Baron Infotech

Baron Infotech withdrew the October 6, 2026 record date fixed on September 23 for cancelling all promoter shares and reducing public shareholding from 89,30,800 shares to 4,46,540 shares. The withdrawal followed the NCLAT Chennai bench's October 1 oral direction to maintain status quo in Company Appeal CA(AT) INS No 516 of 2026, with a revised record date to be announced after further orders from the tribunal.

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Baron Infotech faced an appeal before the NCLAT Chennai bench challenging the NCLT Hyderabad approval of Innopark (India) Private Limited's resolution plan. Unsuccessful applicant Vivek Kumar Ratakonda filed Company Appeal CA(AT) INS No 516 of 2026 against the September 8 order. The NCLAT heard the appellant on October 1 and orally ordered maintenance of status quo as on that date, adjourning the matter to November 3 with hearings for the resolution professional, committee of creditors and successful applicant scheduled from November 3 to November 6. The written order was still awaited at the time of the intimation.

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Baron Infotech held its first board meeting under its newly constituted board on September 23, 2026 after completion of its corporate insolvency resolution process. The board fixed October 6, 2026 as the record date to cancel all promoter and promoter-group shares and to reduce public shareholding from 89,30,800 shares to 4,46,540 shares by cancelling 84,84,260 shares without payout. It approved raising authorised share capital to Rs 300 crore divided into 30 crore shares of Rs 10 each and altering the memorandum to add information technology, artificial intelligence and digital services objects. It also approved renaming the company to PurpleTalk Limited, shifting its registered office to The Water Mark in Kondapur, Hyderabad, and noted the cessation of four former directors.

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Baron Infotech held its second Monitoring Committee meeting on September 22, 2026 to implement Innopark's NCLT-approved resolution plan. The committee took note of the appointment of five additional directors, with Sridhar Muppidi as Chairman and Managing Director, Sreeram Reddy Vanga as non-executive non-independent director and D Gautam Sawang, Biyyala Venkata Papa Rao and Ramachandra Rao Damera as non-executive independent directors. PurpleTalk India Private Limited merged into Baron Infotech from September 8, 2026 under the approved plan. The committee also approved substantial payments towards CIRP costs and payments to operational and financial creditors, noted a proposal to shift the registered office to that of the transferor company and approved opening of new bank accounts.

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Baron Infotech’s first Monitoring Committee meeting approved administrative and implementation measures for Innopark’s NCLT-approved resolution plan, including an escrow account, a creditor-payment timetable and restrictions on share capital. The committee recorded receipt of ₹2.69 crore towards CIRP costs and addressed creditor payments, expense reimbursement, BSE listing requirements and other statutory compliances.

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Baron Infotech received approval from the NCLT Hyderabad Bench-II for the resolution plan submitted by Innopark (India) Private Limited, while the tribunal dismissed a challenge by unsuccessful applicant Vivek Kumar Ratakonda with costs of ₹5 lakh. The plan contemplated a total financial outlay of ₹131.30 crore, including ₹9.38 crore of fresh equity for capital expenditure and working capital, ₹79 crore of fresh debt and ₹13.30 crore from a strategic investor. The order made the plan binding on stakeholders, extinguished crystallised and unclaimed liabilities, and ended the moratorium.

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