Mcleod Russel India Ltd

Financial results approved

• Unaudited standalone and consolidated Q1 2026 results approved, subject to Limited Review.

Audit reports

• Limited Review reports from Lodha & Co LLP accompany the results.

Major asset disposals

• Approval to sell four tea estates; carrying value 8,485 lakhs, consideration 12,305 lakhs.

Post‑balance‑sheet disposal

• Corramore Estate sale approved post‑balance date; consideration 2,616 lakhs.

Debt restructuring framework

• NARCL/JCAF restructuring approved; Master Restructuring Agreement and OTS subject to conditions.

Going concern and audit notes

• Going concern contingent on timely restructuring; auditors flag material ICD recoverability uncertainties.

Auditor remarks

• Auditors issued adverse conclusion on results due to recoverability concerns on ICDs.

Regulatory and compliance disclosures

• Labour Code impact under evaluation; disclosures note ongoing regulatory considerations and conditionalities.

Meeting Details

• Date: 14 August 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated financial results for the quarter ended 30 June 2026.

Other Notes

• Trading window has remained closed since 1 July 2026 and will reopen 48 hours after results declaration.

Disposal of Corramore Tea Estate assets

• MoU entered on 6 August 2026 for disposal of Corramore Tea Estate assets.
• Disposal aligned with NARCL via IDRCL sanction letter for debt restructuring.
• Consideration: Rs 26,16,25,000, exclusive of taxes and current asset/liability adjustments.
• Corramore Tea Estate contributed Rs 1,744.25 Lakhs to 2025-26 turnover (1.80%).
• Buyer: Krishnabehari Tea Co Ltd; not promoter or promoter group.
• Transaction not a Related Party Transaction.
• Shareholder approvals under Reg 37A; further regulatory approvals required.
• Estimated completion: 31 October 2026, subject to approvals.
• Sale outside Scheme of Arrangement; NARCL sanction dated 2 April 2026.
• Annexure A disclosures enclosed; hosted on company website.

Delisting from Calcutta Stock Exchange

• CSE approved voluntary delisting of McLeod Russel India Ltd shares (Notice 16 July 2026).
• Delisting to be effective from 17 July 2026.
• Shares will remain listed on BSE and NSE.
• Delisting will not affect shareholders, trading on BSE/NSE continues.

IBC withdrawal and restructuring update

• NARCL, as assignee of HDFC Bank debt, seeks withdrawal of Section 7 IBC proceedings against McLeod Russel.
• This follows a Sanction Letter dated 2 April 2026 and subsequent modifications issued for debt restructuring.
• NCLT Kolkata bench dismissed the application as withdrawn with liberty to revive if restructuring fails.
• Default amount involved was approximately Rs 444.55 crores; order awaiting certified copy; no upload on NCLT site.
• Communication of the order received by the company via email on 14 July 2026.

Dematerialisation/Rematerialisation status

• RTA processed all dematerialisation/rematerialisation requests received during the period.
• Securities dematerialised/rematerialised have been listed on the relevant stock exchanges.
• Physical certificates received for dematerialisation were mutilated and cancelled after verification; depository's registered owner updated within the timeline.

Resolutions and outcomes

• Ordinary: Re-appoint Aditya Khaitan as MD for 3 years from 17 May 2026; approved 94.02% in favour.
• Special: Remuneration to Aditya Khaitan as MD for 3 years from 17 May 2026; approved 93.85%.
• Ordinary: Appoint Pradip Bhar as Director for 3 years from 27 Apr 2026; approved 93.99%.
• Special: Appoint Pradip Bhar as Whole-Time Director for 3 years from 27 Apr 2026; remuneration approved 93.99%.