Submission of Postal Ballot Notice dated 02.12.2025
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Midwest Gold Limited (BSE: 526570) has issued a Postal Ballot Notice dated December 2, 2025 seeking shareholder approval for the Scheme of Amalgamation of its wholly-owned subsidiary Midwest Energy Private Limited into itself. The merger is being done under Section 233 of the Companies Act, 2013 (fast-track route via Regional Director, South Eastern Region), which applies when a holding company merges with its wholly-owned subsidiary. E-voting will run from December 4, 2025 to January 2, 2026, with the cut-off date being November 28, 2025. The transferor subsidiary is engaged in renewable/clean energy, hydrogen, electric vehicles and power generation, with paid-up capital of about Rs. 61.89 crore and significant unsecured creditor exposure of roughly Rs. 90.43 crore. Bigshare Services is the e-voting facilitator and CS Munesh Kumar Gaur is the scrutinizer. Since the subsidiary is wholly-owned, no share-swap ratio is involved.
This is an internal restructuring where a 100%-owned subsidiary is being absorbed into the listed parent, so there is no share-swap dilution for existing shareholders. It consolidates the clean-energy/ev business into Midwest Gold, potentially expanding the company's revenue base, but outcome still requires Regional Director approval before effective.