This is in response to the query raised on the CA submitted on 03/02/2025 and 06/02/2025 under reg 30 of SEBI (LODR) Reg 2025 with regard to appointment of Company Secretary.
Awaiting price reaction for this filing.
Educomp Solutions has responded to BSE queries regarding its Corporate Announcement dated February 6, 2025 about the appointment of a Company Secretary. The company clarifies that it has been under Corporate Insolvency Resolution Process (CIRP) since May 30, 2017, following an NCLT order. Under Sections 17 and 18 of the Insolvency and Bankruptcy Code, the powers of the Board are suspended and management is handled by the Resolution Professional, Mr. Mahender Khandelwal. Since there is no functioning Board, the Company Secretary is appointed by the RP directly, not at a Board meeting. The filing also notes that many employees have resigned during CIRP due to uncertainty. The resolution plan was approved by NCLT on October 9, 2023, but is yet to be implemented, and the RP continues to act as caretaker.
This is not a new event but a clarification to the exchange — it highlights that Educomp remains under insolvency with no active Board, which restricts normal corporate governance. Shareholders should note that despite the 2023 resolution plan approval, implementation is still pending, meaning operational and listing compliance difficulties continue.