see a 95% reduction in their holdings, though the merged entity and fresh Rs 3.6 crore infusion may offer a turnaround story. The promoter group has been fully wiped out, control has shifted to the new Resolution Applicant, and creditors are taking deep haircuts. Stock may see high volatility around the record date for the share cancellation and allotment.