Khaitan Electricals has informed that Honorable National Company Law Tribunal (NCLT), Hyderabad Bench vides Order No. CP (1B) No.326/7/HDB/2018 dated 28th August, 2018 has initiated Corporate Insolvency Resolution Process (CIRP) in the company under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), based on the application filed by Bank of India, Financial Creditor of the company, Kamlesh Kumar Singhania (IP Registration No. IBBI.IPA-002/lP-N00023/2016-17/10050) was appointed as Interim Resolution Professional (IRP) with effect from November 28, 2018 under the provisions of IBC. As a result of the said Order, the powers of the Board of Directors stand suspended. The above may treated as disclosure pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The above information is a part of company’s filings submitted to BSE.