Company Disclosure
Key Clarification Points
The company addresses the classification of its equity shares under the category "Trading Restricted – On account of IRP as per IBC/ Recommencement post IBC – IBC Stage-1" by BSE Limited.
Detailed Explanation
1. The classification is part of the surveillance framework implemented by BSE Ltd specifically for companies whose trading has recommenced after implementation of a Resolution Plan approved under the Insolvency and Bankruptcy Code, 2016.
2. The categorization represents a regulatory surveillance mechanism of the Stock Exchange and should not be interpreted as indicating any adverse financial, operational, governance or compliance-related issues concerning the Company.
3. Trading in the company's equity shares has recommenced pursuant to approval granted by BSE Limited following the successful implementation of the Resolution Plan. This Resolution Plan was approved by the Hon'ble National Company Law Tribunal, Mumbai Bench vide order dated January 9, 2025.
4. The company is currently subject to the applicable surveillance framework prescribed by the Stock Exchange for recommencement of trading post-IBC proceedings.
Purpose of Disclosure
The clarification is issued to ensure investors and shareholders have clear understanding of the regulatory classification and to prevent any misunderstanding regarding the company's present operational and compliance status.