Submission of Certificate from Statutory Auditor in terms of Regulation 169(5) of the Securities And Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Organic Recycling Systems Ltd has submitted a compliance certificate from its statutory auditor Vora & Associates confirming receipt of INR 15.15 crore (75% balance consideration) from 8 warrant holders for conversion of 7,40,000 preferential convertible warrants into equity shares. The warrants were originally issued on December 26, 2024, at INR 273 each (face value INR 10). The auditor verified bank statements confirming the funds were received directly from allottees' bank accounts with no circulation of funds or book entry passing. Total warrant value is approximately INR 20.2 crore, with the remaining 25% upfront amount (INR 5.07 crore) having been received at the time of original allotment. The conversion involves non-promoter allottees including Harshad Nanalal Mehta, Sandhya H Mehta, Ekta Harshad Mehta, and others.
This compliance filing clears the way for conversion of warrants into equity shares, which will dilute existing shareholder equity but also brings fresh capital into the company. The proper documentation ensures the preferential issue meets SEBI ICDR requirements.