Sheela Foam Limited has informed the Exchange about Composite Scheme of Arrangement
SFL · price
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On the reaction day the stock moved 3.6 pts less than Nifty Microcap 250 and 2.7 pts less than its Furniture Home Furnishing peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Sheela Foam Limited (SFL) has provided an update on its Composite Scheme of Arrangement, under which five companies — Belvedore International, Kanvas Concepts, Kurlon Retail, Komfort Universe Products and Services, and Starship Value Chain and Manufacturing — will first merge into Kurlon Enterprise Limited (KEL), and then KEL will amalgamate into SFL. The NCLT Mumbai Bench has already approved the scheme, and the certified copy has been received. The Board has now constituted an Amalgamation Committee to oversee implementation. The effective date will be announced once the scheme is filed with the Registrar of Companies.
This is a procedural step forward — the merger has already received NCLT approval and is now moving into the implementation phase. Shareholders should watch for the effective date announcement, after which share-swap and consolidation actions will follow.