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Eastern Silk Industries Reinstates Board of Directors Post-CIRP Approval
Team Finance Saathi
04/Jan/2025
What's covered under the Article:
- Eastern Silk Industries reinstated its Board of Directors on January 3, 2025, after the Corporate Insolvency Resolution Process (CIRP).
- The appointments include Ajay Bikram Singh as Chairman and other key directors like Sunil Kumar, Ramesh Reddappa, and Deepak Gupta.
- The Board reinstatement follows the approval of the Resolution Plan by the NCLT and is in compliance with SEBI regulations.
On January 3, 2025, Eastern Silk Industries Limited (the "Company") announced the reinstatement of its Board of Directors, following the successful completion of its Corporate Insolvency Resolution Process (CIRP). This significant move comes after the Resolution Plan submitted by Mr. Ajay Bikram Singh and Baumann Dekor Private Limited was approved by the Adjudicating Authority.
The company had previously notified the approval of the Resolution Plan by the National Company Law Tribunal (NCLT), Mumbai Bench, and the formation of a Monitoring Committee to oversee its implementation. The Monitoring Committee has now reinstated the appointment of the new Board of Directors as part of the resolution efforts.
Key Details of Board Reinstatement
The Monitoring Committee approved the reinstatement of the following directors with effect from January 3, 2025:
- Mr. Ajay Bikram Singh – Chairman (Non-Executive Director)
- Mr. Sunil Kumar – Whole-Time Director (Executive Director)
- Mr. Ramesh Chandragiri Reddappa – Whole-Time Director (Executive Director)
- Mr. Deepak Kumar Gupta – Independent Director (Non-Executive Director)
- Mr. Praveen Kumar Agarwal – Independent Director (Non-Executive Director)
- Mrs. Jyothi Thomas – Women Independent Director (Non-Executive Director)
These appointments are part of the ongoing corporate governance changes and restructuring following the insolvency resolution process.
Details of the Reinstated Directors
- Mr. Ajay Bikram Singh – An experienced Architect, MBA, and professional lawyer with over 30 years of expertise across various sectors.
- Mr. Sunil Kumar – A business professional with an MBA and 12 years of experience in managing business operations.
- Mr. Deepak Kumar Gupta – A Chartered Accountant with over 40 years of experience in financial management.
- Mr. Ramesh Chandragiri Reddappa – A seasoned textile professional with over 30 years of industry experience.
- Mr. Praveen Kumar Agarwal – An Architect with over 40 years of expertise in project management.
- Mrs. Jyothi Thomas – An experienced architect with over 35 years of experience in project management.
These reinstatements are pivotal in the company’s ongoing recovery and efforts to restructure its leadership team.
Significance of the Reinstatement
The reinstatement of the Board of Directors marks a critical milestone in the company’s journey post-CIRP. The new appointments are expected to bring significant strategic insights, governance improvements, and leadership that will drive Eastern Silk Industries forward. The directors appointed bring diverse expertise across sectors such as business management, finance, and project management, essential for the company’s future growth.
What’s Next for Eastern Silk Industries?
As Eastern Silk Industries transitions through its post-insolvency phase, the Monitoring Committee and new board members will work closely to implement the approved Resolution Plan and ensure the company’s sustainable recovery.
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