**Executive Summary**
This report, dated January 02, 2026, details the processing status of draft schemes filed by various applicants with stock exchanges and SEBI. It indicates whether comments, NOCs, or complaints reports are awaited from stock exchanges for certain applicants and provides the processing status of schemes under review by SEBI, noting whether replies have been received or clarifications are being sought, with deadlines for the same.
**Key Points / Main Content**
* **Stock Exchange Review Status (as of January 02, 2026):**
* NOC is awaited from stock exchange(s) for 17 companies including:
* Mangalam Worldwide Limited
* Visagar Polytex Limited
* Lohia Securities Ltd
* **SEBI Review Status:**
* **Reply Received - Under Process:**
* Draft schemes from 13 companies are under process, with replies received by SEBI. This includes:
* Gujarat Fluoro chemicals Limited
* Praveg Limited
* BASF India Limited
* Veranda Learning Solutions Limited
* **Clarifications Sought - Reply Awaited:**
* Clarifications have been sought for draft schemes from 6 companies, and replies are awaited by SEBI. This includes:
* BN Agrochem Limited
* Aesthetik Engineers Limited
* Marathon Nextgen Realty Limited
* Dr. Agarwal's Eye Hospital Limited
**Impact Analysis**
**Applicant Companies Listed with Stock Exchanges**
* **Impact**: These companies are awaiting NOC/Comments/Complaint reports from the stock exchange to proceed with their draft schemes.
* **Action Required**: The companies should follow up with the stock exchange to ensure timely receipt of the NOC/Comments/Complaint reports.
**Applicant Companies with Schemes Under Process at SEBI**
* **Impact**: The processing status of their draft schemes depends on the status of the SEBI review (reply received or awaiting clarification).
* **Action Required**: For companies with replies received by SEBI, no immediate action is required, as the schemes are under process. For companies with clarifications sought, providing the requested information promptly is crucial.
Key Entities Referenced
SEBI: Securities and Exchange Board of India, the regulator overseeing these draft schemes.
Stock exchange(s): Entities from which NOCs/Complaints reports are awaited for the draft schemes.
Securities Contracts (Regulation) Rules, 1957: Referenced rules for seeking exemption related to listing of equity shares.
CFD/DIL3/CIR/2017/21: SEBI circular providing the timeframe for providing comments on the Draft Scheme to the stock exchanges
PROCESSING STATUS OF DRAFT SCHEMES AS ON January 02, 2026
I. Comments/NOC/Complaints report awaited from stock exchange(s):
Last
Date of communic
Sr. Processing
Applicant Name (Draft Scheme filed by) receipt of ation
No Status
Scheme received/
issued
Mangalam Worldwide Limited 01-Mar-24 NOC awaited
Not
1. from
Applicable
Exchange(s)
Visagar Polytex Limited 18-Mar-25 NOC awaited
Not
2. from
Applicable
Exchange(s)
Vikas EcoTech Limited 21-Mar-25 NOC awaited
Not
3. from
Applicable
Exchange(s)
Vadilal Industries Limited 15-Apr-25 NOC awaited
Not
4. from
Applicable
Exchange(s)
Markolines Pavement Technologies Limited 07-May-25 NOC awaited
Not
5. from
Applicable
Exchange(s)
Privi Speciality Chemicals Ltd 16-July-25 NOC awaited
Not
6. from
Applicable
Exchange(s)
JB Chemicals & Pharmaceuticals Ltd 18-July-25 NOC awaited
Not
7. from
Applicable
Exchange(s)
Torrent Pharmaceuticals Limited 18-July-25 NOC awaited
Not
8. from
Applicable
Exchange(s)
GB Global Ltd 23-Aug-25 NOC awaited
Not
9. from
Applicable
Exchange(s)
Asian Energy Services Limited 12-Sep-25 NOC awaited
Not
10. from
Applicable
Exchange(s)
Avonmore Capital & Management Services 19-Sep-25 NOC awaited
Not
11. Limited from
Applicable
Exchange(s)
Almondz Global Securities Limited 19-Sep-25 NOC awaited
Not
12. from
Applicable
Exchange(s)
Arihant Capital Markets Ltd 11-Sep-25 NOC awaited
Not
13. from
Applicable
Exchange(s)
Refex Industries Ltd 30-Sep-25 NOC awaited
Not
14. from
Applicable
Exchange(s)
Diligent Media Corporation Ltd 07-Oct-25 NOC awaited
Not
15. from
Applicable
Exchange(s)
Venmax Drugs and Pharmaceuticals Ltd 18-Oct-25 NOC awaited
Not
16. from
Applicable
Exchange(s)Last
Date of communic
Sr. Processing
Applicant Name (Draft Scheme filed by) receipt of ation
No Status
Scheme received/
issued
Lohia Securities Ltd 28-Oct-25 NOC awaited
Not
17. from
Applicable
Exchange(s)
II. Under process at SEBI:
Date of
Date of receipt of
Sr. Last communication Processing
Applicant Name receipt of NOC from
No received/ issued Status
Scheme the
exchanges
1. Draft Scheme of 18-Feb-25 18-Feb-2025 Reply received on Under
amalgamation filed by December 23, 2025 Process
"Gujarat Fluoro
chemicals Limited"
2. Draft Scheme of 03-Sep-25 03-Sep-25 Reply received on Under
Arrangement filed by December 24, 2025 Process
Praveg Limited
3. Draft Composite 23-Sep-25 23-Sep-25 Reply received on Under
Scheme of December 24, 2025 Process
arrangement filed by
Niyogin Fintech Ltd.
