The National Company Law Tribunal (NCLT), Indore Bench, reserved its order on July 2, 2026, concerning the composite scheme of arrangement involving HEG Limited , HEG Graphite Limited, and Bhilwara Energy Limited. The scheme proposes a restructuring among the Transferee Company, the Resulting Company, and the Transferor Company, along with their respective shareholders and creditors. The order is currently awaited following the hearing held on July 2, 2026.

The tribunal considered Company Scheme Petition No. C.P.(CAA)/3/MP/2026, which is connected with Company Scheme Application No. C.A.(CAA)/1/MP/2026. HEG Limited stated that it would promptly inform BSE Limited and the National Stock Exchange of India Limited upon the pronouncement of the order and its subsequent upload on the NCLT website.

Key Entities Involved

The composite scheme involves the following entities:

The intimation was submitted to the exchanges pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was signed by Vivek Chaudhary, Company Secretary of HEG Limited.

HEG Limited has scheduled its 54th Annual General Meeting (AGM) for Wednesday, July 29, 2026, at 12:00 Noon (IST) via Video Conferencing/Other Audio Visual Means (VC/OAVM). The meeting will be conducted without physical presence, with the registered office at Mandideep, Madhya Pradesh, deemed as the venue. The company has published the notice in newspapers including Business Standard and Nava Bharat, and the Annual Report for FY 2025-26 was dispatched on June 25, 2026.

Key AGM Dates and Shareholder Information

The following key dates are relevant for shareholders:

Businesses to Be Transacted

The agenda includes the adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2026. The Board has recommended a final dividend of ₹3.40 per equity share of face value ₹2 each (170%) for FY 2025-26, subject to shareholder approval. The re-appointment of Shri Manish Gulati, Executive Director, who retires by rotation, is also on the agenda.

Special business items include the continuation of Shri Shekhar Agarwal as Non-Executive Non-Independent Director, who will attain the age of 75 years in FY 2027-2028, pursuant to Regulation 17(1A) of SEBI (LODR) Regulations, 2015. The ratification of remuneration payable to M/s. N.D. Birla & Co. as Cost Auditors for FY 2026-27 is also proposed.

E-Voting and Shareholder Instructions

Mr. Saket Sharma, a Practicing Company Secretary and Partner at M/s. GSK & Associates, has been appointed as the Scrutinizer for the e-voting process. Shareholders who have not registered their email IDs or bank details are requested to update them to ensure timely receipt of communications and to determine the appropriate Tax Deducted at Source (TDS) rate for dividend distribution. Documents for TDS determination must be submitted on or before July 13, 2026.