The unaudited financial statement for quarter ended on 31st December 2024 has been approved b implementation and Monitoring Committee at its meeting held today
Awaiting price reaction for this filing.
PAE Limited's Monitoring Committee approved unaudited standalone financial results for the quarters ended June 30, September 30, and December 31, 2024. The company has been under Corporate Insolvency Resolution Process (CIRP) since April 22, 2023, after NCLT Mumbai admitted the insolvency petition. A resolution plan was approved by NCLT on November 27, 2024. Under this plan, 100% of existing equity and preference shares are being cancelled and extinguished. The restructured capital will have only 10 lakh total shares of Rs. 10 each — 50,000 shares (5%) to existing public shareholders and 9,50,000 shares (95%) to the new Promoter/Promoter Group. Revenue from operations is negligible across all three quarters, and the auditor (G.P. Kapadia & Co.) issued a disclaimer opinion citing non-availability of confirmations, inability to verify fixed assets, missing CoC minutes, and no internal auditor being appointed.
Existing public shareholders face extreme dilution — their holding will be slashed to just 5% of the restructured share capital (only 50,000 shares out of 10 lakh total). Old promoter shares are completely wiped out, and a new promoter group takes 95% control. Given the near-zero revenue, disclaimer audit opinion, and ongoing CIRP, this restructuring typically results in near-total loss of value for legacy shareholders, with the stock likely to see significant repricing once the new shares are allotted.