This is in connection with our letter dated March 30, 2024, we would like to inform you that the Company has received observation letter with ''no adverse observation'' from BSE Limited ....
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Awaiting price reaction for this filing.
Jhaveri Credits & Capital Ltd (JCCL) has received a 'no adverse observations' letter from BSE Limited on May 12, 2025, for its proposed Scheme of Amalgamation with U R Energy (India) Private Limited (UREIPL), where UREIPL will merge into JCCL under Sections 230-232 of the Companies Act, 2013. The clearance follows SEBI's comments dated May 9, 2025, which laid out several conditions around disclosures of pre- and post-scheme shareholding patterns, valuation, share-swap ratio, financial details, and risk factors. The BSE observation letter is valid for six months, within which JCCL must file the scheme with the National Company Law Tribunal (NCLT). The merger is still subject to approvals from the NCLT, shareholders, and creditors of both companies.
This is a positive procedural milestone that moves the merger one step closer to completion, but the deal is not yet final. JCCL shareholders should monitor the share-swap ratio, valuation report, and any change in promoter shareholding after the merger, as SEBI has asked for detailed disclosures on these points to protect public shareholder interests.