MPL Plastics Limited Appoints New Company Secretary Amid Ongoing Winding Up Process

1 min read     Updated on 14 Aug 2025, 04:08 PM
scanx
Reviewed by
Riya DeyScanX News Team
whatsapptwittershare
Overview

MPL Plastics Limited has appointed Vishakha Jain as Company Secretary and Compliance Officer. The company's Board approved unaudited financial results for Q2 2025. However, the independent auditor, M/s. Jain Vinay and Associates, raised significant concerns about the company's financial health. The auditor issued an adverse opinion on MPL Plastics' ability to continue as a going concern, citing cessation of operations and material uncertainty. The company had previously initiated a corporate insolvency resolution process and intimated BSE about winding up under the Insolvency and Bankruptcy Code, 2016.

16713492

*this image is generated using AI for illustrative purposes only.

MPL Plastics Limited has announced significant changes in its corporate structure and operations, as revealed in its latest regulatory filings and auditor's review.

New Appointment

The company has appointed Vishakha Jain as its new Company Secretary and Compliance Officer. This appointment comes at a crucial time for MPL Plastics, as the company navigates through a challenging period.

Financial Results and Auditor's Review

On August 14, 2025, MPL Plastics Limited's Board of Directors approved the unaudited financial results for the quarter ended June 30, 2025. The meeting, which commenced at 13:00 and concluded at 14:05, was preceded by a review from the Audit Committee.

However, the independent auditor's review report, conducted by M/s. Jain Vinay and Associates, Chartered Accountants, has raised significant concerns about the company's financial health and future prospects.

Going Concern Issues

The auditor has issued an adverse opinion regarding MPL Plastics' ability to continue as a going concern. This opinion is based on several critical factors:

  1. Cessation of Operations: The company has closed down its operations, indicating a complete halt in its primary business activities.

  2. Material Uncertainty: The auditor's report highlights that these events and conditions create a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.

Winding Up Process

The company's financial difficulties appear to have been ongoing for some time. Key events in the winding up process include:

  • March-April 2022: The Board and shareholders approved the initiation of a corporate insolvency resolution process.
  • July 10, 2024: MPL Plastics intimated the BSE regarding the winding up of the company under Section 10 of the Insolvency and Bankruptcy Code, 2016.

Regulatory Compliance

Despite the ongoing challenges, MPL Plastics continues to comply with regulatory requirements. The recent financial results were disclosed in accordance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The appointment of Vishakha Jain as Company Secretary and Compliance Officer suggests that the company is maintaining its corporate governance structures during this critical period.

As MPL Plastics Limited navigates through these challenging times, stakeholders will be closely watching for further developments in the company's winding up process and any potential resolutions to its financial difficulties.

Historical Stock Returns for MPL Plastics

1 Day5 Days1 Month6 Months1 Year5 Years
+3.53%+4.01%+0.11%-10.19%-34.68%+152.92%
MPL Plastics
View in Depthredirect
like15
dislike
Explore Other Articles
9.08
+0.31
(+3.53%)