Prabhat Technologies (India) Limited has announced key leadership changes and a strategic pivot in its business operations following its board meeting on May 15, 2026. The company appointed Mr. Aakash Vishwamani Tiwari as an Additional Director and designated Mr. Shivanshu Pandey as its new Managing Director. Additionally, the Board approved a proposal to change the company's name to Prabhat Entertainment Limited to reflect its new business focus.

Leadership Appointments

The Board approved the appointment of Mr. Aakash Vishwamani Tiwari (DIN: 11712666) as an Additional Director in the Non-Executive Non-Independent category, effective immediately from May 15, 2026. Mr. Tiwari holds a Diploma in 3D Animation and 3D Modeling from Kwantlen Polytechnic University, Vancouver, and a BSc in Animation and VFX from Bharathiar University. He brings expertise in 3D animation, modeling, and visual effects.

Simultaneously, Mr. Shivanshu Pandey (DIN: 06916787), who was previously an Additional Director (Executive), has been appointed as the Managing Director of the Company for a term of five years effective from May 15, 2026. This appointment is subject to the approval of shareholders and other statutory regulatory approvals. Mr. Pandey possesses extensive experience in corporate governance, strategic planning, and business management.

Strategic Shift and Name Change

In a significant strategic move, the Board considered and approved the alteration of the object clauses of the Memorandum of Association. The company plans to replace existing Clause III A and Clause III B to align its business focus with the entertainment sector. The revised objects encompass the creation, production, publishing, distribution, and commercialization of audio-visual and entertainment content across various media platforms.

Consequent to this shift in business focus from the telecom sector, the Board has approved changing the name of the Company from “Prabhat Technologies (India) Limited” to “Prabhat Entertainment Limited”. This change, along with the alterations to the Memorandum of Association and Articles of Association, is subject to the approval of shareholders and necessary regulatory clearances.

Key Approvals and Next Steps

The Board has appointed M/s Shekhawat & Associates, Practicing Company Secretary, as the Scrutinizer to conduct the e-voting and venue voting process for the upcoming Extra-Ordinary General Meeting (EGM). The meeting to finalize these decisions commenced at 11:00 a.m. and concluded at 18:30 p.m. on May 15, 2026.

Prabhat Technologies (India) Limited has informed BSE Limited that the National Company Law Tribunal (NCLT), Mumbai Bench, has passed a final order dated April 30, 2026, in Company Petition CP (IB) No. 1874 of 2019, confirming the complete implementation of the approved Resolution Plan. The disclosure was made on May 06, 2026, by Chief Financial Officer Parag Malde, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

NCLT Order: Key Details

The following table summarises the key details of the NCLT order and the associated proceedings:

Background and Resolution Plan Execution

The application before the NCLT was filed by the erstwhile Resolution Professional to bring on record the Second and Final Report for complete execution of the Resolution Plan, originally passed under an NCLT order dated October 16, 2025. The report covered the quarter from January 2026 to March 2026.

According to the application, the Resolution Applicant made payments to the Unsecured Financial Creditors to acquire the rights of allotment of equity shares on a preferential allotment basis. Following the acquisition of these rights, the Resolution Applicant relinquished the rights, entitlement, and surrendered all rights, title, and interest in respect of the equity shares to the Corporate Debtor. As a result, the Corporate Debtor was released from any obligation of payment or allotment of equity shares on a preferential basis.

Closure of Petition

The counsel for the applicant submitted to the tribunal that no appeal is pending before any appellate authority, and no legal proceedings are ongoing in any court in connection with this matter. The NCLT accepted the submission and confirmed that the approved Resolution Plan had been successfully implemented with nothing remaining outstanding.

In view of these submissions, the tribunal ordered the closure of CP (IB)/1874(MB)2019 and disposed of IA (I.B.C)/1786 (MB) 2026, directing that files be consigned to record. The order was pronounced by Sh. Prabhat Kumar, Member (Technical), and Sh. Sushil Mahadeorao Kochey, Member (Judicial).

Company Disclosure

Prabhat Technologies (India) Limited, headquartered at 402, Western Edge-1, Kanakia Spaces, Western Express Highway, Borivali (East), Mumbai 400 066, filed the intimation with BSE Limited (Scrip Code: 540027) and enclosed a copy of the NCLT order dated April 30, 2026, requesting the exchange to take the same on record.