MT Educare Ltd

Dematerialisation processing status

• Securities for dematerialisation were confirmed to depositories as accepted or rejected.
• Securities dematerialised have been listed on the stock exchanges where existing securities are listed.
• Physical certificates were mutilated and cancelled after verification; the depository’s name was substituted as registered owner.

Default details

• Defaulted obligations comprise term loan, overdraft and corporate guarantee.
• Lenders involved: Prudence ARC and Axis Bank.
• Default date: 31/08/2026 (from March 2021 onwards).
• Axis Bank Term Loan default principal 7.16 cr; interest 11.65%; secured.
• Axis Bank OD default principal 4.98 cr; interest 11.20%; secured.
• Prudence ARC default principal 20.19 cr; interest 13.75%; secured.
• Total outstanding borrowings from banks/financial institutions: 32.33 cr.
• Total financial indebtedness under CIRP since 16-12-2022; claims verified, under process.
• CIRP ongoing since 16-12-2022; NCLT order; IRP appointed and CoC constituted.

MT Educare Limited: Trading Window closed from October 1, 2026 for unaudited Q2 and six months FY 2026-27 ending September 30, 2026, until the second trading day after the results are announced

AGM Details

• Date, time, mode: September 30, 2026 at 2:00 PM via VC/OAVM.
• Remote evoting ran September 27–29, 2026; voting available during meeting.
• Resolution Professional chaired the meeting under CIRP.

Key Resolutions

• Adoption of standalone and consolidated financial statements for year ended March 31, 2026.
• Appointment of director to replace Vipin Choudhary (DIN 02090149) who retires by rotation.

Voting Results

• All resolutions passed by majority.

AGM dates and CIRP status

• 20th AGM postponed to 30 September 2026.
• Register of Members and share transfer closure revised to 24-30 September 2026.
• Postponement approved by the Resolution Professional.
• CIRP ongoing under NCLT order; IRP appointed and CoC formed.

Default and CIRP status

• Nature of defaulted obligations: Term Loan, Overdraft and Corporate Guarantee.
• Lenders: Prudence ARC and Axis Bank.
• Date of default: 31 July 2026.
• Current default: Prudence ARC principal 16.44 Cr, interest 3.75 Cr.
• Axis Bank: principal 7.65 Cr, interest 4.51 Cr.
• Axis Bank Term Loan: outstanding 7.16 Cr, 2-year tenure, 11.65% interest, secured.
• Axis Bank OD: outstanding 4.98 Cr, 2-year tenure, 11.20% interest, secured.
• Prudence ARC: outstanding 20.19 Cr, 2-year tenure, 13.75% interest, secured.
• Total outstanding borrowings: 32.33 Cr.
• Total financial indebtedness: CIRP since 16 Dec 2022; claims verified.
• Corporate guarantees: Axis Bank 7.3 Cr; Prudence ARC 16.69 Cr; secured.
• CIRP status: NCLT order dated 16 Dec 2022; claims verified and ongoing.

RP actions and AGM/financial update

• Resolution Professional Arihant Nenawati approved five matters on 14 August 2026.
• Board powers remain suspended; no Board meetings during CIRP.
• AGM notice for 20th AGM on 22 September 2026 via VC/OVAM.
• Re-appointment of Vipin Choudhary as Non-Executive Director proposed for AGM.
• Register of members and share transfer books to remain closed 16–22 September 2026.
• Limited Review for quarter ended 30 June 2026 not yet completed.

Operational and CIRP update

• Adverse conditions causing material operational challenges, including mass resignations of faculty and support staff.
• Lower-than-expected student enrolment/rollover impacting topline and creating financial stress.
• Several enrolments discontinued as students explore transfers to other coaching institutes.
• Company states it will inform stock exchanges of any further material developments.
• CIRP initiated under NCLT order dated 16 December 2022; interim RP appointed, CoC formed on 21-08-2023.
• 22 January 2024: Arihant Nenawati appointed as New Resolution Professional.

Dematerialisation/Rematerialisation status

• Dematerialisation requests were confirmed to depositories as accepted or rejected.
• Securities dematerialised have been listed on the exchanges where the existing securities are listed.
• Certificates received for dematerialisation were mutilated and cancelled after verification; depository’s name substituted as registered owner.