Promoter group seizes 95% of Majestic Research via IBC rescue plan

What's the deal? A group of five promoters led by Alpesh Amrutlal Patel has acquired a 95% stake in Majestic Research Services and Solutions LimitedDealroom has a profile for this one. Try Dealroom → through a preferential allotment of 392,350 fresh equity shares. The shares were priced at US$0.14 each, matching their face value. The deal transfers near-total control to the promoter group, which held zero shares beforehand.

Why now? The allotment follows a Resolution Plan approved by the National Company Law Tribunal (NCLT), Bengaluru Bench, on June 20, 2025. Majestic ResearchDealroom has a profile for this one. Try Dealroom → disclosed the transaction to BSE LimitedDealroom has a profile for this one. Try Dealroom → on October 3, 2026.

How it works: The acquisition falls under Section 31 of the Insolvency and Bankruptcy Code, 2016. Because it stems from a statutory insolvency process, the acquirers are exempt from making an open offer under Regulation 10(1)(da) of the Securities and Exchange Board of India (SEBI) takeover rules.

The five acquirers are Parth Shaileshbhai Patel, Rashmikaben S Patel, Alpesh Amrutlal Patel, Nitin Dahyabhai Patel, and Jalak Shaileshbhai Patel. Together they now hold 95% of the diluted share capital, with the remaining 5% spread among other shareholders.

What's the endgame? The resolution plan effectively returns operational and strategic control to the promoter family. Consolidating ownership after insolvency gives the group a clean base to attempt a turnaround.

The signal: The deal shows how India's IBC framework lets promoters regain control of distressed companies while sidestepping the open-offer obligations that normally protect minority investors. For the remaining 5% public float, it means ownership concentrated in a single family and limited leverage over the company's next chapter.

Read more: scanx.trade

Image credit: Niyantha