Eureka Industries PPIRP Begins: Key Dates in 2026

What the disclosure is about

Eureka Industries Limited has published disclosures around the commencement of a pre-packaged insolvency resolution process (PPIRP) under the Insolvency and Bankruptcy Code, 2016. The PPIRP commencement date disclosed is August 15, 2026. The sequence of corporate actions leading to this point includes a board meeting in April 2026, shareholder approvals at an Extraordinary General Meeting (EGM) in May 2026, and further steps connected to a proposed amalgamation plan.

The company’s filings also cover changes to its Registrar and Share Transfer Agent (RTA), revisions to board composition, and details of the base resolution plan structure that is intended to be placed before financial creditors. Together, these updates outline how Eureka Industries is approaching the PPIRP framework while simultaneously pursuing a proposed scheme of arrangement involving Onix Renewable Limited.

PPIRP commencement under the Insolvency and Bankruptcy Code

Eureka Industries has officially commenced a PPIRP under the Insolvency and Bankruptcy Code, 2016. The company’s disclosure places the PPIRP commencement date at August 15, 2026. The PPIRP route under Section 54A is designed for eligible corporate debtors and is distinct from a conventional CIRP process in how the initial resolution plan is prepared and presented.

In Eureka Industries’ case, the shareholder approvals and board actions disclosed earlier in 2026 tie directly into this PPIRP commencement. The company indicated that it planned to review and approve a base resolution plan for presentation to financial creditors, and later sought shareholder support for the PPIRP-related resolutions.

Board meeting on April 13, 2026: initiation proposal and base plan review

Eureka Industries disclosed that a board meeting was scheduled for April 13, 2026. The stated agenda included considering the initiation of the PPIRP and reviewing and approving a Base Resolution Plan for presentation to financial creditors. This disclosure is an important step in the sequence because it shows the company preparing a structured plan in advance of member approvals.

The board-level step also frames the subsequent shareholder meeting decisions, where members later approved the initiation of the PPIRP and an in-principle base resolution plan.

EGM on May 18, 2026: 100% shareholder approval

Eureka Industries held its 1st Extraordinary General Meeting on May 18, 2026, through video conferencing. The company disclosed that shareholders unanimously approved all four resolutions, with 100% votes in favour. The voting results and Scrutinizer’s Report were submitted to the Bombay Stock Exchange on May 19, 2026, under Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company also disclosed the EGM timing as 12:45 PM to 12:58 PM IST. The approved items included the initiation of the PPIRP under Section 54A of the IBC and in-principle approval of the Base Resolution Plan.

Base Resolution Plan: amalgamation with Onix Renewable and proposed name change

As disclosed, the Base Resolution Plan includes a scheme of arrangement proposing amalgamation with Onix Renewable Limited. Alongside the amalgamation, the proposal includes a name change of Eureka Industries Limited to “ONIX RENEWABLE LIMITED”. The company stated that both the amalgamation and the name change are contingent on required approvals from the National Company Law Tribunal (NCLT) and other regulatory bodies.

This structure matters because it places a corporate reorganisation proposal inside the broader resolution framework. However, the company’s disclosure is explicit that these changes are subject to regulatory and tribunal approvals, and therefore are not final until those permissions are obtained.

Resolution professional and director appointments approved at the EGM

The EGM approvals also covered key governance items. Eureka Industries disclosed that Mr. Bimal Ashok Desai was appointed as the proposed Resolution Professional. The members also approved the regularisation of Mr. Chaitanya Jayantilal Pandya as Executive Director and his appointment as Managing Director for five years from April 13, 2026, with remuneration capped at ₹50,000 per month (as disclosed).

In addition, the company disclosed that Ms. Avani Ashwinkumar Shah was regularised as a Non-Executive Independent Director for five years from March 21, 2026. These approvals were part of the four resolutions placed before members at the May 18, 2026 EGM.

Board reshuffle disclosed on May 21, 2026

Eureka Industries announced changes to its board composition following a meeting held on May 21, 2026. The board approved the appointment of two new directors and accepted the resignations of three existing members, effective immediately. The company appointed Mrs. Archana Chaitanya Pandya as an Additional Non-Executive Non-Independent Director and Ms. Juhi Sawajani as an Additional Non-Executive Independent Director for five years.

Following these changes, the disclosed board of directors included: Mr. Chaitanya Jayantilal Pandya (Managing Director and CFO), Mrs. Archana Chaitanya Pandya (Non-Executive Director), Ms. Avani Ashwinkumar Shah (Independent Director), and Ms. Juhi Sawajani (Independent Director).

Onix Renewable’s shareholder vote: July 7, 2026

Onix Renewable Limited separately announced a shareholder meeting to seek approval for its proposed Composite Scheme of Arrangement with Eureka Industries Limited. As disclosed, shareholders of Onix Renewable were scheduled to vote on July 7, 2026. Remote e-voting was set to remain open from July 4 to July 6, 2026.

This parallel process is relevant because the scheme requires actions on both sides, and the disclosures indicate the process was being taken to shareholders of both companies.

Investor services update: change in Registrar and Share Transfer Agent

Eureka Industries also disclosed a change in its Registrar and Share Transfer Agent. The company changed its RTA from Bigshare Services Private Limited to Accurate Securities and Registry Private Limited, stating that the move was to enhance investor services.

Such RTA changes typically affect how shareholders process transfers and handle investor service requests, and the disclosure signals an operational change in investor-facing infrastructure while the company proceeds with PPIRP-related steps.

Company profile and locations disclosed

Eureka Industries Limited is described as a public company specialising in manufacturing and trading textiles such as cotton, nylon, and polyester since 1992. The company disclosed that its plant site is situated at Village Valthara, Dholka, Ahmedabad.

Its disclosed address includes: A-505, Titanium City Centre, Near Sachin Tower, 100 Feet Ring Road, Anandnagar, Ahmedabad, Gujarat 380015, with telephone number 079-48918799. The company’s email and website were disclosed as eurekaindltd@gmail.com and http://www.eurekaindustries.in.

Key facts at a glance

Why these steps matter for shareholders and creditors

The disclosures show Eureka Industries moving through a documented sequence: board consideration, member approvals, governance updates, and then commencement of the PPIRP. For shareholders, the immediate relevance is the approved direction of travel - including the PPIRP initiation and in-principle approval for a base resolution plan that includes an amalgamation proposal.

For creditors and other stakeholders, the focus is on the formal PPIRP commencement and the process by which the base resolution plan is presented to financial creditors. At the same time, the company has been clear that the scheme of arrangement and proposed name change remain subject to NCLT and other regulatory approvals.

Conclusion

Eureka Industries’ disclosures through 2026 point to a structured move into a PPIRP, with the commencement date stated as August 15, 2026. Shareholders approved the PPIRP initiation and the base resolution plan framework at the May 18, 2026 EGM with 100% votes in favour, while Onix Renewable scheduled its own shareholder vote for July 7, 2026.

The next confirmed milestones, as disclosed, are tied to stakeholder and regulatory approvals, including NCLT and other required clearances for the proposed amalgamation and the name change to “ONIX RENEWABLE LIMITED”.