Hindustan National Glass & Industries Limited (HNGIL) has appointed Shri Kishor Chamanlal Doshi as an Additional Non-Executive Non-Independent Director, effective August 25, 2025. This strategic appointment comes in the wake of the company's corporate insolvency resolution process and is specifically aimed at executing documents and filing forms required to implement the approved resolution plan.

Resolution Plan Approval

The resolution plan, submitted by Independent Sugar Corporation Limited (INSCO), was approved by the National Company Law Tribunal (NCLT) on August 14, 2025. This marks a significant step in HNGIL's corporate restructuring process.

About Kishor Chamanlal Doshi

Shri Kishor Chamanlal Doshi brings a wealth of experience to his new role:

• Qualified as a Chartered Accountant in 1980 from the Institute of Chartered Accountants of India
• Over 45 years of extensive experience in audit, tax, corporate law, and bank finance
• Diverse industry exposure including salt, sugar, container glass, and hospitality sectors
• International experience spanning Uganda, Tanzania, Lebanon, UK, and UAE

Appointment Details

Professional Background

Doshi's career highlights include:

• Accounts Executive at Saurashtra Salt Works Pvt. Ltd., Mumbai (1979-1985)
• Finance Director at Gujarat Mulco Electronics Ltd., Umargaon, Gujarat (1985-2004)
• Finance Head at Saurashtra Impex Ltd., Mumbai (2005-Present)

In his current role at Saurashtra Impex Ltd., Doshi is responsible for administration, finance, and overall professional management of the company.

Regulatory Compliance

The appointment was approved by the Monitoring Committee of HNGIL, which was constituted in accordance with the Approved Resolution Plan. The company has confirmed that Shri Doshi is not debarred from holding the office of Director by virtue of any SEBI order or any other Adjudicating Authority order.

This appointment is a crucial step in Hindustan National Glass & Industries' path forward, as the company works to implement its resolution plan and navigate through its post-insolvency phase.

The National Company Law Tribunal (NCLT), Kolkata Bench, has approved Independent Sugar Corporation Limited's (INSCO) resolution plan for Hindustan National Glass & Industries Limited (HNGIL). The plan, valued at Rs 2,257.83 crore, was approved by the Committee of Creditors (CoC) with a 96.16% voting share.

Key Details of the Resolution Plan

• Total Plan Amount: Rs 2,257.83 crore against total admitted claims of Rs 3,785.55 crore
• Recovery Rate: 59.64% of admitted claims
• Upfront Cash Payment: Rs 1,901.55 crore
• Deferred Payment: Rs 356.28 crore over three years
• Capital Expenditure Commitment: Rs 1,000.00 crore for rebuilding furnaces and equipment

Financial Proposal Highlights

Breakdown of Operational Creditors:

• Suppliers: Rs 43.46 crore
• Government dues: Rs 6.55 crore
• Workmen and employees: Rs 0.54 crore

Implementation and Management

• A Monitoring Committee will be constituted to manage HNGIL until the plan's implementation
• INSCO will reconstitute the Board of Directors after the plan's implementation
• Existing shareholders' equity will be fully extinguished

Other Key Points

• The plan includes a proposed merger of INSCO's Special Purpose Vehicle (SPV) with HNGIL
• INSCO has obtained approval from the Competition Commission of India (CCI) for the acquisition
• The NCLT has granted certain reliefs and concessions as part of the plan approval

Background

The approval comes after a complex legal journey, including challenges to an earlier plan by AGI Greenpac Limited, which was set aside by the Supreme Court due to lack of prior CCI approval. INSCO's plan was subsequently reconsidered and approved by the CoC in compliance with the Supreme Court's directives.

NCLT Member (Judicial) Deep Chandra Joshi and Member (Technical) Banwari Lal Meena emphasized the limited scope for judicial intervention in the commercial aspects of the resolution plan, as established by various Supreme Court judgments.

The resolution professional, Mr. Girish Siriram Juneja, has been directed to hand over all records and documents to INSCO for implementing the plan. The moratorium imposed under the Insolvency and Bankruptcy Code has ceased with immediate effect.

This approval marks a significant step towards the revival of Hindustan National Glass & Industries Limited, one of India's leading glass manufacturers.