Utkarsh Small Finance Bank conducted a National Company Law Tribunal (NCLT) convened meeting of unsecured creditors on March 28, 2026, to deliberate on the scheme of amalgamation between Utkarsh CoreInvest Limited and the bank. The meeting, held through video conferencing at 03:30 p.m. IST, was organized pursuant to the Hon'ble NCLT Allahabad Bench order dated February 11, 2026.

Meeting Structure and Attendance

The unsecured creditors meeting was conducted in compliance with the Companies Act, 2013, and SEBI Listing Regulations, with appropriate circulars from the Ministry of Corporate Affairs and Securities and Exchange Board of India. Company Secretary and Compliance Officer Muthiah Ganapathy welcomed the participants and confirmed attendance of 16 unsecured creditors as per the bank's records.

Amalgamation Scheme Details

The primary agenda involved consideration of the scheme of amalgamation between Utkarsh CoreInvest Limited into and with Utkarsh Small Finance Bank Limited. Dr. Santosh Kumari, the NCLT-appointed chairperson, presided over the proceedings after confirming the requisite quorum was present.

E-Voting Process and Resolution

The bank implemented a comprehensive e-voting mechanism to ensure creditor participation in the decision-making process:

Meeting Proceedings and Conclusion

The meeting followed established corporate governance protocols, with the Company Secretary confirming that the notice convening the meeting had been properly circulated to unsecured creditors. The bank informed that no requests were received from unsecured creditors during the specified period to speak at the meeting.

Representatives from Joint Statutory Auditors and Secretarial Auditors attended the meeting, ensuring compliance with regulatory requirements. The proceedings concluded at 04:25 p.m. IST, with the chairperson authorizing the NCLT-appointed scrutinizer to declare the combined results of remote e-voting and votes cast during the meeting.

Regulatory Compliance and Disclosure

In accordance with Regulation 44 of the SEBI Listing Regulations, the bank will separately disclose the combined e-voting results along with the scrutinizer's report to stock exchanges. The meeting summary and related disclosures are available on the bank's website at www.utkarsh.bank.in , ensuring transparency and regulatory compliance under Regulation 30 of the SEBI Listing Regulations.

Utkarsh Small Finance Bank has published newspaper advertisements following its Management Committee's approval to sell stressed loan portfolios worth ₹1,490.99 crore to Asset Reconstruction Companies (ARCs), marking the next phase in the bank's asset quality management strategy.

Newspaper Publication and EOI Process

The bank published advertisements in Financial Express and Jansatta newspapers, inviting Expression of Interest (EOI) from qualified Asset Reconstruction Companies. This follows the Management Committee's approval granted during its meeting held on March 26, 2026, as communicated to stock exchanges in compliance with SEBI regulations.

Only ARCs registered with the Reserve Bank of India (RBI) and holding valid Certificate of Registration as on the EOI submission date are eligible to participate in the bidding process.

Transaction Structure and Timeline

The approved sale comprises two distinct portfolios of unsecured stressed microfinance institution (MFI) loans:

Interested ARCs must submit their binding bids by 10:00 AM on March 30, 2026. The transaction follows a Swiss Challenge Method, allowing existing offer holders the right to match the highest counter bid.

Sale Process and Terms

The bank reserves comprehensive rights in the sale process, including the authority to accept or reject any bids without assigning reasons. The stressed assets will be sold on "as is, where is" and "without recourse" basis, with no representations or warranties from the bank.

Prospective buyers can undertake due diligence at their own cost after executing Non-Disclosure Agreements (NDA) and submitting EOI. All applicable taxes, stamp duty, and transaction-related costs will be borne by successful bidders.

Regulatory Compliance

The sale process aligns with the bank's Transfer and Distribution of Credit Risk Policy and complies with relevant RBI and regulatory requirements. The bank will provide separate intimation to exchanges upon completion of the proposed transaction, with all disclosures available on www.utkarsh.bank.in .

Source: None/Company/INE735W01017/827e8310-846d-4a53-a9a0-b33295f87961.pdf