Date: 05.06.2026

Compliance Report Overview

LEEL Electricals Limited submitted its Annual Secretarial Compliance Report for the Financial Year ended March 31, 2025, prepared by M/s G Aakash & Associates, Company Secretaries. The report was submitted to both BSE Limited and National Stock Exchange of India Limited pursuant to Regulation 24(A) of SEBI (LODR) Regulations, 2015. XBRL filing could not be made due to technical error in validation.

Regulatory Compliance Status

The secretarial compliance report examined compliance with multiple SEBI regulations including:

  • SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
  • SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  • SEBI (Prohibition of Insider Trading) Regulations, 2015
  • And several other regulations where no events occurred during the year

The report confirmed full compliance with all applicable SEBI regulations with no deviations or non-compliances observed. No action was taken against the company by SEBI or Stock Exchanges during the review period.

Corporate Insolvency Resolution Process Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against the company on March 04, 2020, by NCLT Allahabad Bench on a petition filed by MKM Technologies Private Limited under Section 9 of IBC 2016.

Interim Resolution Professionals appointed:

  • Mr. Arvind Mittal (Registration No. IBBI/PA-001/IPP01358/2018) from March 04, 2020
  • Mr. Ganga Ram Agarwal (Registration No. IBBI/IPA-002/1P-N00874/2018-1920/12777) from December 21, 2020

Board of Directors' powers remained suspended during CIRP proceedings. Upon failure to achieve a Resolution Plan, liquidation proceedings were initiated against the company by NCLT order dated December 06, 2021.

Sale as Going Concern and Management Change

The company was successfully sold as a going concern under liquidation to Krishna Ventures Limited (KVL/Acquirer). The Hon'ble NCLT approved the sale through its order dated March 21, 2024. The Liquidator issued the Sale Certificate dated June 12, 2024, for sale of the company as a going concern.

New management was inducted on the Board of Directors effective July 01, 2024. The directorship of erstwhile management prior to commencement of liquidation ceased effective the same date.

Capital Restructuring

Following acquisition under IBC 2016, the company underwent capital restructuring pursuant to NCLT Allahabad Bench Orders dated March 21, 2024 and October 23, 2024. During FY 2024-25:

a. Extinguished the entire Equity Share Capital held by Erstwhile Promoters

b. Reduced/Cancelled Equity Share Capital held by Eligible Public Shareholders through proportional allotment of 5,43,011 Equity Shares in a ratio of 1:43 (1 share for every 43 shares held). This was approved in the Board Meeting dated March 07, 2025, with Record Date fixed as November 22, 2024.

c. Issued and allotted 1,02,60,000 equity shares at ₹10 each to the Acquirer (Krishna Ventures Limited) and its nominees on preferential basis on July 26, 2025. Application for listing of these securities with stock exchanges has been filed.

Additional Compliance Notes

The company maintained all required policies under SEBI Regulations, adopted with board approval, and timely updated them. All directors were confirmed as not disqualified under Section 164 of Companies Act, 2013. The company maintained a functional website with timely dissemination of documents and accurate web-links.

Performance evaluation of Board, Independent Directors and Committees was conducted at the start of the financial year as prescribed by SEBI Regulations. All related party transactions received prior approval of Audit Committee.