Intimation under Regulation 30 of SEBI (LODR) Regulations for withdrawal of scheme of amalgamation of Abans Jewels Limited, wholly owned subsidiary with Abans Enterprises Limited and their ....
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Abans Enterprises has withdrawn its proposed scheme of amalgamation with Abans Jewels Limited, its wholly owned subsidiary. The scheme was originally approved by the Board and Audit Committee in November 2024, but the company now says evolving business and market dynamics make the expected benefits not sufficiently demonstrable. The Board approved the withdrawal on February 5, 2026, and stated it will have no impact on the company's financial position or results. Separately, Whole-Time Director & CFO Anurag Kanwatia resigned for personal reasons effective February 28, 2026. Deepak Zope, a 14-year financial services professional with over 10 years at the Abans Group, has been appointed as Additional Director (Whole-Time) for three years from March 1, 2026. CEO Jinesh Savla was also authorised as the key managerial personnel for determining materiality of events under SEBI LODR regulations.
The cancellation of the amalgamation means shareholders won't see any structural consolidation with the subsidiary, though the company assures no financial impact. The CFO transition may cause short-term uncertainty, but the internal appointment of a long-standing Abans Group executive as Whole-Time Director should provide continuity.