Digjam Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021

1. The above financial results were reviewed by the Audit Committee and then approved by the Board of Directors at their meeting held on June 24, 2021.

2. The National Company Law Tribunal (“NCLT”), Ahmedabad Bench, vide Order dated April 26, 2019 (“Insolvency Commencement Order”) has initiated Corporate Insolvency Resolution Process (“CIRP”) based on petition filed by Oman Inc. HUF under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“the Code”). Sri Parag Sheth (IP Registration No. IBBI/IPA-002/IP-N00142/2017-18/10381) was appointed as an Interim Resolution Professional (“IRP”) to manage affairs of the Company in accordance with the provisions of the Code. Subsequently, Hon’ble NCLT vide its Order dated January 1, 2020 has appointed Sri Sunil Kumar Agarwal (IP Registration No. IBBI/IPA-001/IP-01390/2018-19/12178) as Resolution Professional of the Company, which was proposed by the Committee of Creditors (“CoC”) in their first meeting held on May 24, 2019. Thereafter, pursuant to the Insolvency Commencement Order and in line with the provisions of the Code, the powers of the Board of Directors were suspended and the same were exercised by IRP/RP.

The CoC considered the resolution plans submitted before it. After due deliberations, the CoC approved the Resolution Plan submitted by M/s. Finquest Financial Solutions Private Limited in their meeting held on February 11, 2020. The RP filed an application under Section 30(6) of the Code before the Hon’ble NCLT for its consideration and approval of the Resolution Plan. The Hon’ble NCLT, vide its order dated May 27, 2020 (uploaded on the NCLT website on May 30, 2020), approved the Resolution Plan (“Resolution Plan Approved Order”).

The Resolution Plan, as approved by the Hon’ble NCLT, is binding on the Company and its employees, members, creditors and other stake holders involved therein, as per the provisions of the Code. A Monitoring Committee has been constituted vide the Resolution Plan Approval Order and Sri Sunil Kumar Agarwal (erstwhile RP of the Company) acting as the Monitoring Agent as per the provisions of the Order. The term of the Monitoring Committee came to an end with effect from November 22, 2020 with the conclusion of the Interim Period i.e. 180 days from the approval of the Resolution Plan and re-constitution of the Board of Directors took place to manage the affairs of the Company.

Notes given with pdf file as the contents exceeded limitation of size here.