Selan Exploration Technology Limited has informed the Exchange regarding 'Receipt of certified true copy of NCLT order.'.
ANTELOPUS · price
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Selan Exploration Technology Limited has received the certified copy of the NCLT Chandigarh Bench order dated June 10, 2025 (rectified on July 1, 2025) sanctioning the Composite Scheme of Arrangement between Antelopus Energy Private Limited (Transferor) and Selan Exploration Technology Limited (Transferee). Under the scheme, Antelopus Energy will merge into Selan, with an appointed date of April 1, 2023, and Selan's name will change to 'Antelopus Selan Energy Limited'. All assets, liabilities, contracts, employees, and pending legal/tax proceedings of Antelopus Energy will transfer to Selan. The scheme involves adjusting a debit balance of Rs. 44.93 crore in Retained Earnings against the Securities Premium Account (reducing it from Rs. 73.98 crore to Rs. 29.06 crore). The scheme will become effective only after Selan files the certified order with the Registrar of Companies via e-form INC-28. The Income Tax Department had raised concerns about tax losses being carried forward, but the NCLT approved the scheme, clarifying that tax authorities remain free to take action under the Income Tax Act.
Shareholders of Selan can expect the merger with Antelopus Energy to be completed once the ROC filing is done, which will change the company's name to Antelopus Selan Energy Limited. The share swap ratio will result in new equity shares being issued to Antelopus Energy shareholders, slightly expanding the equity base, while tax authorities retain the right to scrutinize loss carry-forwards post-merger.