NTC Industries Scraps Proposed Acquisition of Solitude Flame Stake
NTC Industries Ltd. has withdrawn its proposal to acquire a 51% stake in Solitude Flame Private Limited after failing to secure shareholder approval at the EGM held on March 13, 2025. The company has terminated the share swap agreement with Solitude Flame and stated that this decision has no material adverse financial or operational impact. The preferential allotment resolution was rejected with 98.05% votes against it. Other resolutions, including material related party transactions and appointment of new directors, were passed with significant majority.