Privi Speciality Chemicals Limited has informed the Exchange regarding receipt of observation letter from BSE Limited in relation to Scheme of amalagamation between Privi Speciality Chemicals Limited ( Transferee Company/PSCL ), Privi Fine Sciences Private Limited ( Transferor Company 1/ PFSPL ) and Privi Biotechnologies Private Limited ( Transferor Company 2/ PBPL ) and their respective shareholders and creditors under sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ( Scheme ).
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Privi Speciality Chemicals Limited has received a 'no objection' observation letter from BSE Limited for a proposed scheme of amalgamation. The scheme involves merging Privi Fine Sciences Private Limited (Transferor Company 1) and Privi Biotechnologies Private Limited (Transferor Company 2) into Privi Speciality Chemicals Limited (Transferee Company). The amalgamation is being undertaken under sections 230 to 232 and other applicable provisions of the Companies Act, 2013. The transaction remains subject to other applicable regulatory and statutory approvals before completion.
This is a positive regulatory milestone for the amalgamation process. Shareholders of Privi Speciality Chemicals should note that the scheme is still pending final approvals and will require NCLT/specialized bench clearance before becoming effective.