XL Energy Limited has informed the Exchange regarding Appointment of Mr Hari Chand Mittal as Non- Executive Independent Director of the company w.e.f. March 05, 2025.
Awaiting price reaction for this filing.
XL Energy Limited, which underwent a Corporate Insolvency Resolution Process (CIRP), is disclosing the appointment of five new directors proposed by the Successful Resolution Applicant (a consortium of Ms. Karishma Jain, Jupiter City Developers, and Adwaita Navigations). The resolution plan was approved by the Adjudicating Authority on April 19, 2024. The appointed directors include Ms. Karishma Jain (Non-Executive Director, from May 2, 2024), Mr. Naresh Manakchand Jain (Non-Executive Director, from May 2, 2024), Mr. Vinod Kumar Kathuria (Independent Director, from June 24, 2024), Mr. Sandeep Kumar Hisaria (Whole-Time Director, from June 24, 2024), and Mr. Hari Chand Mittal (Independent Director, from March 5, 2025). Notably, Ms. Karishma Jain is the daughter of Mr. Naresh Manakchand Jain, making them a family duo on the board. The filing was delayed because the company's status changed from Delisted to Suspended on May 28, 2025, with login credentials only retrieved on June 24, 2025.
The stock is currently suspended on BSE/NSE, so there is no active price impact. However, the change in board signals a complete takeover by the new resolution applicant consortium, with family members (father-daughter) occupying non-executive director positions, which shareholders should monitor for governance practices going forward.