Updation of NCLT Convened Meeting of Transferee Company Shiva Texfabs Limited with their Equity Shareholders, Secured Creditors, Unsecured Creditors
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Rudra Ecovation Limited (the Transferor Company) updated that NCLT-convened meetings of the Transferee Company Shiva Texfabs Limited were successfully held on February 21, 2026 via video conferencing. The meetings of Equity Shareholders, Secured Creditors and Unsecured Creditors were chaired by Mr. Ashwani Sharma, Advocate, appointed under an NCLT Chandigarh Bench order dated November 6, 2025. The purpose was to consider and approve the Scheme of Arrangement between Rudra Ecovation Limited and Shiva Texfabs Limited and their respective shareholders and creditors (a proposed merger/amalgamation). The Scrutinizer, Mr. Mohit Chawla, oversaw the remote e-voting and venue voting. The voting results will be disclosed separately within 2 working days of receipt of the Scrutinizer's Report.
This is a key procedural step toward the merger of Rudra Ecovation into Shiva Texfabs. Shareholders of Rudra Ecovation should watch the upcoming voting results, as approval by these meetings is critical for the scheme to move forward toward final NCLT sanction. Approval could re-rate Rudra Ecovation shares based on the swap ratio and Shiva Texfabs' valuation, while rejection could stall the deal.