Omkar Speciality Chemicals Limited has officially notified stock exchanges about setting April 29, 2026 as the record date for extinguishment and cancellation of existing shares under its resolution plan. The monitoring committee meeting held on April 15, 2026 approved this key corporate restructuring measure as part of the company's ongoing insolvency resolution process.

Regulatory Compliance and Record Date

The company has issued formal disclosure to BSE Limited and National Stock Exchange of India Limited under Regulation 42 read with Regulation 30 of SEBI Listing Regulations. The record date determination follows the resolution plan approved by the National Company Law Tribunal (NCLT) Mumbai bench on July 31, 2025.

Share Cancellation and New Issuance Details

The extinguishment will affect the entire existing shareholding structure, covering all equity shares of ₹10 each held by existing promoters, promoter groups, and public shareholders. The monitoring committee has simultaneously approved the issuance of 50,00,000 new equity shares through preferential allotment:

Key Management Appointments

The monitoring committee has approved strategic leadership appointments to strengthen the company's management structure. Mahendra Kumar Jain has been appointed as Chief Financial Officer, bringing over 46 years of manufacturing industry experience including 40 years in the plastic industry. Kuldeep Menaria has been appointed as Company Secretary and Compliance Officer, contributing over 6 years of expertise in corporate secretarial and regulatory compliance.

Financial Arrangements and Corporate Structure

The monitoring committee has approved borrowing facilities up to ₹20,00,00,000 from Kshitij Polyline Limited to support operations under the resolution plan. Additionally, the earnest money deposit provided by the Successful Resolution Applicant prior to resolution plan approval will be treated as debt forming part of the ₹2,190 lakhs funding under the resolution plan.

Corporate Insolvency Background

Omkar Speciality Chemicals Limited was admitted into Corporate Insolvency Resolution Process (CIRP) via order dated December 5, 2022. The current share cancellation and restructuring measures are being implemented under the resolution plan approved by NCLT Mumbai bench, with Ajit Kumar serving as Chairperson of the Monitoring Committee and erstwhile Resolution Professional.

Source: None/Company/INE474L01016/975889f6-f1d9-446c-bf56-56743883951a.pdf

Omkar Speciality Chemicals Limited has issued a clarificatory intimation regarding its monitoring committee meeting scheduled for April 15, 2026, addressing important revisions to the previously announced record date arrangements. The company, which entered Corporate Insolvency Resolution Process (CIRP) on December 5, 2022, provided this update to ensure regulatory compliance under SEBI listing obligations.

Record Date Clarification

In a formal communication dated April 14, 2026, the company clarified two critical points regarding the upcoming monitoring committee meeting:

Meeting Agenda and Restructuring Plans

The monitoring committee meeting will address several critical corporate restructuring matters under the supervision of Chairperson Mr. Ajit Kumar, the erstwhile Resolution Professional. The committee will consider multiple significant proposals that reflect the company's ongoing restructuring process under the approved resolution plan.

Equity Share Restructuring

The committee will determine record dates for extinguishment and cancellation of existing equity shares in accordance with the approved scheme:

New Share Issuance

A major agenda item involves approving the issuance of new equity shares under the resolution plan:

Key Appointments and Operational Matters

The committee will consider appointing key management personnel to strengthen the company's operational framework:

The meeting will also address borrowing arrangements through loan agreements without conversion options into securities, along with reviewing statutory and contractual compliances and adjustment of CIRP costs.

Corporate Background

Omkar Speciality Chemicals Limited, incorporated with CIN L24110MH2005PLC151589, is registered in Badlapur, Maharashtra. The company entered CIRP through an order dated December 5, 2022, under case IA 1521/2022 In C.P. (IB)/1738(MB)2017. The monitoring committee is chaired by Mr. Ajit Kumar, who continues to oversee the company's restructuring process from his office at Ocus Quantum, Sector 51, Gurugram.