Disclosure pertaining to obtain Observation Letter from Stock Exchange under Regulation 37 of SEBI (LODR)Regulations, 2015, in the proposed scheme of merger by absorption of TTG Innovations ....
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Awaiting price reaction for this filing.
Royal Sense Limited has received a BSE Observation Letter dated November 19, 2025, with 'No adverse observations' on its proposed scheme of merger by absorption of TTG Innovations Private Limited (TIPL, an unlisted promoter group company) into Royal Sense Limited (RSL, the listed entity). The Board had first approved this scheme on May 26, 2025. The merger is being carried out under Sections 230-232 of the Companies Act, 2013. SEBI had already shared its comments on November 14, 2025, and BSE has flagged the need for additional disclosures before NCLT filing, including 3-year audited financials of both entities, rationale for merging a promoter group unlisted entity so soon after RSL's listing, NOCs from lenders, and details of any pending legal actions. The company must now file the scheme with NCLT within the timeline specified in the letter.
This is a procedural regulatory clearance that keeps the merger on track toward NCLT approval, but it is not a final green light — shareholders should watch for the additional disclosures BSE has demanded, particularly the rationale for merging a promoter-group company so soon after listing. Near-term stock reaction is likely to be muted until the NCLT petition outcome and the swap ratio are disclosed.