LEEL Electricals Defers Shareholding Pattern Filing Amidst Capital Restructuring

K N Mishra

    21/Apr/2025

What's covered under the Article:

  • LEEL Electricals postpones the filing of its quarterly shareholding pattern due to capital restructuring after being acquired by Krishna Ventures.

  • The NCLT had approved the company's liquidation and subsequent sale as a going concern, with the takeover process still ongoing.

  • The company assured SEBI compliance will follow once capital restructuring is completed and new shareholding is updated.

Leel Electricals Limited (formerly Lloyd Electric & Engineering Limited) has issued an important intimation regarding the submission of its shareholding pattern for the quarter ending March 31, 2025, in compliance with SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. The company has informed that, due to the ongoing capital restructuring process and the complexities associated with its liquidation proceedings, the shareholding pattern submission cannot be completed at this stage.

Context of the Liquidation and Capital Restructuring:

As per the orders of the Hon’ble Company Law Tribunal Allahabad Bench (NCLT), Leel Electricals Limited has been undergoing liquidation proceedings since December 6, 2021. However, in a significant development, the NCLT, through its order dated March 21, 2024, approved the sale of the company as a going concern to Krishna Ventures Limited (KVL), the successful auction purchaser. This transition marks a major turning point for the company, with the liquidator issuing the Sale Certificate on June 12, 2024, in compliance with the Insolvency and Bankruptcy Code, 2016.

New Management and Corporate Changes:

Following the acquisition, Krishna Ventures Limited initiated the process of taking over the company, with the new management taking charge on July 1, 2024. The necessary intimations regarding the induction of the new board members were promptly communicated to the Stock Exchanges. The company has also been working on capital restructuring, which was a part of the NCLT-approved plan to facilitate the company’s operations moving forward.

The capital restructuring process is integral to the company’s recovery and includes the extinguishment and reduction of share capital, a move that was initially planned to be implemented with a record date of November 22, 2024. Resolutions regarding this restructuring were passed during the Board meeting on November 6, 2024, and December 24, 2024, in compliance with the NCLT orders issued on March 21, 2024, and October 23, 2024.

Impact on Shareholding Pattern Submission:

The submission of the shareholding pattern as per Regulation 31(1)(b) of the SEBI Listing Regulations is essential for public transparency. However, Leel Electricals has clarified that this will not serve a meaningful purpose until the capital restructuring exercise is completed. As of now, the company has informed the stock exchanges that it is unable to provide the updated shareholding details. The new capital structure and shareholding updates will be shared as soon as they are finalized post-restructuring.

Future Compliance:

Leel Electricals has committed to ensuring due compliance with SEBI Regulations once the latest shareholding data becomes available. The company intends to submit the updated shareholding pattern as soon as the capital restructuring process is complete and the new shareholding structure is finalized.

The company assures that it remains focused on bringing the necessary updates to the stock exchanges and on ensuring full transparency for its stakeholders once the restructuring process concludes. It also urges stakeholders to monitor the official communications from the company for further developments.

Conclusion:

This update signifies the ongoing transition phase for Leel Electricals Limited and underscores its commitment to complying with all regulatory requirements once the capital restructuring process is fully completed. The submission of the shareholding pattern will follow once the company’s new capital structure is officially updated.

The company also requests all concerned parties to take note of this intimation and ensure that they remain informed through official channels.

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