Indiabulls Limited has informed the Exchange regarding 'Modification in the Trust Deed of Udaan Employee Welfare Trust'.
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Indiabulls Limited (formerly Yaari Digital Integrated Services Limited) has informed the stock exchanges about a modification in the Trust Deed of the Udaan Employee Welfare Trust (Udaan-EWT). The change follows the NCLT-approved Scheme of Arrangement, effective October 14, 2025, under which Dhani Services Limited merged into Indiabulls Limited. A Supplementary Trust Deed was registered on February 20, 2026, with the main change being the replacement of Dhani Services Limited as the 'settlor' (founder/controlling entity) of the trust with Indiabulls Limited. The filing was made under SEBI's (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The Udaan-EWT was originally set up in 2019 to administer employee stock option plans (ESOPs), employee stock purchase plans, and stock appreciation rights for company employees.
This is a routine administrative filing arising from the earlier Dhani–Indiabulls merger. It has no direct impact on shareholders' value or the stock price, but it formally transfers the control of the employee welfare trust from the merged entity (Dhani Services) to the surviving listed company (Indiabulls Limited), consolidating governance of ESOP-related benefits.