Please find enclosed herewith the Press release for second motion application filed.
Awaiting price reaction for this filing.
Narbada Gems and Jewellery Limited has filed a joint Second Motion Petition with the NCLT Hyderabad Bench for its proposed merger with Uday Jewellery Industries Limited. Under the scheme, Narbada Gems is the company being merged (Transferor) and Uday Jewellery is the surviving entity (Transferee). The merger plan had already received approval from the required majority of shareholders and creditors of both companies at the earlier stage. If the NCLT sanctions the scheme, Narbada Gems will be dissolved without going through the normal winding-up process, with all its assets and liabilities transferring to Uday Jewellery. The board believes this consolidation will streamline operations, optimize resources, and create more value for stakeholders.
For Narbada Gems shareholders, the company is set to cease to exist as a separate entity once NCLT approves the scheme, and they will likely become shareholders of Uday Jewellery Industries in exchange. The stock may see movement based on the final share swap ratio and expected synergies once the order is issued.