Gala Global Products Ltd Plans to Seek Shareholder Mandate for Insolvency Resolution
Gala Global Products Ltd announced that its Board of Directors, during a meeting held on April 14, 2026, reviewed the company's financial position and decided to seek a special resolution from its shareholders regarding insolvency proceedings.The Board noted that the Company's total liabilities significantly exceed the realizable value of its assets. To protect the interests of all stakeholders and preserve the value of the Company as a going concern, the Board resolved to seek an enabling mandate from the shareholders. This mandate is required to initiate the Corporate Insolvency Resolution Process (CIRP) under Section 10 or the Pre-packaged Insolvency Resolution Process (PPIRP) under Section 54C of the Insolvency and Bankruptcy Code, 2016.
To formalize this process, Gala Global Products Ltd has approved the convening of an Extraordinary General Meeting (EGM) for the Members of the Company. The EGM is intended to secure the necessary shareholder approval for the proposed insolvency mandate.
The company stated that details pertaining to the date, time, and venue (VC/OAVM) of the EGM, including the Notice and Explanatory Statement, will be dispatched in due course.
Stock Price Movement
Gala Global Products Ltd shares settled at ₹1.63 on Monday, ticking up 4.49% for the session. During the trading day, the stock was completely locked, failing to move outside the ₹1.63 support level.Source:
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