Further to our letter dated March 18, 2025 and pursuant to Order of the Hon''ble NCLT and provisions of Regulation 30 read with Para A of Part A of Schedule III of SEBI Listing Regulations, ....
Awaiting price reaction for this filing.
Chalet Hotels Limited has issued a notice for a meeting of its equity shareholders on May 13, 2025 (via video conferencing) as directed by the NCLT Mumbai Bench order dated March 18, 2025. The meeting will consider a two-stage Scheme of Amalgamation: first, the merger of Sonmil Industries Private Limited (its wholly-owned subsidiary) into Chalet Hotels, followed by the merger of The Dukes Retreat Private Limited (its subsidiary) into Chalet Hotels. The scheme was approved by Chalet's board on October 25, 2023. Remote e-voting opens on May 10, 2025 and closes on May 12, 2025, with results expected by May 15, 2025. Since the merger involves a holding company and its subsidiaries, no prior SEBI or stock exchange approval is required under Regulation 37(6), and no valuation report or fairness opinion was obtained.
This is a procedural step toward consolidating Chalet's subsidiaries into the listed entity, which is generally seen as a simplification of the corporate structure. Shareholders should vote on the scheme in the May 13, 2025 meeting; the outcome will need subsequent NCLT sanction to become effective. The share price is unlikely to move materially on the notice itself, as no new shares are being issued to outside parties and no consideration is changing hands.