Shree Pushkar Chemicals & Fertilizers announced that the National Company Law Tribunal (NCLT), Mumbai Bench, has allowed the withdrawal of the proposed scheme of amalgamation between two of its wholly owned subsidiaries. The tribunal dismissed the application due to commercial reasons, effectively halting the merger process between Madhya Bharat Phosphate Private Limited and Kisan Phosphates Private Limited.

Details of the NCLT Order

The order was issued by the NCLT Mumbai Special Bench Court II on September 21, 2026. The bench, comprising Member (Technical) Banwari Lal Meena and Member (Judicial) Ashish Kalia, noted that the counsel for the applicant stated instructions not to proceed with the application any further. Consequently, the company petition C.P(CAA)174(MB)2025 was dismissed as withdrawn.

The scheme originally involved the amalgamation of Madhya Bharat Phosphate Private Limited (Transferor Company) with Kisan Phosphates Private Limited (Transferee Company). Both entities are wholly owned subsidiaries of Shree Pushkar Chemicals & Fertilizers. The company had previously intimated the stock exchanges about the approval of this scheme in December 2024.

Regulatory Disclosure and Timeline

The company filed an intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on October 1, 2026. The disclosure confirmed that a copy of the NCLT order allowing the withdrawal was made available on the NCLT website on September 30, 2026.

Operational Context

Shree Pushkar Chemicals & Fertilizers operates in the speciality textile dyes, dyes intermediates, acids, power, animal health & nutrition, and fertilisers sectors. The company’s works are located in MIDC Lote Parshuram, Taluka Khed, Dist. Ratnagiri, Maharashtra. The decision to withdraw the amalgamation suggests a strategic reassessment of the corporate structure for these specific phosphate-focused subsidiaries, although the filing does not elaborate on the specific commercial reasons behind the reversal.

The company remains committed to its core business lines, as indicated by its continued operations in chemistry-related industries. The withdrawal of the merger does not impact the standalone financials of the parent company but alters the planned consolidation path for the two subsidiary entities.

Shree Pushkar Chemicals & Fertilisers Limited has disclosed the combined voting results of its 33rd Annual General Meeting held on September 28, 2026. All seven ordinary resolutions proposed by the Board were approved by shareholders with the requisite majority, confirming the adoption of FY26 financials and the final dividend declaration.

The meeting, conducted via Video Conferencing and Other Audio Visual Means, was chaired by Punit Gopikishan Makharia, Chairman and Managing Director. The Scrutinizer’s report, submitted by CS Sanam Umbargikar of DSM & Associates on September 29, 2026, confirmed that the remote e-voting and e-voting at the AGM resulted in unanimous or near-unanimous support for all agenda items.

Voting Results Summary

The following table summarizes the voting outcome for the key resolutions passed during the meeting:

Governance and Compliance

The Company Secretary confirmed that both the Statutory Audit Report and the Secretarial Audit Report contained no adverse observations or disqualifications. Voting was scrutinized by Sanam Umbargikar, Partner at DSM & Associates, Company Secretaries, appointed as the Scrutiniser. The consolidated voting results were announced within two working days of the meeting's conclusion.

Attendees included Joint Managing Director Gautam Gopikishan Makharia, Independent Directors Ishtiaq Ali and Barkharani Harsh Nevatia, and Chief Financial Officer Deepak Beriwal. Satpal Arora, Non-Executive Independent Director and Chairman of several committees, was unable to attend due to prior commitments.

What the Numbers Show

The voting data reveals a distinct pattern regarding promoter participation. For Resolutions 1 through 6, promoters voted alongside public shareholders, resulting in 100% approval. However, for Resolution 7, which concerned the appointment of Raghav Punit Makharia (DIN: 10470968) as a Non-Executive and Non-Independent Director, the promoter group abstained from voting due to their interest in the resolution. Consequently, this resolution was decided solely by public votes, with 6,89,278 votes in favour against 525 dissenting votes, yielding a 99.92% approval rate among those who voted.