Ashika Credit Capital announced that its subsidiary, Ashika Private Equity Advisors Pvt Ltd, has received approval from the Securities and Exchange Board of India (SEBI) for registration as a Category II Alternative Investment Fund (AIF) manager.

Key Developments

• Approval Received: Ashika Private Equity Advisors Pvt Ltd has obtained SEBI approval for registration as a Category II AIF manager.
• Role: The subsidiary will act as the Investment Manager for Ashika Private Equity Trust.

Regulatory Compliance

The company has made this disclosure in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This move signifies Ashika Credit Capital's commitment to expanding its financial services offerings and adhering to regulatory requirements.

Implications

The approval as a Category II AIF manager opens up new avenues for Ashika Private Equity Advisors Pvt Ltd in the alternative investment space. Category II AIFs typically include private equity funds, debt funds, and fund of funds, which could potentially broaden the company's investment management capabilities.

This development may be seen as a step for Ashika Credit Capital, as it expands the group's presence in the financial services sector and could potentially lead to new revenue streams.

Investors and market participants are advised to monitor further announcements from the company for any additional details or strategic plans related to this new approval.

Ashika Credit Capital Limited (ACCL) has taken a significant step towards corporate restructuring by filing a combined application for a Composite Scheme of Amalgamation with the National Company Law Tribunal (NCLT), Kolkata Bench. The scheme proposes the merger of two private limited companies into ACCL, marking a notable development in the company's strategic direction.

Key Details of the Amalgamation Scheme

The Composite Scheme of Amalgamation involves the following entities:

1. Ashika Commodities & Derivatives Private Limited (ACDPL)
2. Ashika Global Securities Private Limited (AGSPL)
3. Ashika Credit Capital Limited (ACCL)

Under the proposed scheme, ACDPL, a wholly-owned subsidiary of AGSPL, will merge with AGSPL. Subsequently, AGSPL will amalgamate with ACCL, the ultimate amalgamated company.

Regulatory Approvals and Timeline

The journey towards this amalgamation has involved several key milestones:

• The Board of Directors of Ashika Credit Capital Limited approved the amalgamation scheme.
• The Reserve Bank of India (RBI) provided its 'No Objection' to the proposed scheme.
• BSE Limited issued 'no adverse observations' on the scheme.
• ACCL filed the combined application with the NCLT, Kolkata Bench.

Next Steps and Pending Approvals

While significant progress has been made, the scheme's implementation remains subject to various statutory and regulatory approvals. These include:

1. Approval from the National Company Law Tribunal
2. Consent from the respective shareholders and creditors of the companies involved
3. Any other applicable regulatory approvals

Implications and Outlook

This amalgamation, if approved, could potentially streamline operations, enhance efficiency, and create a more robust corporate structure for Ashika Credit Capital Limited. However, stakeholders should note that the final implementation is contingent upon the pending approvals.

Ashika Credit Capital Limited has assured that it will continue to keep the market informed of any significant developments regarding this corporate action. Investors and stakeholders are advised to monitor official communications from the company for further updates on the progress of this amalgamation scheme.