Omkar Speciality Chem Monitoring Committee meets May 27

Omkar Speciality Chemicals has announced that its Monitoring Committee will convene on May 27, 2026. The meeting is being held pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) after being admitted via an order dated December 5, 2022.

Agenda for the Meeting

The primary focus of the meeting is the review and approval of financial records. The committee will consider the unaudited financial statements of the company for three specific quarters: the quarter ended June 30, 2025, the quarter ended September 30, 2025, and the quarter ended December 31, 2025.

Key Appointments and Governance

The committee is set to deliberate on several significant governance and personnel appointments. These include the constitution of the Audit Committee of the Board and the Stakeholder's Relationship Committee of the Board. Furthermore, the meeting will consider the appointment of Mr. Ruhini Kumar Chakraborty (DIN: 08124270) as an Independent Director and Mr. Dipak Kumar Shaw (PAN: CCYPS8421F) as the Chief Executive Officer (CEO) of the company.

Operational and Financial Matters

Beyond governance, the agenda includes operational decisions critical to the company's functioning during the resolution process. The committee will discuss the opening of a current bank account with ICICI Bank. Other financial matters up for discussion include the CIRP Cost and the refund of Performance Bank Guarantee (PBG). The committee will also consider the appointment of statutory auditors to fill a casual vacancy and the appointment of a Secretarial Auditor for the Financial Year 2025-26.

Agenda Item	Description
Financial Statements	Unaudited results for Q1, Q2, Q3 FY26
Audit Committee	Constitution of the committee
Stakeholder's Relationship Committee	Constitution of the committee
Independent Director	Mr. Ruhini Kumar Chakraborty
CEO	Mr. Dipak Kumar Shaw
Statutory Auditors	Appointment to fill casual vacancy
Secretarial Auditor	Appointment for FY 2025-26
Bank Account	Opening current account with ICICI Bank
CIRP Cost	Discussion regarding costs
PBG Refund	Discussion regarding refund

Omkar Speciality Chemicals Limited, currently under the Corporate Insolvency Resolution Process (CIRP), has announced a comprehensive restructuring plan following its approved Resolution Plan under the Insolvency and Bankruptcy Code, 2016. The company was admitted into CIRP via order dated December 5, 2022.

Capital Restructuring Framework

The restructuring plan encompasses five key steps designed to reorganize the company's capital structure and ensure regulatory compliance. The plan was communicated to both BSE Limited and National Stock Exchange of India Limited on April 28, 2026, by Ajit Kumar, Chairperson of the Monitoring Committee.

Step	Action	Details
1	Capital Reduction	Entire share capital to be reduced to NIL
2	Fresh Equity Issuance	New shares at INR 10 face value to Resolution Applicant
3	Exchange Approval	In-principle approval from stock exchanges
4	Share Allotment	Resolution Applicant to hold 100% paid-up capital
5	Public Shareholding	5% OFS to achieve minimum public shareholding

Implementation Timeline and Process

The capital reduction will be executed as per the Hon'ble NCLT order dated July 31, 2025, which mandates the complete reduction of the company's existing share capital to NIL. Following this, the company will pass an enabling resolution in the Monitoring Committee meeting to authorize the issuance of fresh equity shares with a face value of INR 10 each to the Resolution Applicant.

Regulatory Compliance Measures

To ensure compliance with SEBI regulations, the company will file applications with stock exchanges for obtaining in-principle approval for the proposed issue and allotment of equity shares. Post-approval, the company will circulate a letter of offer to the Resolution Applicant, who will then subscribe to the fresh equity shares at face value.

Minimum Public Shareholding Achievement

In the final phase, the company will undertake an Offer for Sale (OFS) of 5% of equity shares held by the promoter/promoter group through the stock exchange mechanism. This step is specifically designed to ensure compliance with SEBI's Minimum Public Shareholding requirements.

The restructuring plan represents a significant milestone in the company's insolvency resolution process, providing a clear roadmap for capital reorganization and regulatory compliance under the monitoring of the appointed committee.