Ashika Credit Capital Limited shareholders have overwhelmingly approved a composite scheme of amalgamation during a meeting convened by the National Company Law Tribunal (NCLT) on January 9, 2026. The meeting, conducted through video conferencing, achieved the requisite majority with 99.9999% of votes cast in favor of the proposed amalgamation.

Meeting Details and Participation

The shareholders meeting was held on Friday, January 9, 2026, at 12:15 P.M. IST through video conferencing and other audio-visual means, as directed by the NCLT Kolkata Bench order dated November 14, 2025. The meeting concluded at 12:51 P.M. IST, including the time allocated for e-voting.

Composite Amalgamation Scheme

The approved scheme involves a two-stage amalgamation process. The first stage merges Ashika Commodities & Derivatives Private Limited (ACDPL), a wholly-owned subsidiary of Ashika Global Securities Private Limited (AGSPL), with and into AGSPL. The second stage involves the amalgamation of AGSPL with and into Ashika Credit Capital Limited (ACCL), which will serve as the amalgamated company.

The scheme is structured under Sections 230 to 232 of the Companies Act, 2013, with an appointed date of April 1, 2025. Ms. Priyanka Jain, Advocate, was appointed as the scrutinizer by the NCLT to oversee the voting process in a fair and transparent manner.

Voting Results and Shareholder Response

The e-voting process demonstrated exceptional shareholder support across all categories. Remote e-voting was conducted from January 5, 2026, at 9:00 A.M. IST to January 8, 2026, at 5:00 P.M. IST, with additional e-voting facility provided during the meeting.

A total of 90 shareholders participated in the voting process, with 88 casting votes through remote e-voting and 2 voting during the meeting. The resolution was declared passed with the requisite majority as per the scrutinizer's report.

Regulatory Compliance and Documentation

The meeting was conducted in full compliance with the Companies Act, 2013, SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, and applicable circulars issued by the Ministry of Corporate Affairs. The company provided comprehensive documentation including the summary of proceedings, voting results, and the scrutinizer's report to the stock exchanges.

The voting results and scrutinizer's report have been made available on the company's website at www.ashikagroup.com and on the National Securities Depository Limited platform at www.evoting.nsdl.com . The company has also filed all requisite documents with the NCLT as part of the amalgamation approval process.

Corporate Structure Enhancement

The approved amalgamation scheme represents a strategic consolidation of the Ashika group's operations. The scheme involves the merger of entities engaged in commodities, derivatives, and securities businesses under the umbrella of Ashika Credit Capital Limited. This consolidation is expected to streamline operations and enhance operational efficiency within the group structure.

The overwhelming shareholder approval, with virtually unanimous support from all categories of shareholders, demonstrates strong confidence in the proposed corporate restructuring. The NCLT will now consider the final approval of the scheme based on the positive shareholder mandate received during the meeting.

Ashika Credit Capital has received in-principle approval from the Securities and Exchange Board of India (SEBI) to act as a sponsor and establish a mutual fund in India. This regulatory milestone enables the financial services group to expand its operations into the country's growing asset management sector.

Regulatory Approval Details

The SEBI clearance allows Ashika Group to proceed with forming an Asset Management Company (AMC) and initiate preparatory steps for launching mutual fund schemes. However, the final launch remains contingent upon fulfilling SEBI's registration requirements and meeting all specified conditions.

Business Expansion Strategy

With this approval, Ashika Group plans to enter India's asset management segment, complementing its existing presence across capital markets and financial services. The group currently operates diverse businesses spanning multiple financial sectors.

The company's existing operations include:

• Retail and institutional broking
• Investment banking services
• Research advisory
• Global family office services
• Alternative asset management
• Private equity

Proposed Fund Offerings

According to the company, the proposed mutual fund will offer a range of investment schemes across various categories. These offerings will be supported by in-house research capabilities and comprehensive risk management frameworks. The group expects to announce further details regarding fund offerings, implementation timelines, and leadership appointments following final regulatory approvals.

Management Commentary

Pawan Jain, Chairman and Managing Director of Ashika Group, described the approval as an institutional milestone for the company. He emphasized that this development enables the group to expand its participation in India's asset management ecosystem.

Industry Context

India's mutual fund industry has witnessed continued growth with new market entrants in recent years. This expansion has been driven by steady increases in domestic investor participation and growing assets under management across the sector.