Enclosed herewith Disclosure under Regulation 30 of SEBI (LODR)Regulation,2015 pertaining to Company has received Intimation from BSE as they have decided to return the Draft scheme for ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Suncity Synthetics had filed a draft scheme with BSE in September 2024 to reduce its paid-up equity share capital by 98% in order to write off accumulated business losses. However, SEBI amended Regulation 37(6)(b) in December 2024, exempting such loss-write-off schemes from exchange approval requirements. As a result, BSE has returned the draft scheme, noting that the approval route under Regulation 37 no longer applies. The company has stated there is no material impact and will now file a petition directly with the NCLT to get the capital reduction approved. Shareholders will need to follow the NCLT process going forward for this corporate action.
This is a procedural change, not a rejection or penalty. The 98% share capital reduction plan is still on track but will now go through the NCLT route instead of the BSE/SEBI approval route. Existing shareholders may face significant dilution in book value if the scheme is ultimately approved, though the filing itself is neutral for the stock.