Gala Global EGM on May 7, 2026, for potential IBC initiation

Gala Global Products Ltd. has announced an Extraordinary General Meeting (EGM) to be held on May 7, 2026, to seek shareholder approval for initiating a Pre-packaged Insolvency Resolution Process (PPIRP) or Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The Board of Directors will be authorized to evaluate the financial circumstances and proceed with filing the necessary application with the NCLT if deemed in the best interest of the company and its stakeholders. The resolution also grants the Board discretion to appoint an Insolvency Professional and prepare a Base Resolution Plan, or to decide against the process if alternative resolution mechanisms are successfully implemented. The EGM will be conducted virtually, with remote e-voting available from May 4 to May 6, 2026.