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Omkar Speciality Chemicals to Cancel Entire Share Capital; Record Date April 29, 2026
Omkar Speciality Chemicals has announced April 29, 2026, as the record date for the total extinguishment and cancellation of its existing paid-up share capital. This action is being taken pursuant to a Resolution Plan approved by the NCLT Mumbai bench on July 31, 2025, under the Insolvency and Bankruptcy Code. The cancellation applies to all equity shares of INR 10 each held by both the Promoters and the Public Shareholders. Consequently, existing equity holders will see their investment value reduced to zero as the shares are wiped out.
Key Highlights
Record date for share cancellation fixed as April 29, 2026.
100% of equity shares held by Promoters and Public Shareholders will be extinguished.
The move follows the NCLT order dated July 31, 2025, approving the Resolution Plan.
Company has been under the Corporate Insolvency Resolution Process (CIRP) since December 5, 2022.
💼 Action for Investors
Existing shareholders will lose their entire investment as the equity is being cancelled; investors should exit any remaining positions immediately if liquidity permits. The stock will likely be delisted or suspended following the capital extinguishment.
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Omkar Speciality to Cancel All Existing Equity Shares; Sets Record Date for April 29, 2026
Omkar Speciality Chemicals is implementing its NCLT-approved resolution plan, which mandates the 100% extinguishment of all existing promoter and public equity shares. The record date for this cancellation is fixed for April 29, 2026, meaning current shareholders will lose their entire holdings with no mentioned compensation. To restart operations under new ownership, the company will issue 50 lakh new shares to IFFAS Kshitij SPV LLP for ₹5 crore. Furthermore, it has approved a ₹20 crore loan from Kshitij Polyline Limited and appointed a new CFO and Company Secretary to lead the restructured entity.
Key Highlights
100% of existing promoter and public equity shares to be cancelled/extinguished on the record date of April 29, 2026.
Issuance of 50,00,000 new equity shares at ₹10 each to IFFAS Kshitij SPV LLP for a total of ₹5 crore.
Approval to raise a loan of up to ₹20 crore from Kshitij Polyline Limited to fund the resolution plan.
Treatment of Earnest Money Deposit as debt/loan forming part of the ₹21.90 crore funding requirement.
Appointment of Mahendra Kumar Jain as CFO and Kuldeep Menaria as Company Secretary and Compliance Officer.
💼 Action for Investors
Existing shareholders should be aware that their entire investment will be wiped out as shares are being cancelled per the NCLT order. Avoid any fresh positions as the current equity will cease to exist after the record date.
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Omkar Speciality Chemicals Clarifies Record Date to be Fixed in April 15 Monitoring Committee Meet
Omkar Speciality Chemicals, which has been under the Corporate Insolvency Resolution Process (CIRP) since December 2022, has issued a clarification regarding its upcoming Monitoring Committee meeting. The company stated that April 15, 2026, will not be the record date as previously suggested, but rather the date on which the record date will be decided. The finalized record date will comply with regulatory requirements, ensuring a minimum gap of seven working days from the meeting date. This update is part of the ongoing resolution process overseen by the Monitoring Committee.
Key Highlights
Clarified that April 15, 2026, is the meeting date and not the record date for corporate actions.
The revised record date will be determined during the Monitoring Committee meeting on April 15, 2026.
The record date will maintain a mandatory minimum gap of 7 working days from the meeting date.
Company remains under Corporate Insolvency Resolution Process (CIRP) since the December 5, 2022, order.
💼 Action for Investors
Investors should monitor the outcome of the April 15 meeting for the finalized record date and details on the resolution plan. Due to the ongoing CIRP, the stock remains high-risk and subject to significant restructuring outcomes.
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Omkar Speciality to Cancel All Existing Equity Shares; New ₹5 Cr Private Placement Planned
Omkar Speciality Chemicals is proceeding with its NCLT-approved Resolution Plan, which involves the total extinguishment of all existing promoter and public equity shares. A Monitoring Committee meeting on April 15, 2026, will finalize the record date for this cancellation, effectively wiping out current shareholders. Following the wipe-out, the company will issue 5,000,000 new equity shares at ₹10 each to raise ₹5 crore through a private placement. The company is also restructuring its leadership with the appointment of a new CFO and Company Secretary.
Key Highlights
100% extinguishment of all existing equity shares held by both Promoters and Public shareholders
Record date for share cancellation to be determined at the Monitoring Committee meeting on April 15, 2026
Issuance of 50,00,000 new equity shares at ₹10 each for an aggregate of ₹5,00,00,000
Appointment of Mahendra Kumar Jain as CFO and Kuldeep Menaria as Company Secretary
💼 Action for Investors
Existing equity holders will lose their entire investment as shares are being cancelled with zero value under the Resolution Plan. Investors should avoid the stock as current holdings will soon be extinguished.