Company Disclosure: Suryachakra Power Corporation Limited

Background and Legal Proceedings

The Hon'ble Company Law Tribunal Hyderabad Bench (NCLT) initiated liquidation as a Going Concern proceedings against Suryachakra Power Corporation Limited vide order dated 01.09.2022.

The NCLT order dated 01.09.2022 approved directions for implementing sale of the Company as a going concern to Successful Auction Purchaser Indo Aquatics Limited (IAL/Acquirer).

The Liquidator issued Sale Certificate dated 14.06.2023 for sale of the Company as going concern pursuant to Insolvency and Bankruptcy Code, 2016 provisions. The Company was sold on 'as is where is', 'whatever there is', 'without recourse' basis in favour of Indo Aquatics Limited, who later assigned it to M/s Reddy Investments Pvt Ltd.

Current Status and Management Changes

The Assignee (Reddy Investments Pvt Ltd) has initiated the process for taking over of the Company. New management was inducted on the Board of the entity with effect from 29.03.2025, with necessary intimations given to Stock Exchanges. The Assignee is in the process of complete takeover including records & papers of the Company.

Capital Restructuring Approvals

Pursuant to Hon'ble NCLT Hyderabad Bench Orders dated 18.07.2024 for Capital Restructuring post-acquisition under IBC 2016, the Board of Directors approved:

Meeting (13/2025-26) dated 18.09.2025:

  • Cancellation and Extinguishment of existing Equity Share Capital such that entire equity shareholding of erstwhile Promoters/Promoters Group shall be fully cancelled and reduced to Zero without any pay out
  • Reduction, Cancellation and Extinguishment of existing Equity Share Capital such that 5% of shares (1,02,142 shares) will be reserved for existing public shareholders who previously held extinguished equity capital in the ratio of 0.000883 share for every 1 share held without any pay out
  • 700 shares allotted in PAS-3 to Nominee/Public shareholders

Meeting (15/2025-26) dated 16.12.2025:

  • Allotment of 19,40,000 equity shares of the Company to the Assignee M/s Reddy Investments Pvt Ltd

Regulatory Compliance Status

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

Impact on Regulatory Filing

The disclosure of Reconciliation of Share Capital Audit report for quarter ended 30.06.2026 will serve no meaningful purpose unless the capital restructuring exercise is updated.