Outcome of Court Convened Unsecured Creditors Meeting of Accel Limited held on Saturday, 09.08.2025 at 3.30 PM at the registered office of the Company.
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Accel Limited held a court-convened meeting of its unsecured creditors on 9th August 2025, as directed by the NCLT Chennai Bench, to consider a scheme of amalgamation of Accel Media Ventures Limited (transferor) with Accel Limited (transferee). The meeting commenced at 3:30 PM, was adjourned briefly due to lack of quorum, and resumed at 4:00 PM once quorum was fulfilled. The unsecured creditors approved the scheme of amalgamation with the requisite majority. Voting results were to be posted on the company's website within two working days. The meeting was chaired by a retired Justice of the Madras High Court, appointed by NCLT, with the Managing Director, Executive Director, CFO, and Company Secretary in attendance.
This is a key procedural milestone in the amalgamation process. With unsecured creditor approval secured, the scheme moves closer to final NCLT sanction, which could lead to consolidation of Accel Media Ventures into Accel Limited and potential value creation for shareholders once implemented.