Legal13 Apr 2026, 04:41 pm
Eureka Industries Board approves PPIRP, new MD & CFO appointed
AI Summary
The Board of Eureka Industries Ltd has approved the initiation of the Pre-packaged Insolvency Resolution Process (PPIRP) under the Insolvency and Bankruptcy Code, 2016. The Board also approved the Base Resolution Plan and proposed Mr. Bimal Ashok Desai as the Resolution Professional. Concurrently, Ms. Mamta resigned from her roles as CFO and Managing Director, and Mrs. Madhu Devi resigned as an Independent Director. The Board then appointed Mr. Chaitanya Jayantilal Pandya as the new Managing Director and Chief Financial Officer, effective April 13, 2026, subject to shareholder approval. An Extraordinary General Meeting (EGM) is scheduled for May 18, 2026, to obtain this approval. The trading window remains closed.
Key Highlights
- Board approved initiation of Pre-packaged Insolvency Resolution Process (PPIRP).
- Base Resolution Plan approved; Mr. Bimal Ashok Desai proposed as Resolution Professional.
- Ms. Mamta resigned as CFO and MD; Mrs. Madhu Devi resigned as Independent Director.
- Mr. Chaitanya Jayantilal Pandya appointed as new MD and CFO.
- EGM scheduled for May 18, 2026, for shareholder approval of MD appointment.