Globe Enterprises (India) Limited has received 'No adverse observations' and 'No objection' from the National Stock Exchange (NSE) regarding its proposed scheme of arrangement with Morabia Creation Limited. The observations, issued on July 6, 2026, under Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, allow the company to proceed with filing the draft scheme with the National Company Law Tribunal (NCLT). The scheme involves the demerger of Globe Enterprises, acting as the Demerged Company, and Morabia Creation Limited, designated as the Resulting Company.

The NSE stipulated several conditions that the company must comply with, including the disclosure of all details regarding ongoing adjudication, recovery proceedings, and enforcement actions against the company, its promoters, and directors before the NCLT and shareholders. The exchange also mandated that the companies ensure all liabilities related to the demerged undertaking are transferred to the resulting company and that financials used in the scheme are not older than six months.

Disclosure Requirements

The company is required to include specific details in the explanatory statement sent to shareholders. These disclosures must cover the rationale for the demerger, synergies, impact on shareholders, and a cost-benefit analysis. Additionally, the notice must incorporate a valuation report dated February 02, 2026, along with an addendum dated March 11, 2026, issued by an IBBI Registered Valuer. The company must also provide a clarification letter dated June 24, 2026, from the Statutory Auditor regarding the accounting method for the demerger.

Financial and Operational Data

The NSE has directed the company to disclose revenue, profit after tax (PAT), and EBITDA for Globe Enterprises and Morabia Creation Limited for the last three years in a specified format. The table below outlines the particulars required for disclosure:

Listing Conditions

The listing of shares of Morabia Creation Limited pursuant to the scheme is subject to SEBI approval and the satisfaction of specific conditions set by the exchange. The company must submit an Information Memorandum containing all details about the resulting company and publish an advertisement in newspapers with references to the memorandum. Furthermore, the scheme must include provisions ensuring that shares allotted remain frozen in the depository system until listing permission is granted and that there is no change in shareholding pattern or control between the record date and listing.

The validity of the observation letter is six months from July 06, 2026, within which the company must submit the scheme to the NCLT. The exchange reserves the right to raise objections if any information submitted is found to be incomplete, incorrect, or misleading.

Globe Enterprises (India) Ltd has disclosed that its promoters and persons acting in concert (PACs) did not create any fresh encumbrances on the company's shares during the financial year ended March 31, 2026. This declaration ensures that the shareholding structure remains free from undisclosed charges or pledges, providing clarity to investors regarding the status of promoter holdings.

The disclosure was submitted to the National Stock Exchange of India Limited in compliance with Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing was made on behalf of all promoters, members of the promoter group, and PACs by Bhavin Suryakant Parikh, a promoter of the company.

Key Details of the Disclosure

The regulatory filing confirms that no direct or indirect encumbrances were created on the shares other than those previously disclosed to the stock exchanges and the company. The relevant details of the disclosure are summarized below:

The submission was formally signed by Monali Maheshwari, Company Secretary of Globe Enterprises (India) Ltd, on April 03, 2026. The declaration from the promoter was dated April 02, 2026.