Leel Electricals announces capital restructuring, new management after NCLT order

Leel Electricals Limited has announced major corporate developments, including capital restructuring and the induction of new management. The Company Law Tribunal (NCLT) Allahabad Bench approved the sale of the company as a going concern to Krishna Ventures Limited (KVL) on March 21, 2024, following liquidation proceedings initiated on December 6, 2021. A sale certificate was issued on June 12, 2024, formalizing the acquisition.

New management was inducted onto the board of Leel Electricals effective July 1, 2024. To facilitate the capital restructuring, the board set November 22, 2024, as the record date, following resolutions passed on November 6, 2024. These resolutions include the extinguishment and reduction of share capital in accordance with NCLT orders dated March 21, 2024, and October 23, 2024, further approved in a board meeting on December 24, 2024.

Leel Electricals noted that submitting a shareholding pattern under SEBI Regulation 31(1)(b) would be premature until the capital restructuring is complete and updated shareholding data is available. The company affirmed it would ensure due compliance once the latest shareholding data is received and updated.