Eureka Industries PPIRP: EGM Clears Onix Merger Plan 2026

Company snapshot and what changed

Eureka Industries Ltd. (BSE: 521137) is an India-based micro-cap company in the textiles business under the process industries sector. The stock is identified by the ticker symbol EUREKAI on BSE. The company was founded on January 27, 1994, and is described as established in 1992, with headquarters noted as 1992 in the provided information. In 2026, the company became the focus of a formal restructuring effort after initiating a Pre-packaged Insolvency Resolution Process (PPIRP) under India’s Insolvency and Bankruptcy Code (IBC).

The catalyst is not a routine corporate action. The PPIRP is being positioned as a structured route to address financial stress and liquidity challenges, while aiming to avoid liquidation. Alongside this, Eureka has put forward a proposal involving Onix Renewable Limited that could reshape the company’s corporate structure and even its name.

PPIRP initiation under the Insolvency and Bankruptcy Code

Eureka Industries has officially commenced a PPIRP under the Insolvency and Bankruptcy Code, 2016. The PPIRP referenced is under Section 54A of the IBC, based on the company’s EGM disclosures. The stated intent is to restructure debts through an insolvency resolution mechanism rather than shutting down operations through liquidation.

A key element of the process is a Base Resolution Plan (also described as a Base Resolution Plan or BRP). The plan framework was intended for presentation to financial creditors, according to the board-level agenda mentioned for April 2026. The PPIRP move also ties into a broader corporate reorganisation that includes a Scheme of Arrangement involving Onix Renewable Limited.

April 2026 board agenda and audited results clean-up

A board meeting was scheduled for April 13, 2026, to consider initiating the PPIRP and to review and approve a Base Resolution Plan for presentation to financial creditors. Separately, the board approved audited results that included major write-offs tied to inventory, liabilities, and assets, described as operational cleaning.

The write-offs disclosed include:

• Inventory write-off of ₹1.89 crore
• Long-outstanding liabilities write-off of ₹2.88 crore
• Assets write-off of ₹1.53 crore

These adjustments were presented as part of the company’s clean-up efforts while moving into a formal resolution process. The same set of audited results and subsequent disclosures connected the PPIRP pathway to the proposed Onix Renewable transaction.

May 18, 2026 EGM: unanimous shareholder approvals

Eureka Industries held its 1st Extraordinary General Meeting on May 18, 2026, via video conferencing. Shareholders unanimously approved all four resolutions, with 100% votes in favour. The approvals included the initiation of the PPIRP under Section 54A of the IBC and in-principle approval of the Base Resolution Plan.

Shareholders also approved a Scheme of Arrangement that proposes amalgamation with Onix Renewable Limited and a proposed name change to “ONIX RENEWABLE LIMITED”, subject to required approvals. The company has stated that the amalgamation and the name change are contingent on approvals from the National Company Law Tribunal (NCLT) and other regulatory bodies. The NCLT bench referenced is the Ahmedabad Bench.

Base Resolution Plan and the proposed Onix Renewable amalgamation

The Base Resolution Plan approved at the EGM includes the amalgamation of Onix Renewable Limited with Eureka Industries. The company has framed this as part of its restructuring under the PPIRP, intended to strengthen the financial position, streamline the corporate structure, and support long-term growth.

The merger proposal is being executed within the PPIRP context, meaning it is not presented as an isolated M&A transaction but as a core component of the resolution approach. Importantly, the company has described a follow-on step: a proposed name change to “ONIX RENEWABLE LIMITED”, signalling a strategic pivot towards the renewable energy sector, subject to due approvals.

Leadership and governance decisions cleared by members

Along with the restructuring items, the EGM also approved key leadership and governance changes. Members approved the appointment of Mr. Bimal Ashok Desai as Resolution Professional. In addition, Mr. Chaitanya Jayantilal Pandya was regularised as Executive Director and appointed as Managing Director. Ms. Avani Ashwinkumar Shah was regularised as a Non-Executive Independent Director.

These approvals align with the company’s transition into an insolvency resolution framework, where governance clarity and formal appointments are central to executing the process as per IBC requirements.

Onix Renewable’s July 2026 shareholder vote and e-voting window

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

This schedule matters because the proposed scheme spans both entities, and the approvals must align with the procedural requirements of the transaction. The company communications position this as a milestone in the corporate restructuring tied to Eureka’s PPIRP process.

Key facts table

Market impact and why the PPIRP matters for a micro-cap

The PPIRP initiation is the central event because it places the company inside a formal, time-bound restructuring framework under the IBC. For shareholders and creditors, this changes how decisions are taken, how plans are evaluated, and what approvals are required. The company’s disclosures frame the process as an attempt to resolve financial stress and liquidity challenges through a structured mechanism aimed at potential revival.

The proposed amalgamation with Onix Renewable Limited and the planned name change add another layer of significance. While the PPIRP addresses the balance-sheet and creditor-side issues, the scheme of arrangement and corporate identity shift indicate a simultaneous attempt to reposition the business. However, the company has explicitly stated that these steps remain subject to approvals from the NCLT and other regulators.

What to watch next

The immediate procedural milestone is Onix Renewable’s shareholder vote scheduled for July 7, 2026, with e-voting from July 4 to July 6, 2026. On Eureka’s side, the EGM approvals establish shareholder backing, but execution hinges on regulatory clearances, including NCLT approval at the Ahmedabad Bench.

If approvals progress as required, the company’s stated roadmap is a PPIRP-led restructuring anchored by the base resolution plan, combined with the Onix amalgamation scheme and the proposed name change to “ONIX RENEWABLE LIMITED”.