Shree Rajeshwaranand Paper Mills Limited (SRPML), based in Govali, Gujarat, has provided an important update regarding the implementation of its Resolution Plan, which was approved by the National Company Law Tribunal (NCLT), Ahmedabad Bench. The company has formally communicated the details to BSE Limited (BSE) under Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

Background of the Case

The Resolution Plan for Shree Rajeshwaranand Paper Mills Limited was approved by the NCLT, Ahmedabad Bench in an order pronounced on 27th November 2024, and the certified true copy of the order was received on 29th November 2024. The successful implementation of this plan has now been initiated and documented as per the applicable legal framework.

Key Developments and Updates

1. New Board Appointed and Intimated to BSE

• The Managing Committee (MC) convened a meeting on 13th January 2025, during which a new board was appointed.
• The company intimated the appointment of the new board to BSE via letter dated 21st January 2025.
• The MC further authorized the new board to take the necessary steps to resign the suspended board from the records of the Ministry of Corporate Affairs (MCA) and BSE.

2. Resignation of Suspended Board and Filing with MCA

• Pursuant to the authority granted by the MC, the new board has initiated the filing process for the resignation of the suspended board.
• The updated board data was successfully updated on the MCA portal on 10th March 2025.
• Mr. Bhavesh Javerbhai Vekaria, Managing Director of the company, has been authorized to file e-form DIR-12 to formally reflect the resignation of the suspended board, with effect from 13th January 2025.

3. Payment by Successful Resolution Applicant

• The Successful Resolution Applicant has made the entire payment to the designated account as per the terms of the approved Resolution Plan.
• The payment details were shared by the Resolution Professional (RP) and duly verified to confirm compliance with the NCLT order.

4. NOC and Original Property Documents Received

• The company has received a No Objection Certificate (NOC) from the Banker/Lender along with the original property documents.
• Mr. Bhavesh Javerbhai Vekaria, Managing Director, has been authorized to file e-form CHG-4 to give effect to the satisfaction of charge, with effect from the receipt of the NOC.

Resolution Plan Implementation Timeline

• 27th November 2024: NCLT pronounces the order approving the Resolution Plan.
• 29th November 2024: Certified true copy of the NCLT order received.
• 13th January 2025: New board appointed as per MC decision.
• 21st January 2025: Intimation of the new board appointment sent to BSE.
• 10th March 2025: Updated board details reflected on MCA portal.
• March 2025: Filing of DIR-12 and CHG-4 initiated to complete regulatory formalities.

Role of the New Board and Managing Committee

The newly appointed board has been entrusted with the responsibility of implementing the approved Resolution Plan and ensuring compliance with regulatory requirements. The MC has delegated authority to the board for:

• Resigning the suspended board from MCA and BSE records.
• Ensuring satisfaction of charge post-receipt of NOC and original documents.
• Maintaining statutory compliance with SEBI and other regulatory bodies.

Payment Compliance and Satisfaction of Charge

The Successful Resolution Applicant has adhered to the payment terms as specified in the Resolution Plan. Upon receipt of the NOC and property documents, the company initiated the process to satisfy the charge by filing the CHG-4 form.

Legal and Regulatory Compliance

Shree Rajeshwaranand Paper Mills Limited has ensured strict compliance with SEBI (LODR) Regulations, 2015, and other applicable laws. The company has kept BSE Limited and other relevant authorities informed at each stage of the Resolution Plan’s implementation.

Board’s Focus on Future Operations

With the successful implementation of the Resolution Plan, the new board is focused on restoring operational stability and enhancing the company’s performance. The management is committed to ensuring transparency and compliance with corporate governance norms.

Conclusion: Successful Implementation of Resolution Plan

The successful implementation of the NCLT-approved Resolution Plan marks a significant milestone in the revival of Shree Rajeshwaranand Paper Mills Limited. The appointment of the new board, completion of financial obligations, and satisfaction of charge signify the completion of key compliance procedures.

As the company moves forward, it aims to strengthen its operational base and restore stakeholder confidence by adhering to the highest standards of governance and compliance.

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