On April 30, 2025, Leel Electricals Limited (LEEL), formerly known as Lloyd Electric & Engineering Limited, issued an important communication regarding the reconciliation of share capital audit report for the quarter ended 31st March 2025. The disclosure was made in compliance with SEBI’s Regulation 76 of the SEBI (Depositories and Participants) Regulations, 2018.

Background on the NCLT Proceedings

The National Company Law Tribunal (NCLT), Allahabad Bench, had initiated the insolvency proceedings against Leel Electricals Limited as per its order dated 6th December 2021. Following this, the Hon’ble NCLT had approved the sale of the company as a going concern. On 11th January 2024, the NCLT passed an order approving the transfer of the company to a successful acquirer. This acquisition was carried out pursuant to the Insolvency and Bankruptcy Code, 2016 (IBC).

The new management took over the company on 1st February 2024, and the necessary intimations regarding this transition were sent to the relevant stock exchanges. The company’s capital restructuring process has been initiated, and a Record Date of 22nd November 2024 was fixed for the restructuring process. This was followed by resolutions passed by the board on 24th November 2024, aimed at extinguishing and reconstituting the company's share capital.

Share Capital Audit Report and Disclosure

Given the ongoing capital restructuring process, Leel Electricals Ltd. has stated that the reconciliation of share capital audit report for the quarter ending 31st March 2025 may not serve any meaningful purpose. This is primarily due to the fact that the company is in the process of acquiring the latest shareholder data from the Registrar and Transfer Agent (RTA) and depositories.

The reconciliation report for the specified period will be provided once the necessary data is available post-restructuring.

Compliance with SEBI Regulation 76

As per SEBI Regulation 76, all listed companies are required to provide a quarterly reconciliation of their share capital audit reports to ensure transparency in the ownership and shareholding structure. While the report for March 2025 will be delayed, Leel Electricals Ltd. intends to submit the updated report once the capital restructuring and related procedures are completed.

Conclusion

Leel Electricals Ltd. has informed the stakeholders that due to ongoing capital restructuring, the share capital audit report for the quarter ending 31st March 2025 will be pending. The company is actively working on obtaining the required shareholder data and will update the market in due course. All concerned parties are requested to take note of the developments and stay updated with future disclosures from the company.

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