Date: 30.07.2026

Background and Context

LEEL Electricals Limited is under liquidation proceedings initiated by the Hon'ble Company Law Tribunal Allahabad Bench (NCLT) vide order dated 06.12.2021. The NCLT subsequently approved the sale of the company as a going concern to Krishna Ventures Limited (KVL/Acquirer) through its order dated 21.03.2024. The Liquidator issued the Sale Certificate dated 12.06.2024 for the sale of the company under the provisions of the Insolvency and Bankruptcy Code, 2016.

The acquirer has initiated the takeover process, with new management inducted on the Board effective 01.07.2024. The acquirer is currently in the process of complete takeover of the company including all records and papers.

Capital Restructuring Actions

Pursuant to NCLT Allahabad Bench Orders dated 21.03.2024 and 23.10.2024, the Board of Directors approved the following capital restructuring measures:

Board Meeting (05/2024-25) dated 24.12.2024:

  • Cancellation and extinguishment of entire equity share capital of erstwhile Promoters/Promoters Group to zero without any payout
  • Reduction, cancellation and extinguishment of existing public shareholders' equity capital to 1 equity share for every 43 shares held as on Record Date 22.11.2024 without any payout

Board Meeting (08/2024-25) dated 07.03.2025:

  • Proportionate allotment of 5,43,011 equity shares to eligible public shareholders as on Record Date 22.11.2024 in ratio of 1:43 (1 share for every 43 shares held)
  • This allotment aims to achieve Minimum Public Shareholding of 5% of post-issue paid-up capital as per Rule 19A of Securities Contracts (Regulations) Rules, 1957

Board Meeting (02/2025-26) dated 26.07.2025:

  • Preferential issue and allotment of 1,02,60,000 equity shares to the Acquirer & its Affiliate/Nominee/Strategic Investors

Current Status and Compliance

Relevant Corporate Action Forms and Listing Applications have been filed with concerned Depositories and Stock Exchanges, and the process is ongoing.

The company intimates that disclosure of Reconciliation of Share Capital Audit report as per Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018 for quarter ended 30.06.2026 will not serve meaningful purpose until the capital restructuring exercise is updated.