On June 19, 2025, Globesecure Technologies Limited (GSTL) notified the National Stock Exchange of India (NSE) that the next hearing in the insolvency case filed against it has been scheduled for July 8, 2025 by the Hon’ble National Company Law Tribunal (NCLT). The disclosure has been made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company had earlier disclosed the matter on June 9, 2025, where it informed that an operational creditor had filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. As of now, the NCLT order sheet is yet to be received, and hence a detailed communication or interim order has not been issued formally to the company.

According to the company’s Annexure-I disclosure, submitted along with the letter to NSE, the details of the action are as follows:

• The matter is pending before the National Company Law Tribunal

• The nature of action is the next hearing date given by NCLT

• The order sheet is awaited

• The default amount stands at ₹1,32,78,346 (One Crore Thirty-Two Lakh Seventy-Eight Thousand Three Hundred Forty-Six Only)

• The financial impact is directly equivalent to the amount of default

• There was no delay in the disclosure by the company

This update is in compliance with the SEBI circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11th November 2024, which mandates listed entities to disclose certain types of litigation and regulatory updates that may have a material impact on financials or business operations.

Legal Background and Case Details

The application under Section 9 of IBC allows operational creditors to initiate insolvency proceedings against a defaulting company. In this case, the creditor alleges non-payment of dues amounting to over ₹1.32 crore. As per IBC norms, once such an application is admitted by the NCLT, it can trigger the Corporate Insolvency Resolution Process (CIRP), which includes:

• Appointment of an interim resolution professional (IRP)

• Moratorium on the operations of the company

• Formation of a committee of creditors (CoC)

• Possibility of liquidation, if resolution fails

However, it must be emphasised that in the current matter, NCLT has only scheduled the next hearing, and there is no confirmation yet on whether the application will be admitted or dismissed.

Financial Implications for Globesecure Technologies

As per the disclosure, the financial impact on the company is equal to the default amount, which is ₹1.32 crore. For a company like Globesecure Technologies, such a liability could potentially impact:

• Working capital availability

• Operational liquidity

• Market reputation and investor sentiment

If the insolvency case proceeds further, the company may face temporary suspension of management rights, dilution of promoter control, or even a change in ownership post-resolution.

Regulatory and Corporate Governance Obligations

Globesecure has so far complied with SEBI’s disclosure norms, specifically under Regulation 30, which deals with material events and information. It has also included detailed information under the SEBI circular dated 11th November 2024, which provides a format and structure for disclosing legal proceedings that could materially affect listed entities.

The Managing Director, Mr. Ragavan Rajkumar, who holds DIN: 02002480, has signed off on the communication on behalf of the company. This lends further credibility to the company’s intent to be transparent and regulatory compliant.

Potential Scenarios Going Forward

With the hearing now scheduled for July 8, 2025, there are a few likely possibilities:

1. Settlement outside NCLT: The company and creditor may arrive at an out-of-court settlement, prompting the withdrawal of the insolvency plea.

2. Admission of the petition: If the NCLT finds the petition valid, the case will enter the CIRP phase, possibly affecting operations and control.

3. Dismissal of the plea: If Globesecure proves that the dues are disputed or already paid, the tribunal may dismiss the case.

In all these cases, the market and stakeholders will be watching closely for the NCLT’s final stand on July 8.

Investor and Shareholder Considerations

Investors should keep an eye on the following developments:

• Outcome of the July 8 hearing

• Any subsequent stock price volatility

• Company’s financial health and Q1 FY26 results

• Possibility of credit downgrades or legal liabilities

Such insolvency matters can significantly influence market sentiment, especially for small-cap companies listed on NSE.

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