Pakka

Pakka Ltd.'s chief financial officer Neetika Suryawanshi has resigned, the company said on Tuesday. Her resignation takes effect at the close of business on June 30. She cited personal reasons and stated there was no disagreement with the board on financial reporting or governance matters. The resignation comes as the packaging company navigates a severe financial strain, including a recent two-notch credit rating downgrade and a massive promoter pledge to secure high-cost debentures of ₹540 crores. The company has not yet announced a successor, leaving a key position vacant at a critical time.

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June 16 (Reuters) - Pakka Limited PAKK.NS:

• PAKKA LIMITED- NEETIKA SURYAWANSHI RESIGNS AS CFO

Source text: ID:nBSE6QM2P7

Further company coverage: PAKK.NS

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CARE Ratings on Tuesday downgraded Pakka Ltd's long-term bank facilities of ₹618.42 crore to CARE BB+ from CARE BBB-, with a stable outlook, and placed the rating in the 'Issuer Not Cooperating' category. Short-term bank facilities of ₹12.52 crore were downgraded to A4+ from A3. The rating agency cited the company's failure to provide required information despite repeated requests. Pakka said it had already initiated a withdrawal process with CARE prior to the rating action and continues to meet all debt servicing obligations on time. The downgrade follows a series of stress signals including cost overruns at Project Jagriti, a sharp drop in FY26 revenue and profit, and a ₹540 crore high-cost NCD issuance to refinance existing debt.

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Pakka Ltd.'s promoter Ved Krishna has pledged 1.27 crore shares, equivalent to 28.21% of the company's total equity, in favour of Catalyst Trusteeship Ltd as security for the debenture holders of the company's recently approved ₹540 crore non-convertible debenture issue. The pledge was created on June 4 and disclosed to exchanges on June 8. The encumbrance is the largest single pledge in the company's history and comes less than two weeks after the board approved the NCD issuance at interest rates of up to 19.4%. Pakka has been grappling with cost overruns at its Project Jagriti and a credit rating downgrade, and the massive pledge indicates the extent of collateral demanded by debenture holders.

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March 25 (Reuters) - Pakka Limited PAKK.NS:

• UTTAR PRADESH CABINET APPROVES LETTER OF COMFORT FOR INVESTMENT IN JAGRITI PROJECT

Source text: ID:nNSE8LWKxm

Further company coverage: PAKK.NS

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** Shares of Indian paper companies rise after government move to impose a minimum import price on virgin multi-layered paper board

** Virgin multi-layered paper board is a type of paper used to make paper bags and corrugated boxes

** Government will impose minimum import price of 67,220 rupees ($768.71) per metric ton till March 31, 2026

** Domestic paper makers have been facing a double whammy of higher wood prices — a key raw material — and lower-priced imports in recent quarters

** Domestic paper firms rise on the news

** JK Paper JKPA.NS jumps 14.6%, Emami Paper mills EMAP.NS up 13%, West Coast Paper Mills WSTC.NS gains 12%, Pakka limited PAKK.NS up 6%

** Shares of Andhra Paper ANDA.NS rise 9.5%, Orient Paper and Industries ORPP.NS up 7.5% and Seshasayee Paper SSHA.NS gains 8%

($1 = 87.4450 Indian rupees)

(Reporting by Komal Salecha)

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March 6 (Reuters) - Pakka Limited PAKK.NS:

• APPOINTS NEETIKA SURYAWANSHI AS CFO EFFECTIVE MARCH 6, 2025

Source text: ID:nBSE56WQcl

Further company coverage: PAKK.NS

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June 7 (Reuters) - Pakka Limited PAKK.NS:

• TO CONSIDER RAISING OF FUNDS

Source text for Eikon: [ID:]

Further company coverage: PAKK.NS

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March 27 (Reuters) - Pakka Limited PAKK.NS:

• PAKKA LIMITED - REVISED COST OF JAGRITI PROJECT AT 6.75 BILLION RUPEES VERSUS PREVIOUSLY APPROVED COST OF 5.50 BILLION RUPEES

• PAKKA LIMITED - APPROVED MERGER OF PAKKA IMPACT LTD INTO PAKKA LTD

Source text for Eikon: ID:nBSE4m1gG8

Further company coverage: PAKK.NS

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July 20 (Reuters) - Pakka Limited PAKK.NS:

• RE-APPOINTS JAGDEEP HIRA AS MANAGING DIRECTOR

Source text for Eikon: ID:nBSE5jHy41

Further company coverage: PAKK.NS

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March 31 (Reuters) - Yash Pakka Limited YASA.BO:

• UNIT MADE KICK START FOR SETTING UP A FACILITY FOR COMPOSTABLE FLEXIBLE PACKAGING IN GUATEMALA

Source text for Eikon: ID:nBSE1HKqcm

Further company coverage: YASA.BO

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