Eureka Industries Ltd Initiates Prepackaged Insolvency Process; Approves Management Changes and Committee Restructuring
Eureka Industries Ltd announced significant corporate actions following its Board meeting on April 13, 2026. Key decisions included the formal approval for the initiation of the Prepackaged Insolvency Resolution Process (PPIRP) and the restructuring of the company's leadership and board committees.The Board of Directors has granted formal approval for the initiation of the Prepackaged Insolvency Resolution Process (PPIRP) for the company, in line with the provisions of the Insolvency and Bankruptcy Code (IBC). Furthermore, the directors approved the Base Resolution Plan, including the Scheme of Arrangement, intended for consideration and subsequent approval by the financial creditors as part of the PPIRP.
The company reviewed and accepted the written consent in Form P1, dated April 06, 2026, provided by Mr. Bimal Ashok Desai, an Insolvency Professional. Mr. Desai, whose registration number is IBBI/IPA-001/IP-P00748/2017-2018/11281, proposed his appointment as the Resolution Professional for the process. The Board also authorized the directors and authorized signatories to seek all necessary approvals from financial creditors and to represent the company in filing the application for PPIRP before the National Company Law Tribunal (NCLT), Ahmedabad Bench.
Leadership and Governance Updates
The Board conducted several key appointments and resignations during the meeting.Key Management and Directorship Changes:
- Ms. Mamta resigned from the positions of Chief Financial Officer (CFO), Managing Director, and Key Managerial Personnel, with effect from April 13, 2026.
- Mrs. Madhu Devi resigned from the position of Independent Director, effective April 13, 2026.
- The Board, following the recommendation of the Nomination and Remuneration Committee, approved the appointment of Mr. Chaitanya Jayantilal Pandya as Managing Director and Chief Financial Officer (CFO). This appointment is effective from April 13, 2026, for a period of five years.
The company also scheduled an Extraordinary General Meeting (EGM) to be held on Monday, May 18, 2026, via Video Conferencing/Other Audio Visual Means (VC/OAVM) to seek shareholder approval for these matters. The cut-off date determined for eligibility for remote e-voting at the EGM is Friday, April 10, 2026. Mr. Alpesh Paliwal, Practicing Company Secretary, was appointed as the Scrutinizer for the EGM.
Board Composition and Committees
Following the management changes, the Board of Directors reconstituted its committees. The current composition of the Board of Directors is as follows:| Sr. No. | Name | Designation |
|---|---|---|
| 1 | Mr. Chaitanya Jayantilal Pandya | Managing Director and CFO |
| 2 | Mr. Darshak Shah | Executive Director |
| 3 | Mr. Amitkumar Pradipbhai Sur | Non-executive Director |
| 4 | Ms. Avani Ashwinkumar Shah | Independent Director |
| 5 | Mr. Rakesh Kumar | Independent Director |
The composition of the key committees has been updated:
Committee Composition
| Committee Name | Chairperson | Members |
|---|---|---|
| Audit Committee | Mr. Rakesh Kumar (Non-Executive - Independent Director) | Ms. Avani Ashwinkumar Shah (Member), Mr. Darshak Shah (Member) |
| Nomination and Remuneration Committee | Ms. Avani Ashwinkumar Shah (Non-Executive - Independent Director) | Mr. Rakesh Kumar (Member), Mr. Amitkumar Pradipbhai Sur (Member) |
| Stakeholder Relationship Committee | Mr. Amitkumar Pradipbhai Sur (Non-Executive Director) | Ms. Avani Ashwinkumar Shah (Member), Mr. Darshak Shah (Member) |
Stock Price Movement
Eureka Industries Ltd shares settled at ₹3.98 today, Monday, ticking up 3.65% in the session. The stock saw notable movement throughout the day, fluctuating between an intraday low of ₹3.81 and a high of ₹4.03.Source:
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