**BKM Industries Limited** (formerly known as **Manaksia Industries Ltd.**) is an Indian industrial entity specializing in the manufacture of **Packaging and Engineering Products**. The company is currently in a critical transition phase, emerging from a formal **Corporate Insolvency Resolution Process (CIRP)** under the **Insolvency and Bankruptcy Code (IBC)**. Following the approval of a **Resolution Plan** by the **Hon’ble NCLT (Kolkata)**, the company is undergoing a comprehensive structural, financial, and operational overhaul aimed at restoring its status as an active listed entity. --- ### **Post-Insolvency Governance and Management Transition** The company has transitioned from the oversight of a **Resolution Professional (RP)** to a **Monitoring Committee**, and subsequently to a reconstituted Board of Directors. This shift marks the handover of control to the **Successful Resolution Applicant (RA)**, **Uniglobal Papers Private Limited**. * **Leadership Reconstitution:** In **March 2025**, the company appointed **Mr. Amit Singh** and **Mr. Dayaan Habib Farooqui** as **Whole-time Directors** following the exit of the previous Managing Director. * **Compliance Infrastructure:** To ensure adherence to **SEBI (LODR) Regulations**, the company appointed **Ms. Priya Motwani** as **Company Secretary and Compliance Officer** in **March 2026** and engaged a **Secretarial Auditor**. * **Administrative Relocation:** The registered office has been shifted to **'Commerce House', 2A, G. C. Avenue, Room No. 11, 2nd Floor, Kolkata - 700 013**. * **Regulatory Normalization:** A primary strategic pillar is the filing of applications with **BSE Limited** and the **National Stock Exchange of India Limited (NSE)** for the **recommencement of trading** of equity shares. --- ### **Capital Restructuring and Equity Extinguishment** A core component of the **Resolution Plan** is a drastic "cleaning" of the balance sheet through capital reduction and the total exit of the former promoters. | Action Item | Target Group | Impact/Mechanism | | :--- | :--- | :--- | | **Share Extinguishment** | Erstwhile Promoters | **100% extinguishment** of existing promoter shareholding. | | **Capital Reduction** | Public Shareholders | Reduction of face value from **Re. 1.00 to Re. 0.04** per share. | | **Share Consolidation** | Public Shareholders | Consolidation of **25 equity shares** (Re. 0.04) into **1 equity share** (Re. 1.00). | | **New Allotment** | New Promoters (RA) | Issuance of fresh securities to **Uniglobal Papers Private Limited**. | **Revised Capital Structure Post-Restructuring:** The following table reflects the transition from the pre-insolvency equity base to the post-extinguishment structure: | Category | Pre-Restructuring Shares | Post-Restructuring Shares | Face Value | Current Holding % | | :--- | :--- | :--- | :--- | :--- | | **Erstwhile Promoters** | **3,46,52,535** | **0** | Re. 1/- | **0.00%** | | **Public Shareholders** | **3,08,81,515** | **12,35,261** | Re. 1/- | **100.00%** | | **Total** | **6,55,34,050** | **12,35,261** | Re. 1/- | **100.00%** | *Note: The public float currently represents **100%** of equity pending the formal issuance of new shares to the **Resolution Applicants**, who are committed to inducting **Rs. 2.00 crores** into the Share Capital.* --- ### **Operational Status and Revenue Model** The company’s industrial operations have faced significant disruption due to the insolvency proceedings, leading to a temporary halt in manufacturing. * **Manufacturing Status:** As of **May 2025**, manufacturing facilities remain **non-operational**. This status has persisted through the **2024 and 2025** reporting periods. * **Revenue Generation:** Current revenue is derived exclusively from the **liquidation of existing stocks** rather than new production cycles. * **Segment Reporting:** Under **Ind-AS 108**, the company currently reports as a **single business segment** entity, as core industrial activities are not yet diversified or fully restored. * **Financial Recasting:** Assets and liabilities have been **recasted** based on valuation reports from **Registered Valuers** to reflect the company's post-insolvency fair value. --- ### **Critical Risks and Implementation Challenges** Investors should note several high-impact risks associated with the company’s transition and historical data gaps. **1. Legal and Depository Discrepancies** The restructuring process was delayed by a significant mismatch between the **Information Memorandum** and actual depository records. * **The Discrepancy:** A variance of **1,00,50,000 shares** was identified. While the plan expected **3,46,52,535** promoter shares, records showed only **2,46,02,535**, with the remainder sitting in public accounts. * **Resolution:** Following a corrective order from the **NCLT** dated **December 4, 2025**, the **Monitoring Committee** confirmed in **January 2026** that there are no further legal impediments to the cancellation of old equity and issuance of fresh shares. **2. Subsidiary Oversight and Data Gaps** * **Foreign Operations:** The company has struggled to obtain financial data from its subsidiary, **Euroasian Ventures FZE (UAE)**. During the CIRP, the RP was unable to secure financial statements for this unit. * **Reporting Limitations:** Due to the lack of internal data, some recent financial filings (April 2024) were reconstructed using only **bank statements and Annual Information Statements (AIS)**. * **Valuation Uncertainty:** Investment values for the UAE subsidiary are carried based on estimates. Currently, the subsidiary reports no income, resulting in standalone and consolidated figures being nearly identical. **3. Operational Revival Risk** The primary risk remains the **non-operational status** of manufacturing plants. The company’s future viability depends entirely on the successful transition from liquidating old inventory to restarting active production under the new management. --- ### **Strategic Roadmap for Recovery** The company is focused on a four-pillar strategy to exit the insolvency phase: * **Capital Deleveraging:** Executing the court-approved capital reduction to provide a clean slate for new investment. * **Promoter Transition:** Completing the **100% extinguishment** of erstwhile promoter holdings and the formal allotment of shares to the **RA**. * **Financial Regularization:** The Board has approved overdue Annual Reports for five consecutive years (**FY 2020-21 to FY 2024-25**) to bring all statutory filings up to date. * **Relisting:** Active pursuit of **re-listing and trading commencement** on the **BSE** and **NSE** once all corporate actions are finalized.