Update on Scheme of Arrangement
Awaiting price reaction for this filing.
Medinova Diagnostic Services Ltd has informed the BSE that the NCLT Hyderabad Bench, after hearing the case on September 26, 2025, has reserved its orders on the proposed Scheme of Amalgamation with Vijaya Diagnostic Centre Ltd. Under the scheme, Medinova (Transferor) will merge into Vijaya Diagnostic Centre (Transferee) on a going-concern basis with an appointed date of April 1, 2024. The petition was filed under Sections 230-232 of the Companies Act, 2013, and arguments were heard from the petitioner's counsel, the Regional Director, the Official Liquidator, and the Income Tax Department. The certified copy of the order is still awaited and will be filed with the exchanges once received.
This is a significant milestone for Medinova shareholders as the NCLT has reserved its orders, meaning a final decision on the merger approval is imminent. The stock may see sharp movement once the formal order is pronounced, as approval would pave the way for the share-swap and eventual listing of Vijaya Diagnostic Centre shares for Medinova shareholders.