Scrutinizer Report and Voting Results - NCLT Convened Meeting of Secured Creditors.
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Awaiting price reaction for this filing.
Sri Lakshmi Saraswathi Textiles (Arni) Limited held an NCLT-directed meeting of secured creditors on April 4, 2025 to vote on a proposed Scheme of Arrangement (demerger) between the company (Demerged Company) and SLST Industries Limited (Resulting Company). There were 3 secured creditors on record with total outstanding secured debt of approximately ₹23.96 crore. All 3 creditors attended via video conferencing; Netzero Finance abstained and State Bank of India's vote was invalidated as it was not on the secured creditors list as of the cut-off date. The remaining 2 creditors voted entirely in favor (100% by value – ₹16,87,45,015), and the resolution was passed unanimously with the requisite majority. The company has now filed the voting results and scrutinizer's report with BSE as required under SEBI LODR regulations.
This is a procedural milestone – secured creditors have cleared the demerger scheme, but final approval from the NCLT Chennai Bench is still pending. For shareholders, the stock (BSE: 521161) remains a thinly-traded, suspended-category scrip and the corporate restructuring is progressing without creditor opposition, which is a positive structural step though not yet a definitive outcome.