GTT Data Solutions Limited , formerly known as Cinerad Communications Limited, has taken decisive action in response to shareholders failing to meet their payment obligations for a recent rights issue. The company has forfeited 128,955 partly paid-up equity shares with a face value of ₹10 each, following non-payment of the First and Final Call money by the stipulated deadline.

Key Details of the Forfeiture

• Forfeiture Date: July 30, 2025
• Number of Shares Forfeited: 128,955
• Share Type: Partly paid-up equity shares
• Face Value: ₹10 per share
• Deadline for Payment: July 7, 2025
• Approving Body: Rights Issue Committee of the Board of Directors

Background and Process

The forfeiture comes after a series of notices issued by the company:

1. First and Final Call Notice: Issued on April 15, 2025
2. First and Final Reminder-cum-Forfeiture Notice: Sent on June 18, 2025
3. Letter of Offer: Dated January 10, 2025, relating to the rights issue

Despite these reminders, some shareholders failed to pay the required call money by the July 7, 2025 deadline, leading to the forfeiture decision.

Implications for Shareholders

According to the notice sent to defaulting shareholders:

• The forfeiture results in the extinction of all interests, claims, and demands against the company regarding the forfeited shares.
• All rights incidental to the forfeited shares are also extinguished.
• Forfeited shares are now deemed property of GTT Data Solutions Limited.

Company's Next Steps

GTT Data Solutions Limited has informed that:

• Forfeiture notices have been sent to all defaulting shareholders.
• The company retains the right to sell, dispose of, or cancel the forfeiture of these shares on terms it deems fit.

Regulatory Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, GTT Data Solutions Limited has duly informed the BSE Ltd. about this forfeiture action. The company's shares are listed on the BSE under the code 530457.

This move by GTT Data Solutions Limited underscores the importance of shareholders meeting their financial obligations in rights issues and demonstrates the company's commitment to maintaining financial discipline and transparency in its operations.

GTT Data Solutions Limited (formerly known as Cinerad Communications Limited) has announced a crucial Board of Directors meeting scheduled for August 7, 2025. The meeting agenda includes several significant items that could potentially impact the company's future direction and shareholder value.

Quarterly Financial Review

The board will review the unaudited standalone and consolidated financial results for the quarter ended June 30, 2025. This review will provide insights into the company's performance for the first quarter of the fiscal year.

Proposed Rights Issue

One of the key items on the agenda is the consideration of a proposal to issue securities to existing shareholders on a rights basis. This move, subject to regulatory approvals, could provide current shareholders with the opportunity to increase their stake in the company.

Employee Stock Option Scheme

The board will also discuss an Employee Stock Option Scheme (ESOP). This proposal, which requires shareholder approval, could potentially align employee interests more closely with those of the company and its shareholders.

Merger of Subsidiaries

A significant strategic move is also on the table, as the board will consider a scheme of amalgamation involving the merger of wholly-owned subsidiaries with GTT Data Solutions. This proposal is subject to statutory and regulatory approvals and could streamline the company's structure.

Trading Window Closure

In line with regulatory requirements, GTT Data Solutions has closed its trading window from July 1, 2025, which will remain closed until August 10, 2025. This measure ensures fair trading practices during this sensitive period.

The outcomes of this board meeting could have substantial implications for GTT Data Solutions' future growth strategy, capital structure, and operational efficiency. Shareholders and market observers will be keenly awaiting the results of these deliberations.