Electrotherm (India) Limited , a company listed on both BSE and NSE, has disclosed a default on loan payments totaling Rs 10.45 crore as of September 30, 2025. This development comes as part of the company's ongoing financial restructuring efforts and settlement arrangements with asset reconstruction companies (ARCs).

Default Details

The company has provided a breakdown of the default amount:

The defaulted amount is owed to Invent Assets Securitisation & Reconstruction Private Limited, which acquired the debts from Allahabad Bank (now Indian Bank) and Punjab National Bank.

Settlement Agreement

Electrotherm has entered into a settlement agreement with the ARC, which includes the following terms:

This agreement is part of the company's broader strategy to manage its financial obligations after banks assigned their loans to asset reconstruction companies.

Financial Indebtedness

As of September 30, 2025, Electrotherm's financial position shows:

The company notes that these figures are provisional and subject to confirmation from lenders.

Additional Information

Electrotherm has clarified that the outstanding borrowings figure does not include interest from unsettled lender Rare Asset Reconstruction Limited (assignee of Indian Overseas Bank) for loans classified as Non-Performing Assets (NPAs).

The disclosure of this default and the details of the settlement agreement demonstrate Electrotherm's efforts to address its financial challenges and provide transparency to its stakeholders. As the company continues to navigate its debt restructuring process, investors and market watchers will likely keep a close eye on its progress in meeting the terms of its settlement agreements and improving its overall financial health.

Electrotherm (India) Limited , a prominent player in the Indian manufacturing sector, has announced several significant corporate changes following a board meeting held on October 24, 2025. These changes encompass the appointment of a new internal auditor, relocation of the company's registered office, and an update on regulatory compliance.

New Internal Auditor Appointment

The board has approved the appointment of N R P S & Associates LLP as the company's new internal auditor. This change comes into effect from November 15, 2025, and will continue until March 31, 2026. The incoming firm, based in Pune, Maharashtra, brings a wealth of experience in management consultancy, financial services, and assurance services.

N R P S & Associates LLP is managed by two designated partners:

1. CA Prabhash Anand Shah (B. Com, F.C.A.) - Specializes in management consultancy and advisory services.
2. CA Nilesh S Raut (B. Com, F.C.A., DISA) - Experienced in statutory audits, taxation, and various financial services.

The outgoing internal auditor, RSM Astute Consultech Private Limited, will cease its services on October 31, 2025.

Registered Office Relocation

Electrotherm India has decided to shift its registered office within Ahmedabad, effective November 1, 2025.

Notably, the new office location is a property owned by Mr. Shailesh Bhandari, the Executive Vice Chairman of the company.

Regulatory Compliance Update

The board acknowledged the imposition of fines by the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on August 29, 2025. These fines were related to non-compliance with Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically concerning the board composition for the quarter ended June 30, 2025.

The company reported that it has since addressed this issue by appointing an additional director in April 2025, thereby bringing the company into compliance with the regulatory requirements.

These corporate actions reflect Electrotherm India's commitment to maintaining robust internal controls, optimizing operational efficiency, and ensuring regulatory compliance. Stakeholders and investors are advised to take note of these changes as they may impact the company's governance structure and operational dynamics.