Mcleod Russel Approves OTS, Re-appoints MD, Signs MoU for Asset Disposal
McLeod Russel approved an OTS with JCF ARC for ₹150 crore, payable by June 30, 2027. Mr. Aditya Khaitan was re-appointed as MD for three years from May 17, 2026. The company also signed an MoU to sell Mathura Tea Estates for ₹34.19 crore, with completion by July 31, 2026.
The One-Time Settlement of a substantial portion of debt, the re-appointment of a key management figure, and the disposal of an asset to reduce debt are all material events that are likely to have a significant impact on the company's financial health and strategic direction.
The company has taken significant steps towards debt resolution through an OTS and asset disposal, coupled with the re-appointment of its Managing Director, indicating positive progress in financial restructuring and leadership continuity.
McLeod Russel India Limited's Board of Directors, in a meeting held on May 15, 2026, has approved a One-Time Settlement (OTS) with J.C. Flowers Asset Reconstruction Private Limited (JCF ARC) for outstanding dues. JCF ARC, representing approximately 20.58% of the total institutional loan as of December 31, 2025, has sanctioned an OTS for Rs. 150 crore, payable in tranches by June 30, 2027. This settlement is part of a broader debt restructuring plan, with National Asset Reconstruction Company Ltd (NARCL) already having provided sanction for approximately 75.02% of the debt.
Furthermore, the Board approved the re-appointment of Mr. Aditya Khaitan as Managing Director for a further period of three years, effective May 17, 2026. Mr. Khaitan, who has been serving as MD since 2005 and hails from a prominent industrialist family, has extensive experience in the tea industry and corporate restructuring. His re-appointment is subject to member and other necessary approvals.
The Board also approved the execution of a Memorandum of Understanding (MoU) for the proposed disposal of assets of the Company's Mathura Tea Estates. This disposal is intended to partially repay debt as per NARCL's sanction letter. The MoU has been entered into with prospective buyer Mr. Jayanta Kumar Sanyal, with the sale expected to be completed by July 31, 2026, subject to due diligence and necessary approvals. The consideration for the disposal is Rs. 34.19 crore, plus applicable GST, subject to TDS. The Mathura Tea Estates contributed Rs. 27.00 crore (3.00% of total turnover) in the financial year 2024-25. The transaction is not a Related Party Transaction and is being undertaken in compliance with SEBI regulations, with shareholder approval pending.
The Board meeting commenced at 12:30 PM and concluded at 03:50 PM on May 15, 2026.
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