4. 26-Sep-25 26-Sep-25 Reply received on Under
Draft Scheme of
December 29, 2025 Process
Arrangement filed by
"Warren Tea Ltd"
5. 30-Sep-25 30-Sep-25 Clarifications sought Reply awaited
Draft Scheme of
on December 15, 2025
Arrangement filed by
BN Agrochem Limited
6. Draft Scheme of 17-Oct-25 17-Oct-25 Clarifications sought Reply awaited
Arrangement filed by on January 02, 2026
Aesthetik Engineers
Limited
7. Draft Scheme of 04-Nov-25 04-Nov-25 Reply received on Under
Arrangement filed by December 17, 2025 Process
HEG Limited
8. Draft Scheme of 14-Nov-25 14-Nov-25 Clarification sought on Under
Arrangement filed by December 26, 2025 Process
Jindal Poly Films
Limited
9. Draft Scheme of 19-Nov-25 19-Nov-25 Clarification sought on Reply awaited
merger by absorption December 19, 2025
filed by Marathon
Nextgen Realty
LimitedDate of
Date of receipt of
Sr. Last communication Processing
Applicant Name receipt of NOC from
No received/ issued Status
Scheme the
exchanges
10. Draft Composite 26-Nov-25 26-Nov-25 Reply received on Under
Scheme of December 23, 2025 Process
arrangement filed by
"BASF India Limited"
11. Draft Scheme of 15-Dec-25 15-Dec-25 NOC received on Under
merger by absorption December 15, 2025 Process
filed by Kopran
Limited
12. Draft Scheme of 12-Dec-25 12-Dec-25 Clarification sought on Reply awaited
Merger by Dr. December 30, 2025
Agarwal's Eye
Hospital Limited
13. Draft Scheme of 15-Dec-25 15-Dec-25 Clarifications sought Reply awaited
amalgamation filed by on January 02, 2026
"Gokaldas Exports
Limited"
14. Draft Scheme filed by 15-Dec-25 15-Dec-25 Reply received on Under
Scan Projects Limited December 24, 2025 Process
15. Draft Scheme of 17-Dec-25 17-Dec-25 NOC received on Under
arrangement filed by December 17, 2025 Process
"Asian Energy
Services Limited"
16. Draft Composite 23-Dec-25 23-Dec-25 NOC received on Under
Scheme of December 23, 2025 Process
Arrangement filed by
Dollar Industries
Limited
17. Draft Scheme of 23-Dec-25 23-Dec-25 NOC received on Under
arrangement filed by December 23, 2025 Process
"MPS Limited"
18. Draft Scheme of 24-Dec-25 24-Dec-25 NOC received on Under
Amalgamation filed December 24, 2025 Process
by Beacon
Trusteeship Limited
19. Draft Composite 24-Dec-25 24-Dec-25 NOC received on Under
Scheme of December 24, 2025 Process
Arrangement filed by
"OneSource Specialty
Pharma Limited"
20. Draft Scheme of 30-Dec-25 30-Dec-25 NOC received on Under
arrangement filed by December 30, 2025 Process
"Veefin Solutions
Limited"
21. Draft Scheme of 30-Dec-25 30-Dec-25 NOC received on Under
Arrangement for the December 30, 2025 Process
demerger filed by
"JSW Energy Limited
and GE Power India
LimitedDate of
Date of receipt of
Sr. Last communication Processing
Applicant Name receipt of NOC from
No received/ issued Status
Scheme the
exchanges
22. Draft Scheme of 01-Jan-26 01-Jan-26 NOC received on Under
arrangement filed by January 01, 2026 Process
"Veranda Learning
Solutions Limited"
Last date of communication – As per SEBI Circular No. CFD/DIL3/CIR/2017/21 dated March
10, 2017, SEBI endeavors to provide its comments on the Draft Scheme to the stock exchanges
within 30 days from the later of the following:
(a) date of receipt of satisfactory reply on clarifications, if any sought from the listed entity by
SEBI; or
(b) date of receipt of opinion from Independent Chartered Accountant, if sought by SEBI; or
(c) Date of receipt of Observation Letter’ or ‘No-Objection’ letter from the stock exchanges.
(d) date of receipt of copy of in-principle approval for listing of equity shares of the company
seeking exemption from Rule 19(2)(b) of Securities Contracts (Regulation) Rules, 1957 on
designated stock exchange, in case the listed entity is listed solely on regional stock exchange.
In case the draft scheme of amalgamation has remained unattended or there is an inordinate
delay, the company should not hesitate to write to the Chief General Manager, Shri Deep Mani
Shah (deepmanis@sebi.gov.in) or Executive Director, Shri Jeevan Sonparote
(jeevans@sebi.gov.in).