Panther Industrial Products Limited has successfully concluded its board meeting and approved the scheme of amalgamation with Shivang Edibles Oils Limited. The board meeting, held on April 8, 2026, resulted in formal approval of the corporate restructuring initiative under Sections 230-232 of the Companies Act, 2013.

Board Meeting Outcome

The board of directors meeting was conducted with proper regulatory compliance and concluded with significant corporate decisions:

Amalgamation Structure and Financial Comparison

The approved scheme involves Panther Industrial Products Limited as the Transferor Company merging with Shivang Edibles Oils Limited as the Transferee Company. The financial comparison as at March 31, 2025 shows the scale difference between the entities:

Share Exchange Ratio and Mechanism

The board approved a specific share exchange mechanism for the amalgamation. Under the approved scheme, shareholders of Panther Industrial Products Limited will receive 1 equity share of face value ₹10 each in Shivang Edibles Oils Limited for every 19 fully paid-up equity shares held in the Transferor Company.

Post-Merger Shareholding Pattern

The amalgamation will significantly alter the shareholding structure of the listed entity upon effectiveness of the scheme:

Rationale and Strategic Benefits

The amalgamation aims to consolidate business operations in one entity and strengthen the merged entity's position by optimizing synergies. The Transferor Company has been facing challenges in its main business due to tight competition, while the Transferee Company seeks to leverage the Transferor's financial consultancy expertise for its capital market operations.

Regulatory Compliance and Next Steps

The scheme approval follows strict adherence to SEBI regulations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company will now proceed with filing for necessary statutory approvals, including obtaining no-objection letters from BSE Limited and approval from the National Company Law Tribunal. The meeting was officially authorized by Kaushik C. Shah, Managing Director, ensuring proper documentation and regulatory compliance for this significant corporate restructuring.

Panther Industrial Products Limited has resubmitted its quarterly financial results for the quarter ended December 31, 2025, following discrepancies identified in the original submission. The company informed BSE Limited on March 6, 2026, that the issues arose due to scanning and formatting errors that made certain figures unclear in the previously submitted document.

Financial Performance Overview

The company's financial performance for Q3FY26 shows continued operational challenges, with no revenue generation from core business activities. The comprehensive financial results reveal the following key metrics:

Expense Analysis

The company's expense structure for the quarter shows a marked improvement compared to the previous year. Total expenses decreased from ₹50.38 lakhs in Q3FY25 to ₹4.97 lakhs in Q3FY26. The major expense components included:

• Operating and other expenses: ₹3.81 lakhs (compared to ₹4.32 lakhs in Q3FY25)
• Listing fees: ₹0.81 lakhs (significantly lower than ₹19.52 lakhs in Q3FY25)
• Depreciation expense: ₹0.31 lakhs (reduced from ₹0.50 lakhs)
• Communication expense: ₹0.04 lakhs (unchanged)

Notably, the company did not incur any re-instatement fees during the current quarter, unlike the previous year when it paid ₹26.00 lakhs.

Nine-Month Performance

For the nine-month period ended December 31, 2025, the company reported a total comprehensive loss of ₹15.14 lakhs, compared to a loss of ₹40.66 lakhs in the corresponding period of the previous year. This represents a 62.78% improvement in performance.

Balance Sheet Position

As of December 31, 2025, the company's financial position shows total assets of ₹851.47 lakhs, compared to ₹865.03 lakhs as of March 31, 2025. The balance sheet highlights include:

The company's accumulated losses increased to ₹38.85 lakhs as of December 31, 2025, resulting in a net worth of ₹106.00 lakhs.

Regulatory Compliance and Auditor Review

The resubmitted financial results were reviewed by statutory auditors Rajesh H. Gupta & Co., Chartered Accountants, and approved by the Board of Directors on February 12, 2026. The auditors noted that the company has not reported any revenue for the first nine months of the current financial year, though management has provided written confirmation indicating that revenue is expected to be generated by the end of the financial year.

The company maintains a paid-up equity share capital of ₹140.00 lakhs with a face value of ₹10 per share. Public shareholding stands at 7,13,670 shares representing 50.98% of total shareholding, while promoter and promoter group hold 6,86,337 shares (49.02%) which are entirely non-encumbered.