Vijaya Diagnostic Centre Limited has completed the allotment of 1,71,792 equity shares to eligible shareholders of Medinova Diagnostic Services Limited, marking the final step in their amalgamation process. The Board of Directors approved this allotment through a Circular Resolution, following the NCLT-approved merger scheme that became effective on November 4, 2025.

Share Allotment Details

The company has successfully allocated shares to eligible Medinova shareholders whose names appeared in the Register of Members as on the record date:

Capital Structure Impact

The share allotment has resulted in an increase in the company's paid-up equity share capital:

Merger Background

The amalgamation scheme was approved by the Hon'ble National Company Law Tribunal, Hyderabad Bench, through its order dated October 13, 2025. The merger resulted in the automatic dissolution of Medinova Diagnostic Services without winding-up, with Vijaya Diagnostic cancelling its 62.02 lakh equity shares (62.14% stake) in Medinova.

Special Provisions for Shareholders

The company has established specific mechanisms to handle various shareholder categories. A trust named VDCL Physical Shareholders Trust has been created for eligible Medinova shareholders who held shares in physical form as on the record date. These shareholders can approach KFin Technologies Limited or the company directly for credit of shares in dematerialized form upon completion of due procedures.

Fractional entitlements arising from the allotment have been consolidated and allotted to Catalyst Trusteeship Limited, an Independent Trustee appointed by the Board. The Trustee will dispose of these consolidated fractional entitlements in the open market and distribute net proceeds to eligible fractional shareholders proportionally.

Corporate Structure Enhancement

The merger has strengthened Vijaya Diagnostic's operational footprint, with Medinova Millennium MRI Services LLP becoming a wholly-owned subsidiary. This Kolkata-based MRI services entity recorded a turnover of approximately ₹2.36 crores in FY2024-25. The newly allotted equity shares rank pari-passu with existing shares and will be listed on BSE Limited and National Stock Exchange of India Limited, subject to necessary approvals.

The Centre has issued comprehensive draft rules under the Social Security Code aimed at extending social security benefits to India's growing gig economy workforce. The proposed regulations establish clear eligibility criteria and implementation frameworks for bringing platform workers under formal social protection.

Eligibility Criteria for Social Security Benefits

The draft rules set specific minimum workday requirements for gig workers to qualify for social security benefits:

A worker will be considered engaged from the day they start earning income from an aggregator, regardless of the amount earned. Each calendar day generating income counts toward the eligibility threshold. For workers operating across multiple platforms simultaneously, days are counted cumulatively - meaning work done for three aggregators on the same day counts as three days toward meeting the requirement.

Registration and Implementation Framework

The rules mandate Aadhaar-linked registration for all gig and platform workers above 16 years of age. Aggregators will be required to share worker details on a central portal to generate universal account numbers for each registered worker. Every eligible worker will receive either a digital or physical identity card upon registration.

The worker database will be integrated with existing platforms including:

• e-Shram portal
• Ayushman Bharat scheme
• Other social security coverage programs

National Social Security Board Structure

The draft notification establishes a National Social Security Board with comprehensive responsibilities:

The board will include representatives from both unorganised workers and employers, ensuring stakeholder participation in policy development and implementation.

Benefit Cessation Conditions

Workers will cease to be eligible for benefits under two specific conditions:

• Upon reaching 60 years of age
• Failure to meet the 90/120-day engagement requirement in the previous fiscal year

These draft rules represent a significant step toward formalising social security coverage for India's expanding gig economy workforce, covering sectors including food delivery, ride-hailing, and e-commerce platforms.