Indiabulls Enterprises Limited has informed the Exchange regarding 'Pronouncement of Final Order by the Hon ble National Company Law Tribunal, Chandigarh Bench approving the Scheme of Arrangement.'.
Awaiting price reaction for this filing.
The NCLT Chandigarh Bench has pronounced its final order on August 29, 2025, approving a composite Scheme of Arrangement involving 20 companies. Under the scheme, listed entities Dhani Services Limited and Indiabulls Enterprises Limited (IEL) will amalgamate into Yaari Digital Integrated Services Limited, along with 15 unlisted subsidiaries and Juventus Estate Limited. Separately, the real estate business of India Land Hotels Mumbai Private Limited will demerge into Indiabulls Pharmacare Limited. Equity shareholders of the listed entities approved the scheme with over 99.6% votes in favor, and unsecured creditors of IEL approved it 100%. The appointed date is April 1, 2023, and the scheme will become effective once the certified order is filed with the Registrar of Companies.
For IEL shareholders, this means the company will cease to exist as a separate listed entity and merge into Yaari Digital Integrated Services Limited, with shareholders receiving Yaari Digital shares in lieu. The stock may see volatility around the effective date as the swap ratio and record date are finalized. The scheme is still not yet effective—filing of the certified NCLT order with the ROC is the next trigger.