Ownership and Management Status
Pursuant to the approved Resolution Plan, there has been a complete change in ownership, management and control of the Company. The Resolution Applicant (RA) successfully acquired the Company through the IBC process. The Company's name, Board of Directors and management have been reconstituted in accordance with applicable laws and regulatory requirements.
Historical Context and Current Involvement
The matters reported in the media pertain to alleged actions and events relating to the period prior to the implementation of the approved Resolution Plan. These matters concern certain erstwhile Promoters/Directors who are no longer associated with the Company in any capacity. The present management has no involvement whatsoever in the matters being investigated.
Legal Proceedings Status
To the best of the Company's knowledge, no proceedings have been initiated against the Company, its current Promoters, Directors or Management in connection with the reported actions.
Operational Impact
The Company's business operations continue as usual and remain unaffected by these media reports. The Company remains committed to maintaining the highest standards of corporate governance, regulatory compliance and transparency.
Purpose of Disclosure
This clarification is being issued to avoid any misunderstanding among investors and stakeholders arising from the aforesaid media reports.