Citizen Infoline Limited has set March 31, 2026 as the record date for determining eligible shareholders of Citizen Solar Private Limited under the NCLT-approved amalgamation scheme. The Board of Directors approved this record date during their meeting on April 03, 2026, following receipt of the NCLT order dated March 19, 2026.

NCLT Order and Record Date Approval

The company received the NCLT order dated March 19, 2026 from the Hon'ble National Company Law Tribunal, Mumbai Bench, approving the Scheme of Amalgamation between Citizen Solar Private Limited (Transferor Company) and Citizen Infoline Limited (Transferee Company). Following a communication dated March 23, 2026 from the Transferor Company, the Board approved March 31, 2026 as the record date.

Share Exchange Mechanism

Under the approved scheme, eligible shareholders of Citizen Solar Private Limited will receive 11 equity shares of ₹10 each (credited as fully paid up) of Citizen Infoline Limited for every 1 equity share of ₹10 each held in the Transferor Company. The share exchange ratio is specified in Clause 4.1.1 of the amalgamation scheme.

Regulatory Compliance

The company has informed BSE Limited about the record date approval under scrip code 538786, maintaining compliance with Regulation 42 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was signed by Managing Director Omprakash Jain (DIN: 00171365).

Implementation Timeline

The amalgamation scheme implementation follows a structured timeline, with the NCLT order received on March 19, 2026, followed by the Transferor Company's communication on March 23, 2026, and the Board's formal approval of the record date on April 03, 2026. This represents a significant step in combining the operational capabilities of both entities in the solar energy sector.

Citizen Infoline Limited has received approval from the National Company Law Tribunal (NCLT) Ahmedabad for the amalgamation of its subsidiary Citizen Solar Private Limited. The tribunal sanctioned the scheme of amalgamation on 19 March 2026, marking a significant milestone in the company's consolidation strategy.

NCLT Order Details

The NCLT Ahmedabad Bench (Court-II) approved the scheme under Sections 230 to 232 of the Companies Act, 2013. The case was filed as CP (CAA) No.47 (AHM) of 2025 in CA (CAA) No.34 of 2025.

Key Features of the Amalgamation

The scheme involves the complete amalgamation of Citizen Solar Private Limited (transferor company) into Citizen Infoline Limited (transferee company). Under the arrangement:

• All assets, liabilities, rights and obligations of the transferor company will be transferred to Citizen Infoline Limited
• Employees will continue their service without any break in continuity
• The transferor company will stand dissolved without winding up upon the scheme becoming effective

Regulatory Compliance

Citizen Infoline Limited has confirmed compliance with all regulatory requirements, including:

• Observation letter issued by Stock Exchange dated 12 May 2025
• Applicable provisions of SEBI Circulars including Master Circular dated 20 June 2023
• All statutory requirements under the Companies Act, 2013

Implementation Timeline

The company is required to file the certified copy of the NCLT order with the Registrar of Companies within the prescribed timeline. The scheme will become effective from the date of such filing. Additionally, the company must undertake necessary corporate actions and apply for listing and trading approval as required.

Financial and Legal Obligations

As part of the tribunal's order, Citizen Infoline Limited will be responsible for:

• Payment of ₹25,000 as legal fees to the Regional Director
• Payment of ₹20,000 as fees to the Official Liquidator
• Filing the order with concerned authorities for stamp duty adjudication within 60 days
• Ensuring all statutory compliances are met post-amalgamation

The amalgamation is expected to provide strategic benefits through integrated business operations, enhanced operational efficiency, and better resource utilization for the combined entity.