Ganesh Housing received observation letters from BSE and NSE regarding its scheme of arrangement with Gatil Properties. The exchanges issued 'no adverse observation' on July 06, 2026, subject to compliance with specific comments from SEBI. This development allows the company to proceed with filing the scheme before the National Company Law Tribunal (NCLT), pending necessary regulatory approvals.

The scheme involves the arrangement between Gatil Properties Private Limited, the transferor company, and Ganesh Housing , the transferee company. The observation letters follow an application filed under Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The validity of these observation letters is six months from the date of issuance.

SEBI Comments and Compliance Requirements

SEBI, via its letter dated July 03, 2026, outlined several conditions for the listed entity. Key directives include disclosing all details of ongoing adjudication, recovery proceedings, and enforcement actions against the company, its promoters, and directors before the NCLT and shareholders. Additionally, the company must ensure that all liabilities of the transferor company are transferred to the transferee company.

The exchanges mandated that financials used in the scheme, including those for valuation reports, must not be older than six months. The company is also required to display any additional information submitted post-filing on its website and the stock exchange websites promptly.

Disclosures to Shareholders

The observation letters specify extensive disclosures required in the explanatory statement sent to shareholders. These include:

The company must disclose the No-Objection Letter from the stock exchanges on its website within 24 hours of receipt. Furthermore, any changes to the draft scheme, other than those mandated by regulators, require specific written consent from SEBI.

Procedural Timelines

The exchanges clarified that the company is not required to send a notice for representation under Section 230(5) of the Companies Act, 2013, to SEBI or the exchanges again, as the petition is filed after the processing of comments. BSE noted that notices under Section 230(5) or Section 66 must be served exclusively through its online Listing Centre, with no physical filings accepted.

The observation letters explicitly state that the submission of documents does not imply clearance or approval of the financial soundness of the scheme by SEBI or the exchanges. The exchanges reserve the right to withdraw their 'no adverse observation' if any information provided is found to be incomplete, incorrect, or misleading.

Ganesh Housing has appointed Rishit Patel as its new President (Treasury) effective July 01, 2026, following the retirement of the incumbent, Rajendra M. Patel. This leadership transition ensures continuity in the company's treasury operations, including liquidity management and fund raising. The changes were disclosed to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Rajendra M. Patel retired from his position as President (Treasury) at the close of business hours on June 30, 2026. Taking over the reins, Rishit Patel was promoted from his previous role of Senior Manager (Treasury). He has been associated with Ganesh Housing Limited since July 01, 2015.

Profile of the Appointee

Rishit Patel brings over 14 years of industry experience to his new role. Prior to joining the company, he worked with Kotak Mahindra Ltd for 4 years, gaining experience in banking operations and financial services. He subsequently served with C D Integrated Services Ltd. for 10 years, strengthening his expertise in business operations and service management. He holds a Bachelor of Commerce (B.Com.) degree.

Details of Changes

The following table summarizes the changes in the Senior Managerial Personnel:

In his new capacity, Rishit Patel will leverage his expertise in liquidity management, fund raising, and maintaining strategic banking relationships. The disclosure was made in compliance with SEBI Master Circular No. HO/49/14/14(7)2025- CFD-POD2/I/3762/2026 dated January 30, 2026.