Asian Granito India Limited has informed the Exchange about Receipt of certified copy of Order from Hon'ble NCLT for Scheme.
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Asian Granito India Limited has received the certified true copy of the NCLT Ahmedabad order dated 17 February 2026, sanctioning its Composite Scheme of Arrangement. The scheme involves the demerger of the Tiles Manufacturing Undertaking of Adicon Ceramica Tiles Pvt. Ltd. (Demerged Company) into Adicon Ceramics Ltd. (a wholly owned subsidiary of Asian Granito), with Asian Granito issuing shares to the shareholders of the Demerged Company as consideration. The Appointed Date is 16 October 2023. The scheme was approved by equity shareholders with 99.91% majority, by secured creditors unanimously, and by 100% of unsecured creditors (representing Rs. 182.68 crore). The Income Tax Department had objected that the scheme may not qualify as a tax-neutral demerger, but the NCLT sanctioned it, noting that tax authorities remain free to take action under the Income Tax Act.
Positive for shareholders as the formal NCLT approval removes regulatory uncertainty around the demerger and allows Asian Granito to integrate Adicon's tile manufacturing capacity inorganically, expanding production lines. However, the Income Tax Department's stance that the scheme may not qualify as a tax-neutral demerger could create future tax liabilities for the company or the demerged entity's shareholders.