Mercury Trade Links Ltd informed the BSE that two appointed Non-Executive Independent Directors have declined to assume office due to pre-occupations. The resignation letters were dated August 28, 2026, coinciding with their intended start date.

Dinesh Kumar Koli and Nidhi Jayantibhai Thakar were appointed as Additional Directors effective August 28, 2026. However, both individuals conveyed their inability to accept the positions shortly thereafter. The company filed this intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on September 29, 2026.

Reasons for Declining Appointment

The disclosures indicate that the primary reason for declining the role was pre-occupation with other professional commitments. Both directors confirmed there were no other material reasons for not accepting the appointment. The filing was signed by Manish Kumar Bhagat, who serves as the Interim Resolution Professional for the company.

Regulatory Compliance and Disclosures

The company enclosed requisite disclosures for the cessation of these directors as per SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The filings confirm that the directors did not hold directorships in other listed entities at the time of resignation, with one exception noted for Ms. Thakar who held a directorship in one other entity.

Ms. Thakar’s resignation letter specifically requested the completion of statutory formalities, including filing Form DIR-12 with the Registrar of Companies and submitting mandatory disclosures to the stock exchanges. The Interim Resolution Professional’s involvement suggests the company is undergoing insolvency proceedings, which may influence board composition stability.

The National Company Law Tribunal has admitted Mercury Trade Links into the Corporate Insolvency Resolution Process. The Ahmedabad bench passed the order on September 1, 2026, citing an unpaid operational debt of ₹2.70 crore owed to Fettech Commercial Enterprises Pvt. Ltd.

Court Findings and Dispute Details

The NCLT rejected the company’s claim of pre-existing disputes regarding the quality of agricultural produce supplied between April 2024 and December 2024. The tribunal noted that the corporate debtor failed to provide documentary evidence for alleged credit notes or quality issues.

Fettech Commercial Enterprises supplied goods worth ₹4.41 crore, against which Mercury Trade Links paid ₹1.71 crore. The remaining balance of ₹2.70 crore remained unpaid despite a demand notice issued in November 2025. The court observed that the debt fell due on March 31, 2025, after a 90-day credit period.

Insolvency Process Initiated

The tribunal appointed Manish Kumar Bhagat as the Interim Resolution Professional (IRP). A moratorium under Section 14 of the Insolvency and Bankruptcy Code is now in effect, barring legal actions and asset transfers against the company until a resolution plan is approved or liquidation is ordered.

What the Numbers Show

The NCLT’s observation that the company holds "only cash as assets" from its submitted balance sheet highlights a severe liquidity constraint. This asset composition suggests limited operational capacity to generate revenue during the insolvency process, increasing reliance on external resolution bids to settle creditor claims.