Scrutinizer Report and Voting Results - NCLT Convened Unsecured Creditors Meeting
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Sri Lakshmi Saraswathi Textiles (Arni) Limited held an NCLT-convened meeting of unsecured creditors on April 4, 2025 via video conferencing to seek approval for a Scheme of Arrangement (demerger) with SLST Industries Limited. Out of 105 unsecured creditors on record (with total unsecured debt of about ₹76.73 crore), 58 attended the meeting. The resolution approving the demerger scheme was passed unanimously with 56,54,27,007 votes cast in favor (100%) and zero against. The scrutinizer certified the voting as fair and transparent, and the resolution cleared the requisite majority threshold required under the Companies Act, 2013.
Positive step forward for the company's restructuring plan as the demerger scheme has secured unsecured creditors' approval. The scheme still requires final sanction from the NCLT Chennai Bench before it can become effective for shareholders.