Board approves NCLT-ordered capital reduction: public shares cut to 1 for 43, 95,00,000 new shares to new promoter

Board approved a capital restructuring under the NCLT Mumbai order dated 03rd June 2025.

Thu 24 Sep 2026

Pre-liquidation Promoter Shares Cancelled

37,20,692 equity shares of ₹10 each

Public Shareholding Ratio Change

1 new share for every 43 existing shares held

New Shares to New Promoter

95,00,000 new equity shares of ₹10 each at ₹10 per share to Pervasive Commodities Limited

Paid-up Capital Change

From 2,52,11,406 shares to 1,00,00,000 shares

Public Stake Change

From 85.24% to 5.00%

What was approved

The board met on 24th September 2026 and approved three steps flowing from the order of the Hon'ble NCLT, Mumbai Bench dated 03rd June 2025, all subject to approval of the necessary authorities.

• Cancellation, extinguishment and permanent discharge of 37,20,692 equity shares of ₹10 each held by the pre-liquidation Promoters and Promoter Group. Their holding goes to nil.
• Cancellation, extinguishment and permanent discharge of 2,14,90,714 equity shares of ₹10 each held by pre-liquidation Public Shareholders, followed by issue of 5,00,000 new equity shares of ₹10 each to eligible existing public shareholders in the ratio of 1 (One) new Equity Share in place of every 43 existing Equity Shares held, as on a Record Date to be announced later.
• Issue and allotment of 95,00,000 new equity shares of ₹10 each, fully paid-up, on a preferential basis at an issue price of Rs. 10/- per share to Pervasive Commodities Limited, nominee of the Successful Bidder. The board decided this nominee will be considered a Promoter of the Company.

Capital structure before and after

• Authorised capital unchanged at 3,90,00,000 equity shares of Rs. 10 each (39,00,00,000/-).
• Issued, subscribed and paid-up capital moves from 2,52,11,406 shares (25,21,14,060/-) to 1,00,00,000 shares (10,00,00,000).
• Promoter and Promoter Group: 37,20,692 shares at 14.76 per cent before, 95,00,000 shares at 95.00 per cent after.
• Public: 2,14,90,714 shares at 85.24 per cent before, 5,00,000 shares at 5.00 per cent after.

What this means for a small shareholder

This is a liquidation-linked reconstruction. Existing public shareholders do not retain their current shares; those shares are cancelled and replaced at a ratio of 1 for 43, so the number of shares each public holder owns shrinks sharply. At the same time the incoming allottee receives 95,00,000 fresh shares at ₹10 each, leaving the public category with 5.00 per cent of the enlarged capital.

The pre-liquidation promoters — Harshad Hirji Thakkar (27,40,974 shares), Darshana Harshad Thakkar (1,03,200), Rasiklal Liladhar Thakkar (2,13,759), Ranjan Rasiklal Thakkar (3,05,759) and Rupal Rasiklal Thakkar (3,57,000) — see their entire holdings extinguished.

What to watch

• The Record Date for the 1-for-43 allotment, which the Company will communicate later.
• Approvals from the necessary authorities, on which all three steps depend.

The meeting started at 05:00 PM and concluded at 06:10 PM.

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