(18-Mar-2024 Hours IST)
The Scheme of Amalgamation of Godawari Energy Limited ('GEL/ Wholly-owned Subsidiary of the Company') with the Company and their respective shareholders ('the Scheme of Amalgamation'). The Scheme of Amalgamation is subject to necessary statutory and regulatory approvals including the approvals of the National Company Law Tribunal/other regulatory authorities and the respective shareholders of both the companies as may be directed by National Company Law Tribunal. Please find attached submission of Audited Financial Results for the quarter and Year ended 31.03.2024 Approved the proposal to withdraw the 'Scheme of Amalgamation of Godawari Energy Limited with the Company and their respective shareholders' due to certain technical reason. The said Scheme was earlier approved by the Board of Directors in its meeting held on 18th March, 2024. (As per BSE Announcement Dated on 21/05/2024) Please find attached herewith copy of NCLT Order in which the Cuttack Bench has allowed the application for withdrawal of Scheme of Amalgamation. This has reference to Outcome of Board Meeting dated 21St May, 2024 vide which we have informed that the Board of Directors have approved the proposal to withdraw the Scheme of Amalgamation due to certain technical reason. Accordingly, an lnterlocutory application to withdraw the Scheme of Amalgamation was filed with Hon'ble National Company Law Tribunal, Cuttack Bench (NCLT) and the NCLT vide its order CA (CAA) No. 8/CB/2024, IA (Companies Act) No. 38/CB/2024 dated 29th May, 2024 has allowed the application for withdrawal of Scheme of Amalgamation. A copy of order as uploaded today i.e. on 01.06.2024 on NCLT website is attached herewith as Armexure-A. This disclosure is being made in terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. (As Per BSE Announcement Dated on: 01/06/2024)
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