mangalya soft tech ltd Management discussions


MANAGEMENT DISCUSSION AND ANALYSIS REPORT

- Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 was commenced in respect of Mangalya Soft-Tech Limited, and the Resolution plan submitted by Ratnakar Securities Private Limited, Resolution Applicant, has been approved by Honble NCLT, Ahmedabad Bench vide its order dated September 27, 2022.

- Under the terms of this approved Resolution Plan, it is specified that all physical shares will be cancelled, and capital reduction will be done to the extent of 1/8th of the remaining dematerialized capital will be implemented.

- Furthermore, as per the resolution plan, it has been proposed to merge the Resolution Applicant, Ratnakar Securities Private Limited, with the Company, and this merger is currently in progress. The amalgamation scheme forms an integral part of the Resolution Plan. As per this scheme, the promoters of Ratnakar Securities Private Limited will assume the role of promoters of the company, and the name and main objective of the Company will undergo a change. The existing main objective of the Resolution Applicant will become the main objective of the Company, and the entity resulting from the amalgamation will be named Ratnakar Securities Limited.

- At present, the merger process is ongoing with various authorities. It is important to note that the company has not been in operation since it entered the CIRP. The resumption of the Companys operations is contingent upon the successful completion of the merger process.