Proceedings of the Hon''ble NCLT, Bengaluru Bench Convened meetings of the Equity shareholders, Secured and Unsecured Creditors of the Company held on June 16, 2025
Awaiting price reaction for this filing.
Mangalore Chemicals & Fertilizers Ltd (MCFL) informed stock exchanges about the completion of NCLT-convened meetings held on June 16, 2025 to seek approval for a composite scheme of arrangement with Paradeep Phosphates Ltd (PPL), where MCFL is the Transferor Company and PPL is the Transferee Company. Three separate meetings were conducted via video conferencing: Equity Shareholders (11:00-11:14 AM), Secured Creditors (2:00-2:07 PM), and Unsecured Creditors (3:00-3:06 PM). All meetings had the requisite quorum present. The meetings were chaired by Mr. Uday Shankar (Advocate) appointed by NCLT, with Mr. Nagendra Rao as Scrutinizer. Remote e-voting was open from June 11-15, 2025, and voting results are to be declared within two working days.
The completion of these NCLT-convened meetings is a key milestone in the proposed merger of MCFL into Paradeep Phosphates. If approved by shareholders and creditors, and subsequently sanctioned by NCLT, MCFL shareholders will likely receive shares of PPL in exchange. Shareholders should watch for the voting results announcement and the eventual share swap ratio, which will determine the value they receive.