Update in the matter of Scheme of Amalgamation and Arrangement between Kirti Investments Limited (Transferor Company) and Kedia Construction Co. Ltd (Transferee) and their respective shareholders ....
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Kedia Construction Company (KCCL) is merging with Kirti Investments Limited (KIL), where KIL is the transferor company and KCCL is the transferee company. A shareholder meeting was held on July 28, 2025, as directed by the NCLT Mumbai Bench in its June 9, 2025 order, but no public shareholders attended or voted. Since SEBI rules require public shareholder approval for such schemes, the company has filed a Supplemental Application with the NCLT on August 8, 2025, requesting permission to reconvene the meeting. The earlier meeting proceedings and scrutinizer's report were already submitted to BSE on July 31, 2025.
The merger process is delayed because of a procedural hiccup — SEBI requires public shareholder approval, which wasn't obtained at the first meeting. This is not a rejection but a request to hold another meeting, so the scheme remains active but on a longer timeline. Shareholders may see continued uncertainty until the reconvened meeting clears the approval hurdle.