In continuation to our intimation dated 07th & 8th July 2025, with reference to our earlier submission of Notice of EGM-Shareholders, Secured Creditors and Unsecured Creditors meetings ....
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Awaiting price reaction for this filing.
Accel Limited filed an addendum to the Notice of its Extra Ordinary General Meeting (EGM) scheduled for August 9, 2025, convened per an NCLT order dated June 27, 2025. The addendum supplies information that was left out of the original explanatory statement, including disputed tax and statutory claims against the company totalling roughly Rs 671 lakh (income tax, customs, PF, service tax, civil suits, etc.) and a SEBI order against promoter N R Panicker carrying a Rs 1 crore penalty and a bar from the securities market until September 19, 2025. It also discloses the transferor company Accel Media Ventures Limited has had a negative net worth of Rs 5.99 crore as of March 31, 2024, with losses every year going back to FY2020. Post-merger, the combined entity is projected to have total assets of about Rs 187.92 crore, total equity of Rs 63.71 crore, and revenue of roughly Rs 167 crore, while the merger is expected to yield tax benefits of around Rs 3.74 crore. Cut-off dates have been set at August 2, 2025 for shareholders and December 31, 2024 for creditors.
Shareholders should review the addendum carefully before the August 9 EGM as it changes the information base on which they will vote on the merger. The transferor company is loss-making with negative net worth, and a promoter-level SEBI action is also disclosed, both of which investors may want to weigh against the projected post-merger scale and Rs 3.74 crore tax benefit.