ARSSINFRAARSSINFRANSE
ARSS nominee seeks replacement for 81.55% resolution-plan share allotment
As filed · ARSS Infrastructure Projects Limited has informed regarding Disclosure of material issue
DistressMixedLowmateriality 38 out of 100
What happened
FactRoger Bravo Secured Development Fund has said it no longer wishes to act as nominee of Ocean Capital Market Limited for 7,35,00,000 ARSS Infrastructure Projects shares allotted under the approved resolution plan. It has given no-objection for Ocean Capital Market Limited or another of its nominees to replace it; the shares are still awaiting listing and have not been credited to the allottee’s demat account.
Why it matters
CapitSignal interpretationOnce an insolvency process is admitted, control of the company passes from the board to a resolution professional and equity ranks last in any recovery.
Watch next
Fact- Admission or rejection of the application by the tribunal
- Appointment of a resolution professional
- Claims admitted against the company
Evidence
How CapitSignal classified this
- Reasoning:
- The change concerns the nominee holder for a controlling-sized resolution-plan allotment. The company states that the substitution will not change its total share capital.
- Matched on:
- body text (weaker evidence than a subject match)
- Confidence in the event type:
- 60%