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LEEL Electricals Announces Board Meeting to Discuss Share Capital Restructuring
Team Finance Saathi
17/Dec/2024
What's covered under the Article:
- LEEL Electricals' Board meeting scheduled for December 24, 2024, to discuss share capital restructuring.
- Agenda includes approval of capital reduction and allotment in compliance with NCLT orders.
- The board will also discuss the opening of escrow demat accounts for capital restructuring.
LEEL Electricals Limited (formerly known as Lloyd Electric & Engineering Limited) has informed the stock exchanges about an important Board of Directors' meeting scheduled for Tuesday, December 24, 2024, at 11:30 AM. The meeting will be held at the company’s registered office, located at A-603 & A-604, Logix Technova, Sector 132, Noida, Uttar Pradesh - 201305. This meeting is a significant event for the company as it will cover several key aspects related to the company’s share capital restructuring in line with the orders issued by the National Company Law Tribunal (NCLT).
Agenda of the Meeting:
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Share Capital Cancellation/Reduction/Extinguishment/Consolidation: One of the main topics for discussion will be the cancellation, reduction, or consolidation of the share capital of LEEL Electricals. This step is in accordance with the provisions of the Companies Act, 2013, as well as the SEBI Act, 1992 and the relevant regulations. The approval is also aligned with the Hon’ble NCLT Orders dated March 21, 2024, and October 23, 2024. These orders have paved the way for the restructuring, and the board will review the plans to proceed with these changes.
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Allotment of Share Capital: The board will also discuss and approve the allotment of share capital in compliance with the Companies Act, 2013, SEBI Act, 1992, and NCLT Orders. The allotment process will be a critical aspect of the restructuring and will help in aligning the company’s financial structure as per regulatory requirements.
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Opening of Escrow Demat Accounts: Another significant agenda point is the opening of escrow demat accounts. This will be done as part of the capital restructuring process, ensuring compliance with the NCLT Orders and other applicable laws. These accounts will facilitate the efficient management of the company's shares during the restructuring process.
Company Overview:
LEEL Electricals, headquartered in Noida, Uttar Pradesh, has been a prominent player in the manufacturing of electrical equipment and engineering solutions. The company’s plant is located at Plot No. 57, Ecotech XII, Industrial Area, Greater Noida, and has been engaged in producing products that cater to various sectors, including electrical and engineering.
The upcoming board meeting on December 24, 2024, is expected to provide further insights into the company’s strategic direction post-restructuring. Shareholders and investors will be closely monitoring this meeting, as it could significantly impact the company’s financial standing and its market presence.
In addition to these key decisions, LEEL Electricals continues to uphold regulatory compliance as required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and remains committed to transparency in its operations. The company will continue to keep its investors informed about any further developments.