**Executive Summary**
This document provides a processing status report on draft schemes as of January 30, 2026. It details the status of comments, NOCs (No Objection Certificates), and complaints reports awaited from stock exchanges for various applicant companies. Additionally, it presents the processing status of draft schemes under review by SEBI. It also explains the last date for communication.
**Key Points / Main Content**
* **Comments/NOC/Complaints Report Awaited from Stock Exchange(s):**
* Lists 13 applicant companies for whom comments, NOCs, or complaints reports are awaited from stock exchange(s).
* Includes applicant names, dates of receipt of the draft scheme, last communication received/issued, and processing status, which is "NOC awaited from Exchange(s)" for all listed companies.
* The companies are:
* Mangalam Worldwide Limited
* Visagar Polytex Limited
* Vikas EcoTech Limited
* Vadilal Industries Limited
* Markolines Pavement Technologies Limited
* Privi Speciality Chemicals Ltd
* GB Global Ltd
* Avonmore Capital & Management Services Limited
* Almondz Global Securities Limited
* Arihant Capital Markets Ltd
* Diligent Media Corporation Ltd
* Venmax Drugs and Pharmaceuticals Ltd
* Lohia Securities Ltd
* **Schemes Under Process at SEBI:**
* Lists 16 draft schemes under process at SEBI.
* Includes applicant name, dates of receipt of the scheme, dates of receipt of NOC from exchange(s), last communication received/issued, and processing status.
* The companies with "Under Process" status are:
* BN Agrochem Limited
* Dr. Agarwal's Eye Hospital Limited
* Dollar Industries Limited
* Veefin Solutions Limited
* "JSW Energy Limited and GE Power India Limited
* Master Components Limited
* Anglo-French Drugs and Industries Limited
* Indo Thai Securities Limited
* Refex Industries Limited
* The companies with "Reply Awaited" status are:
* Gujarat Fluoro chemicals Limited
* Kopran Limited
* Gokaldas Exports Limited
* Asian Energy Services Limited
* MPS Limited
* Beacon Trusteeship Limited
* OneSource Specialty Pharma 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:
* Date of receipt of satisfactory reply on clarifications
* Date of receipt of opinion from Independent Chartered Accountant
* Date of receipt of Observation Letter or 'No-Objection' letter from the stock exchanges.
* Date of receipt of copy of in-principle approval for listing of equity shares for exemption from Rule 19(2)(b)
* **Contact Information:**
* In case the draft scheme of amalgamation has remained unattended or there is an inordinate delay, the company should not hesitate to write to:
* Shri Deep Mani Shah (deepmanis@sebi.gov.in)
* Shri Jeevan Sonparote (jeevans@sebi.gov.in)
**Impact Analysis**
**Applicant Companies:**
* **Impact:** The processing status directly affects the applicant companies' ability to proceed with their proposed schemes (amalgamations, arrangements, mergers, etc.).
* **Action Required:** Companies need to respond promptly to any clarifications sought by SEBI or the stock exchanges and ensure all required documentation is submitted accurately and on time. If there is an inordinate delay, then the company should write to Shri Deep Mani Shah or Shri Jeevan Sonparote.
**SEBI & Stock Exchanges:**
* **Impact:** The document reflects SEBI's and the stock exchanges' ongoing efforts to review and process draft schemes efficiently.
* **Action Required:** SEBI and stock exchanges need to continue processing the schemes and provide timely feedback/approvals within the stipulated timelines.
**Investors & Stakeholders of Applicant Companies:**
* **Impact:** The status of these schemes can influence investment decisions and market perceptions of the involved companies.
* **Action Required:** Investors and stakeholders should monitor the progress of these schemes and understand the potential implications for their investments.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): Regulator providing comments on Draft Schemes.
Draft Scheme: Scheme filed by companies for amalgamation, arrangement, merger or demerger.
Stock Exchanges: Entity from which comments/NOC/Complaints reports are awaited regarding the draft scheme.
PROCESSING STATUS OF DRAFT SCHEMES AS ON JANUARY 30, 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)
GB Global Ltd 23-Aug-25 NOC awaited
Not
7. from
Applicable
Exchange(s)
Avonmore Capital & Management Services 19-Sep-25 NOC awaited
Not
8. Limited from
Applicable
Exchange(s)
Almondz Global Securities Limited 19-Sep-25 NOC awaited
Not
9. from
Applicable
Exchange(s)
Arihant Capital Markets Ltd 11-Sep-25 NOC awaited
Not
10. from
Applicable
Exchange(s)
Diligent Media Corporation Ltd 07-Oct-25 NOC awaited
Not
11. from
Applicable
Exchange(s)
Venmax Drugs and Pharmaceuticals Ltd 18-Oct-25 NOC awaited
Not
12. from
Applicable
Exchange(s)
Lohia Securities Ltd 28-Oct-25 NOC awaited
Not
13. 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 Clarifications sought Reply awaited
amalgamation filed by from exchange on
"Gujarat Fluoro January 28, 2026
chemicals Limited"
2. 30-Sep-25 30-Sep-25 Reply received on Under
Draft Scheme of
January 27, 2026 Process
Arrangement filed by
BN Agrochem Limited
3. Draft Scheme of 15-Dec-25 15-Dec-25 Clarifications sought Reply awaited
merger by absorption on January 16, 2026
filed by Kopran
Limited
4. Draft Scheme of 12-Dec-25 12-Dec-25 Reply received on Under
Merger by Dr. January 29, 2026 Process
Agarwal's Eye
Hospital Limited
5. Draft Scheme of 15-Dec-25 15-Dec-25 Clarifications sought Reply awaited
amalgamation filed by from exchange on
"Gokaldas Exports January 30, 2026
Limited"
6. Draft Scheme of 17-Dec-25 17-Dec-25 Clarifications sought Reply awaited
arrangement filed by on January 20, 2026
"Asian Energy
Services Limited"
7. Draft Composite 23-Dec-25 23-Dec-25 Reply received on Under
Scheme of January 23, 2026. Process
Arrangement filed by
Dollar Industries
Limited
8. Draft Scheme of 23-Dec-25 23-Dec-25 Clarifications sought Reply awaited
arrangement filed by on January 23, 2026
"MPS Limited"
9. Draft Scheme of 24-Dec-25 24-Dec-25 Clarifications sought Reply awaited
Amalgamation filed from exchange on
by Beacon January 30, 2026
Trusteeship Limited
10. Draft Composite 24-Dec-25 24-Dec-25 Clarifications sought Reply awaited
Scheme of on January 22, 2026
Arrangement filed by
"OneSource Specialty
Pharma Limited"
11. Draft Scheme of 30-Dec-25 30-Dec-25 Reply received on Under
arrangement filed by January 29, 2026 Process
"Veefin Solutions
Limited"Date of
Date of receipt of
Sr. Last communication Processing
Applicant Name receipt of NOC from
No received/ issued Status
Scheme the
exchanges
12. 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
Limited
13. Draft Scheme of 20-Jan-26 20-Jan-26 NOC received on Under
arrangement filed by January 20, 2026 Process
Master Components
Limited
14. Draft Scheme of Under
Arrangement filed by Process
NOC received on
Anglo-French Drugs 27-Jan-26 27-Jan-26
January 27, 2026
and Industries
Limited
15. Draft Scheme of Under
arrangement filed by NOC received on Process
28-Jan-26 28-Jan-26
"Indo Thai Securities January 28, 2026
Limited"
16. Draft Scheme of Under
arrangement filed by NOC received on Process
28-Jan-26 28-Jan-26
"Refex Industries January 28, 2026
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).