Receipt of Observation Letter from The Bombay Stock Exchange in relation to the Scheme of Amalgamation (Merger by Absorption) of True Colors Limited ("Transferee Company") with Inkia Inks ....
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True Colors Limited has received a 'No Adverse Observation' letter from BSE regarding its proposed merger by absorption of Inkia Inks Private Limited (the Transferor Company). The Board had approved this scheme on December 01, 2025. BSE's observation letter, issued on May 14, 2026, conveys SEBI's 14 comments/conditions — including requirements for detailed disclosures on revenue impact, valuation reports, 3-year financials, shareholder classification, lender NOCs, and pending legal proceedings — all of which must be incorporated in the NCLT petition. The observation letter is valid for 6 months, within which the company must file with NCLT. The scheme still requires approval from shareholders, creditors, and regulatory authorities.
This is a standard regulatory clearance step. The merger is progressing toward NCLT filing, but shareholders should monitor for the full set of mandatory disclosures (valuation, financials, impact analysis) that SEBI has mandated before approving the scheme.