Summary of proceedings of Hon''ble NCLT Convened Secured Creditors Meeting
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Sri Lakshmi Saraswathi Textiles (Arni) Limited held a meeting of its secured creditors on 4th April 2025, as directed by the NCLT Chennai Bench via its order dated 10th February 2025. The purpose of the meeting was to consider and approve a proposed Scheme of Arrangement (demerger) between the company and SLST Industries Limited and their respective shareholders and creditors. The meeting was held via video conferencing, lasted about 11 minutes (12:00 PM to 12:11 PM), and secured creditors were briefed on the rationale, benefits, and impact of the scheme. No questions were raised by the secured creditors. Remote e-voting was open from 1st April to 3rd April 2025, with e-voting at the meeting also available. The voting results, along with the scrutinizer's report, are to be declared on BSE and the company's website within 3 days of the meeting. The stock trades under the scrip ID 'SLSTLQ', indicating its shares are in BSE's permitted category of suspended/illiquid scrips.
For shareholders, this is a procedural step in the company's proposed demerger into SLST Industries Limited. The actual outcome depends on the pending voting results and subsequent NCLT sanction, which will determine the share entitlement ratio and future structure of the company.