ARSS Infrastructure Projects reported that Roger Bravo, the nominee for Successful Resolution Applicant Ocean Capital Market Limited, has withdrawn its request to hold 7.35 crore shares. This allotment, which constitutes 81.55% of the company's equity, will now undergo a substitution process as per the NCLT-approved resolution plan. The company confirmed that this change in nominee will not alter the total share capital, though investors should track the upcoming listing and demat credit process for the new nominee.
ARSS Infrastructure Projects: Nominee Withdraws From NCLT Resolution Plan
7,35,00,000 equity shares previously allotted are now subject to substitution.
81.55% of total paid-up equity capital is involved in this nomination change.
Reader Takeaway: Procedural change in SRA nominee; total share capital remains stable while exchange listing remains pending.
What just happened
ARSS Infrastructure Projects Ltd has disclosed that Roger Bravo Secured Development Fund has formally withdrawn as the nominee for the Successful Resolution Applicant (SRA), Ocean Capital Market Limited. The entity was originally allotted 73.5 million shares under the NCLT-approved resolution plan sanctioned on 29 August 2025. Roger Bravo has issued an unconditional no-objection, allowing the SRA to appoint a new nominee or fund for these shares.
Why this matters
This development is a significant procedural pivot in the company's corporate insolvency resolution process. While the total number of shares and the overall equity capital remain unchanged, the substitution process is necessary to finalize the ownership structure before the shares can be listed on the exchanges and credited to demat accounts. The withdrawal ensures that the SRA maintains control over the implementation process without legal friction from the former nominee.
What changes now
The company, in collaboration with Ocean Capital Market Limited, will now proceed with the legal steps to cancel or re-allot the shares to a new nominee as permitted by the original resolution plan. The company has clarified that this administrative shift will not impact the total paid-up share capital, providing stability to the equity structure.
Risks to watch
Investors should monitor the timeline for the finalization of the new nominee. Any delay in the substitution process may further postpone the listing of these shares and their availability for trading, which is a critical milestone for shareholders tracking the resolution progress.
What to track next
Market participants should watch for future BSE filings regarding the identity of the incoming nominee and updates on the official listing and demat credit dates for the 7.35 crore shares.