Report of the Scrutinizer along with voting results of the NCLT convened meeting of equity shareholders.
Awaiting price reaction for this filing.
Medinova Diagnostic Services Ltd held an NCLT-ordered shareholder meeting on April 25, 2025, to approve a Scheme of Amalgamation with Vijaya Diagnostic Centre Ltd, where Medinova is the Transferor Company and Vijaya is the Transferee Company. The appointed date for the merger is April 1, 2024. The resolution was passed overwhelmingly with 99.98% of votes in favor (70,49,841 shares) and only 0.02% against (1,704 shares). Promoters voted 100% in favor with their full holding of 62,02,220 shares, while public shareholders approved the scheme 99.80% in favor. The scheme also met the SEBI requirement that public votes in favor exceed those against. The next step is NCLT sanction of the scheme before it becomes effective.
If the NCLT sanctions the scheme, Medinova shareholders will become shareholders of Vijaya Diagnostic Centre Ltd as per the swap ratio (not specified in this filing). The near-unanimous approval reduces deal risk and moves the merger closer to completion, which could lead to delisting of Medinova shares post-merger.