Ashika Credit Capital Limited (ACCL) has taken a significant step forward in its corporate restructuring plans, receiving a letter with 'no adverse observations' from BSE Limited regarding its proposed composite scheme of amalgamation. This development marks a crucial milestone in the company's strategic initiative to streamline its operations and potentially enhance shareholder value.

Details of the Amalgamation Scheme

The composite scheme of amalgamation involves a two-step process:

1. Merger of Ashika Commodities & Derivatives Private Limited (ACDPL) with Ashika Global Securities Private Limited (AGSPL).
2. Subsequent amalgamation of AGSPL with Ashika Credit Capital Limited (ACCL).

It's worth noting that ACDPL is a wholly-owned subsidiary of AGSPL, which adds an additional layer of corporate simplification to the process.

Timeline and Approvals

• The Board of Directors of ACCL approved the composite scheme of amalgamation.
• ACCL received the letter with 'no adverse observations' from BSE Limited.

Regulatory Compliance

The disclosure of this development was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The application for the scheme was submitted under Regulation 37A of the same SEBI regulations.

Next Steps

While the BSE approval is a significant milestone, the scheme still requires several additional approvals before it can be implemented:

1. Various statutory and regulatory approvals
2. Approval from respective shareholders of the companies involved
3. Approval from creditors of the companies involved

Transparency Measures

In line with corporate governance best practices, ACCL has made the BSE approval letter available on the company's website ( www.ashikagroup.com ) for public access.

Conclusion

The receipt of BSE approval for the composite amalgamation scheme represents a positive step for Ashika Credit Capital Limited in its efforts to restructure and potentially optimize its corporate structure. However, investors and stakeholders should note that the process is still ongoing, with several crucial approvals yet to be obtained before the amalgamation can be finalized.

Ashika Credit Capital Limited (ACCL) shareholders have given a resounding approval to the proposed amalgamation with Yaduka Financial Services Limited. The decision was made during a special meeting convened as per the directions of the National Company Law Tribunal (NCLT), Kolkata Bench, held on August 16, 2025.

Overwhelming Shareholder Support

The resolution for the merger received near-unanimous support, with 99.99% of votes cast in favor of the scheme. Out of the total 25,569,718 votes polled, 25,569,180 were in support of the amalgamation, while only 538 votes were against it.

Meeting Details

The meeting, conducted via video conferencing in compliance with regulatory guidelines, saw participation from 48 shareholders. This represented 52.10% of the total value of equity shareholders as of the cut-off date of August 9, 2025. The company has a total of 4,126 shareholders on record.

Voting Process

ACCL utilized the platform provided by the National Securities Depository Limited (NSDL) for the e-voting process. Shareholders were given the opportunity to cast their votes through remote e-voting prior to the meeting, as well as during the meeting for those who hadn't voted earlier.

Key Points of the Amalgamation

• Appointed Date: The scheme of amalgamation has an appointed date of October 1, 2024.
• Companies Involved: Yaduka Financial Services Limited (Transferor Company) will merge with Ashika Credit Capital Limited (Transferee Company).
• Regulatory Compliance: The amalgamation is subject to the approval of the Hon'ble National Company Law Tribunal, Kolkata Bench, and other regulatory authorities as applicable.

Management's Response

Mr. Pawan Jain, Chairperson of ACCL, provided a brief background on the companies involved and highlighted the salient features, synergies, and benefits of the amalgamation scheme during the meeting.

Next Steps

Following the shareholder approval, the company will proceed with obtaining necessary regulatory clearances. The voting results and the Scrutinizer's Report have been made available on the company's website and the NSDL e-voting platform.

This strategic move is expected to strengthen Ashika Credit Capital's position in the financial services sector, potentially leading to improved operational efficiencies and expanded market reach.