Updater Services Limited has informed the Exchange about Scheme of Amalgamation between Updater Services Limited (''Transferee'') and Stanworth Management Private Limited and Tangy Supplies & Solutions Private Limited (together referred to as ''Transferor Companies'') of Transferor and their respective shareholders, pursuant to the provisions of Section 230 to 232 of the Companies Act, 2013 and any other applicable provisions of the Companies Act, 2013 ("Scheme") approved by the Hon'ble National Company Law Tribunal, Chennai.
UDS · price
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Awaiting price reaction for this filing.
Updater Services Limited has received approval from the NCLT Chennai Bench (order dated May 8, 2025, certified copy received May 10, 2025) for merging its two wholly-owned subsidiaries — Stanworth Management Private Limited and Tangy Supplies & Solutions Private Limited — into itself. The appointed date for the merger is April 1, 2024. Since both transferor companies are wholly owned by UDS, no new shares will be issued to any shareholder; the existing shares held by UDS in these subsidiaries will simply be cancelled and extinguished. The Regional Director had earlier rejected the fast-track merger route because only 76.69% of UDS shareholders voted in favour (below the 90% threshold under Section 233), but NCLT cleared the scheme under Section 233(6). The transferor companies will be dissolved without winding up once the order is filed with the Registrar of Companies.
This is a purely internal group restructuring with no share dilution, no cash outflow, and no change in business operations for retail shareholders. It simplifies the group structure and may marginally reduce compliance costs, but is unlikely to have a material effect on the stock price.