Eureka Industries Limited has announced an Extraordinary General Meeting scheduled for May 18, 2026, at 12:30 PM through Video Conferencing and Other Audio Visual Means. The primary agenda item seeks shareholder approval for initiating a Pre-packaged Insolvency Resolution Process under Section 54A of the Insolvency and Bankruptcy Code, 2016. The company, which qualifies as a Micro, Small and Medium Enterprise under the MSME Development Act, 2006, has prepared a Base Resolution Plan for submission to the Committee of Creditors and the National Company Law Tribunal, Ahmedabad Bench.

The Board of Directors, at its meeting held on April 13, 2026, approved the proposal to initiate the insolvency resolution process as the company experiences financial stress and liquidity constraints. The plan provides for restructuring of liabilities, settlement of claims of unsecured financial creditors, operational creditors, employees, and statutory authorities, along with reorganization of share capital. The resolution authorizes the appointment of Mr. Bimal Ashok Desai as the Resolution Professional and empowers the Board to finalize and file necessary applications before the NCLT.

Key Business Items for Shareholder Approval

The EGM will consider four special business items requiring shareholder approval. The meeting will be conducted entirely through virtual mode, with remote e-voting available from May 15, 2026, at 9:00 AM to May 17, 2026, until 5:00 PM. The record date for determining shareholder eligibility is May 11, 2026. Members who have voted through remote e-voting will not be eligible to vote during the EGM.

Director Appointments and Remuneration

Mr. Chaitanya Jayantilal Pandya (DIN: 10109798), who was appointed as an Additional Executive Director on March 21, 2026, is proposed to be regularized and appointed as Managing Director for a five-year period effective April 13, 2026. The proposed remuneration shall not exceed Rs. 50,000 per month, including basic pay, HRA, perquisites, special allowances, and employer PF contributions. The remuneration is subject to not exceeding five percent of net profits for individual Managing Directors or ten percent for all Managing Directors and Whole-time Directors collectively, as per Companies Act provisions.

Ms. Avani Ashwinkumar Shah (DIN: 09608898), appointed as an Additional Independent Director on March 21, 2026, will be regularized as a Non-Executive Independent Director for a five-year term. She holds a masters degree in commerce and brings a decade of experience in corporates and management. The Board has received her declaration of independence, confirming she meets the criteria under Section 149(6) of the Companies Act, 2013, and Regulation 16(1)(b) of SEBI Listing Regulations.

Financial Performance and Company Information

The company's financial performance for the standalone results shows a net worth of (149.50) lakh for 2024-25 compared to (363.77) lakh in 2023-24. The profit after tax for 2024-25 stood at 214.27 lakh against a loss of (455.60) lakh in the previous year. Eureka Industries Limited was incorporated on November 3, 1992, and operates in the trading sector. The registered office is located at A-505, Titanium City Centre, Satellite, Ahmedabad, Gujarat.

The Board has recommended all resolutions for shareholder approval. The company has appointed Mr. Alpesh Paliwal as the Scrutinizer for the e-voting process, and M/s. Accurate Securities & Registry Private Limited serves as the Registrar and Share Transfer Agent. The notice and explanatory statement are available on the company's website at www.eurekaindltd.com .

Eureka Industries Limited has concluded its board meeting held on April 13, 2026, with significant decisions regarding corporate restructuring and leadership changes. The company disclosed the meeting outcomes to BSE Limited under Regulation 30 of SEBI (LODR) Regulations, 2015, marking a pivotal moment in its corporate journey.

PPIRP Approval and Resolution Plan

The board has formally approved the initiation of Pre-packaged Insolvency Resolution Process (PPIRP) under Chapter III-A of the Insolvency and Bankruptcy Code, 2016. This decision represents a structured approach to address the company's financial challenges through negotiated debt resolution.

The board reviewed and approved the Base Resolution Plan, including the Scheme of Arrangement, which will be presented to financial creditors for consideration. The company has received written consent from Mr. Bimal Ashok Desai, a registered Insolvency Professional, to serve as the Resolution Professional for the proceedings. The board has authorized directors and signatories to seek necessary approvals from financial creditors and represent the company in filing the requisite application before the National Company Law Tribunal (NCLT), Ahmedabad Bench.

Leadership Restructuring

Significant changes occurred in the company's leadership structure during the board meeting. Ms. Mamta (DIN: 10232506) resigned from her positions as Chief Financial Officer, Managing Director, and Key Managerial Personnel effective April 13, 2026, citing pre-occupation as the reason. Additionally, Mrs. Madhu Devi (DIN: 10267719) stepped down from her role as Independent Director on the same date, also due to pre-occupation.

Mr. Chaitanya Jayantilal Pandya has been appointed as Managing Director and CFO, bringing varied experience in financial planning, analysis, and administrative policy implementation. His appointment is subject to shareholder approval at the upcoming Extraordinary General Meeting.

Extraordinary General Meeting and Compliance

The board has scheduled an Extraordinary General Meeting (EGM) for May 18, 2026, to be conducted through Video Conferencing/Other Audio Visual Means. The meeting will seek shareholder approval for the new appointments and related matters.

The trading window closure remains in effect from April 1, 2026, until 48 hours after the declaration of audited financial results for the quarter and year ended March 31, 2026, in compliance with SEBI insider trading regulations.

Board Composition and Committee Restructuring

Following the resignations and new appointment, the board now comprises five directors maintaining compliance with regulatory requirements. The company has reconstituted all committees including Audit Committee, Nomination and Remuneration Committee, and Stakeholder Relationship Committee effective from April 13, 2026.

The Audit Committee is now chaired by Mr. Rakesh Kumar, while Ms. Avani Ashwinkumar Shah leads the Nomination and Remuneration Committee. Mr. Amitkumar Pradipbhai Sur chairs the Stakeholder Relationship Committee, ensuring continued governance oversight during the restructuring process.