Indiabulls Enterprises Limited (IEL) and 19 other companies have implemented a significant corporate restructuring, marking a major development in the Indian corporate landscape. The complex Scheme of Arrangement, which received approval from the National Company Law Tribunal (NCLT), became effective on October 14, 2025, with a retrospective appointed date of April 1, 2023.

Key Details of the Scheme

• Effective Date: October 14, 2025
• Appointed Date: April 1, 2023
• Record Date: October 28, 2025
• Share Exchange Ratio: 110 equity shares of Yaari Digital Integrated Services Limited for every 100 equity shares of Indiabulls Enterprises Limited

Impact on Shareholders

The Board committee of Indiabulls Enterprises Limited has fixed October 28, 2025, as the record date for determining shareholders eligible to receive shares in Yaari Digital Integrated Services Limited (Yaari). This move is crucial for existing IEL shareholders, as it determines their entitlement in the restructured entity.

Share Exchange and Listing

Under the approved share exchange ratio, shareholders will receive:

The new equity shares of Yaari will be:

• Issued in dematerialized form
• Submitted for listing on BSE Limited and National Stock Exchange of India Limited
• Rank pari-passu with existing Yaari shares

Delisting of Indiabulls Enterprises Limited

A significant outcome of this scheme is the delisting of Indiabulls Enterprises Limited's equity shares from stock exchanges, in accordance with applicable regulations. This marks the end of IEL's journey as a separately listed entity.

Scope of the Arrangement

The scheme encompasses a wide array of companies, including:

• Dhani Services Limited
• Savren Medicare Limited
• Auxesia Soft Solutions Limited
• Gyansagar Buildtech Limited
• Pushpanjli Finsolutions Limited
• Several other Indiabulls group companies

This extensive restructuring indicates a significant realignment within the Indiabulls group, potentially aimed at streamlining operations and enhancing overall efficiency.

The implementation of this scheme represents a complex corporate maneuver, involving multiple entities and requiring careful execution to ensure compliance with regulatory requirements and protection of shareholder interests.

Indiabulls Enterprises Limited (IEL) held a significant board meeting on July 25, 2025, making several key decisions that could shape the company's future direction. The meeting, which lasted from 4:30 PM to 5:30 PM, addressed important matters including financial results approval and changes in leadership.

Q1 Financial Results Approved

The board approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2025. These results, reviewed by the company's statutory auditors M/s Agarwal Prakash & Co., Chartered Accountants, will be published in newspapers as per regulatory requirements.

Leadership Changes

New Executive Director Appointed

In a significant move, the board recommended the appointment of Mr. Riyaz Javed Khan as Whole-time Director and Key Managerial Personnel, designated as Executive Director. Mr. Khan's appointment, subject to shareholder approval at the upcoming 7th Annual General Meeting, is for a five-year term effective July 25, 2025.

Mr. Khan, 41, brings a wealth of experience to his new role:

• Mechanical Engineer with a Diploma in HVAC
• 20 years of experience in managing high-value infrastructure and industrial assets
• 14-year tenure with the Indiabulls Group in diverse roles
• Expertise in project planning, plant & machinery operations, and facility management services

Resignation of Previous Executive Director

Mr. Vijay Kumar Agrawal, the previous Whole-Time Director & Key Managerial Personnel designated as Executive Director, has resigned from the board due to personal reasons, effective July 25, 2025.

New Secretarial Auditor

The board also recommended the appointment of M/s. Sukesh & Co., Practicing Company Secretaries, as the company's Secretarial Auditor. This appointment, pending shareholder approval, is for a three-year term covering fiscal years 2025-26 to 2027-28.

M/s. Sukesh & Co. brings to the table:

• Expertise in Corporate Laws, Foreign Exchange Laws, FEMA matters, EXIM Policies, and SEBI Regulations
• Experience in Non-Banking Finance (NBFC) matters, Compliance Audit, and Secretarial Audit
• A network of connections with reputed Chartered Accountants and Legal professionals

Looking Ahead

These decisions, particularly the leadership change and the approval of the latest financial results, mark a significant moment for Indiabulls Enterprises Limited. As the company moves forward with a new Executive Director at the helm, shareholders and market watchers will be keen to see how these changes influence the company's strategy and performance in the coming quarters.

The upcoming 7th Annual General Meeting will be a crucial event, where shareholders will have the opportunity to approve these board recommendations and potentially shape the future direction of the company.