Nitin Fire Protection Industries Limited has announced that its liquidator will convene a meeting on January 15, 2026, to review the company's unaudited financial results for the third quarter of fiscal year 2026. The meeting represents a significant development for the company, which has been operating under liquidation proceedings since January 2022.

Company Status and Liquidation Process

The company entered the Corporate Insolvency Resolution Process on October 22, 2018, and subsequently moved to liquidation under NCLT order dated January 18, 2022. Under the Insolvency and Bankruptcy Code, 2016, the powers of the Board of Directors have been suspended, with Mr. Uliyar Balakrishna Bhat serving as the appointed liquidator.

Financial Results Review Meeting

Pursuant to Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the liquidator has scheduled the meeting to consider and approve the unaudited financial results for the quarter and nine months ended December 31, 2025. The review will cover both standalone and consolidated financial results, accompanied by a limited review report.

Trading Window Closure

In compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, the company has implemented a trading window closure effective January 5, 2026. The closure applies to all designated persons and their immediate relatives, and will remain in effect until 48 hours after the announcement of the financial results.

Current Trading Status

Trading in the company's securities on both BSE Limited and National Stock Exchange of India Limited remains suspended. The suspension was implemented on February 9, 2022, following the receipt of liquidation order, and continues to remain in effect.

Sale Process Completion

The liquidator has successfully completed the sale of Nitin Fire Protection Industries Limited as a going concern under Section 33 of the Insolvency and Bankruptcy Code, 2016. A sale certificate was issued on October 3, 2024, marking a crucial milestone in the liquidation process. However, the company continues to await the final liquidation closure order from the NCLT to complete the proceedings.

Nitin Fire Protection Industries Limited has completed a significant milestone in its corporate restructuring journey, successfully concluding its liquidation sale process and reconstituting its board of directors. The company, which had been operating under insolvency proceedings since 2018, has emerged from the liquidation process following its acquisition by a consortium led by Elysian Wealth Fund.

Corporate Restructuring Journey

The company's restructuring timeline reflects a complex legal process spanning several years. Nitin Fire Protection Industries was admitted under the Corporate Insolvency Resolution Process on October 22, 2018, followed by liquidation proceedings that commenced on January 18, 2022, under the Insolvency and Bankruptcy Code, 2016. Throughout this period, the powers of the Board of Directors remained suspended, with Mr. Uliyar Balakrishna Bhat serving as the Liquidator.

The liquidation process reached completion with the successful sale of the company as a going concern under Section 33 of the IBC, 2016. A sale certificate was issued, marking the formal conclusion of the sale process, though the company awaits the final liquidation closure order from the NCLT.

Acquisition and New Ownership

The acquisition was completed by a consortium comprising Elysian Wealth Fund (formerly Silver Stallion Limited), Vikasa India EIF I Fund, and AIG Direct LLC. This consortium emerged as the successful bidders and purchasers of the company following directions issued by the NCLT Mumbai Bench.

Board Reconstitution

Following the acquisition, the liquidator has appointed three new directors to reconstitute the company's board, all designated as non-executive, non-independent directors:

Director Profiles and Expertise

The newly appointed directors bring substantial industry experience to the company. Mr. Allan Marcelline Lopes contributes over 45 years of experience in firefighting industries, with expertise in CO2, HFC, and Hydrant systems. His background includes significant projects such as CO2 Fire Extinguishing Systems at Haldia power plant and FM200 system design and execution. He holds qualifications in Mechanical Draftsman and Piping Draftsman.

Mr. Vikas Arunkumar Makharia brings over 35 years of senior-level executive experience in driving business initiatives across competitive environments. His expertise includes strategic planning, operational efficiency enhancement, and stakeholder engagement. He holds an MBA from the Indian Institute of Management, Kolkata, and a Bachelor of Commerce from the University of Mumbai.

Mr. Kailat Hariharan Vaidyanathan contributes over 50 years of experience in high-pressure and CNG cylinders, with extensive knowledge in cylinders manufacturing and distribution networks. He holds a Post Graduate degree in Industrial Engineering and Management.

Regulatory Compliance and Financial Reporting

The liquidator has also approved the company's unaudited financial results for multiple periods. These approvals were made in compliance with SEBI Listing Regulations, ensuring continued transparency and regulatory adherence during the transition period.

All newly appointed directors have been confirmed as not being debarred from holding directorial positions by SEBI or any other regulatory authority, and none are related to existing directors, key managerial personnel, or promoter groups of the company.