Deep Diamond India Reports Q1 Results, Appoints New Company Secretary
Deep Diamond India Limited reported Q1 consolidated revenue of Rs 30.00 lakhs, down from Rs 45.00 lakhs in the previous quarter. Net profit decreased to Rs 6.37 lakhs from Rs 28.62 lakhs. The pharmaceutical segment performed well with Rs 15.00 lakhs revenue and Rs 18.68 lakhs segment result, while the jewellery business showed a loss. The company appointed Mr. Rakesh Vishnoi as Company Secretary and is in the process of acquiring Onsis Ceramics Pvt. Ltd. for Rs 232.00 crore.
27Mar 25
NCLT Approves Deep Diamond's ₹43.15 Crore Acquisition of Oasis Ceramics
The National Company Law Tribunal (NCLT) has approved Deep Diamond India Limited's resolution plan to acquire Oasis Ceramics Private Limited for ₹431.5 million. The plan includes a ₹3,200 lakh settlement for financial creditors, with ₹2,600 lakhs allocated to direct financiers. Operational creditors will receive 1% of their dues, while statutory creditors get 0.50% of outstanding claims. The implementation will be overseen by a monitoring committee over a 6-month period. Existing Oasis Ceramics shareholders will see their equity largely extinguished, with Deep Diamond acquiring 100% of the restructured company's equity.
26Mar 25
NCLT Approves Deep Diamond's ₹43.15 Crore Acquisition of Oasis Ceramics
The National Company Law Tribunal (NCLT) has approved Deep Diamond India Limited's resolution plan to acquire Oasis Ceramics Private Limited for ₹431.5 million. The plan, unanimously supported by creditors, outlines settlements for various stakeholders, including secured and unsecured creditors. Deep Diamond commits to implementing the plan within six months, with a monitoring committee overseeing the process. The acquisition marks a diversification move for Deep Diamond, recently focused on pharmaceuticals, and showcases the effectiveness of India's Insolvency and Bankruptcy Code in corporate restructuring.