Camlin Fine Sciences has received a court order initiating judicial liquidation proceedings for CFS Europe S.p.A., its wholly owned European subsidiary. The Ordinary Court of Ravenna, Italy issued the order on March 17, 2026, following an appeal filed by the subsidiary's Board of Statutory Auditors.

Court Order and Legal Framework

The judicial liquidation proceedings have been initiated under the Italian Code of Corporate Crisis and Insolvency. The Court has appointed a delegated Judge and Court-appointed Liquidators (Curatori) to manage the liquidation procedure, ensuring a structured and transparent resolution process.

Financial Impact on Parent Company

The subsidiary's contribution to Camlin Fine Sciences' overall business operations shows significant exposure. As of March 31, 2025, CFS Europe S.p.A. represented a notable portion of the parent company's financial metrics.

Regulatory Compliance and Disclosure

Camlin Fine Sciences has made the disclosure under Regulation 30 and Schedule III of the SEBI Listing Regulations. The company indicated that repayment of liquidation proceeds, if any, will occur after completion of the judicial liquidation proceedings.

The liquidation process is currently underway, with the company stating that further updates will be provided as material developments occur. This represents a significant corporate restructuring action affecting the company's international operations and European market presence.

Camlin Fine Sciences promoter Ashish Subhash Dandekar has disclosed the creation of pledges on equity shares through three separate transactions conducted between March 11-12, 2026. The disclosure, made under SEBI SAST Regulations on March 17, 2026, details pledging activities totaling 45.25 lakh shares representing 2.35% of the company's total share capital.

Share Pledging Transactions

The pledging occurred through three distinct transactions with different financial entities. The largest transaction involved pledging 34.75 lakh shares (1.81% of total share capital) with LRSD Securities Private Limited on March 11, 2026. This was followed by two transactions on March 12, 2026 - one involving 9.50 lakh shares (0.49%) with BHN Capital and another involving 1.00 lakh shares (0.05%) with Ashika Credit Capital Limited.

Promoter Shareholding Impact

Dandekar holds 1.98 crore shares representing 10.30% of Camlin Fine Sciences' total share capital. Following the recent pledging activities, his total encumbered shareholding has reached 1.33 crore shares, representing 6.94% of the company's total share capital and 67.37% of his promoter holding.

Purpose and Security Coverage

The share pledges were created to facilitate borrowing by the target company and provide additional margin coverage for financial assistance. The security coverage ratios vary across transactions, with the LRSD Securities transaction showing a ratio of 3.30 (share value of ₹49.56 crore against borrowing of ₹15.00 crore) and the BHN Capital transaction showing a ratio of 2.75 (share value of ₹13.77 crore against borrowing of ₹5.00 crore).

Regulatory Compliance

The disclosure was made in compliance with Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The promoter's encumbered shareholding exceeds 50% of his total promoter holding but remains below 20% of the company's total share capital, triggering specific disclosure requirements under the regulations.