**Executive Summary**
This report, dated January 16, 2026, details the processing status of draft schemes for various companies. It outlines which companies are awaiting comments, NOCs, or complaints reports from stock exchanges and which are under process at SEBI. Companies experiencing delays are advised to contact specified SEBI officials.
**Key Points / Main Content**
* **Awaiting Comments/NOC/Complaints Report from Stock Exchange(s):**
* Sixteen companies, including Mangalam Worldwide Limited and Venmax Drugs and Pharmaceuticals Ltd., are awaiting NOCs from stock exchanges.
* The "Last Communication Received/Issued" column states "Not Applicable" for all of these companies.
* **Schemes Under Process at SEBI:**
* Nine companies have schemes under process at SEBI.
* Reply was received for eight companies, including Gujarat Fluoro chemicals Limited, Praveg Limited, Warren Tea Ltd, Aesthetik Engineers Limited, Marathon Nextgen Realty Limited, BASF India Limited, Veranda Learning Solutions Limited and J.B. Chemicals & Pharmaceuticals Limited with Torrent Pharmaceutical.
* Clarifications are sought for the remaining schemes filed by BN Agrochem Limited, Jindal Poly Films Limited and Kopran Limited.
* **Additional Schemes Under Process at SEBI:**
* Eleven additional companies have schemes under process at SEBI.
* NOC was received for five companies, including Asian Energy Services Limited, MPS Limited, OneSource Specialty Pharma Limited, JSW Energy Limited and GE Power India Limited, J.B. Chemicals & Pharmaceuticals Limited with Torrent Pharmaceutical.
* Reply was received for two companies, including Veefin Solutions Limited, Veranda Learning Solutions Limited
* Clarifications are sought for the remaining companies, including Dr. Agarwal's Eye Hospital Limited, Gokaldas Exports Limited, Dollar Industries Limited and Beacon Trusteeship Limited.
**Impact Analysis**
**Companies with Schemes Awaiting NOCs from Stock Exchanges**
**Impact**
Processing of their draft schemes is delayed.
**Action Required**
Potentially need to follow up with stock exchanges to expedite the NOC process.
**Companies with Schemes Under Process at SEBI**
**Impact**
Their draft schemes are currently under review by SEBI.
**Action Required**
Those awaiting clarifications should provide them promptly. All companies should cooperate with SEBI in the review process.
**Companies Experiencing Delays**
**Impact**
Delays in the processing of their draft schemes.
**Action Required**
Contact Shri Deep Mani Shah or Shri Jeevan Sonparote at SEBI, as advised in the document.
Key Entities Referenced
SEBI: The Securities and Exchange Board of India, the regulator under which certain draft schemes are being processed.
Stock Exchanges: Entities from which comments, NOCs, and complaints reports are awaited regarding the draft schemes.
Securities Contracts (Regulation) Rules, 1957: Referenced for exemption related to the listing of equity shares.
PROCESSING STATUS OF DRAFT SCHEMES AS ON January 16, 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 January 14, 2026 Process
Praveg Limited
3. 26-Sep-25 26-Sep-25 Reply received on Under
Draft Scheme of
December 29, 2025 Process
Arrangement filed by
"Warren Tea Ltd"
4. 30-Sep-25 30-Sep-25 Clarifications sought Reply awaited
Draft Scheme of
on January 16, 2026
Arrangement filed by
BN Agrochem Limited
5. Draft Scheme of 17-Oct-25 17-Oct-25 Reply received on Under
Arrangement filed by January 08, 2026 Process
Aesthetik Engineers
Limited
6. Draft Scheme of 14-Nov-25 14-Nov-25 Clarifications sought Reply awaited
Arrangement filed by on January 13, 2026
Jindal Poly Films
Limited
7. Draft Scheme of 19-Nov-25 19-Nov-25 Reply received on Under
merger by absorption January 05, 2026 Process
filed by Marathon
Nextgen Realty
Limited
8. Draft Composite 26-Nov-25 26-Nov-25 Reply received on Under
Scheme of December 23, 2025 Process
arrangement filed by
"BASF India Limited"
9. Draft Scheme of 15-Dec-25 15-Dec-25 Clarifications sought Reply awaited
merger by absorption on January 16, 2026
filed by Kopran
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 Scheme of 12-Dec-25 12-Dec-25 Clarifications sought Reply awaited
Merger by Dr. on January 16, 2026
Agarwal's Eye
Hospital Limited
11. Draft Scheme of 15-Dec-25 15-Dec-25 Clarifications sought Reply awaited
amalgamation filed by on January 02, 2026
"Gokaldas Exports
Limited"
12. Draft Scheme of 17-Dec-25 17-Dec-25 NOC received on Under
arrangement filed by December 17, 2025 Process
"Asian Energy
Services Limited"
13. Draft Composite 23-Dec-25 23-Dec-25 Clarifications sought Reply awaited
Scheme of on January 16, 2026
Arrangement filed by
Dollar Industries
Limited
14. Draft Scheme of 23-Dec-25 23-Dec-25 NOC received on Under
arrangement filed by December 23, 2025 Process
"MPS Limited"
15. Draft Scheme of 24-Dec-25 24-Dec-25 Clarifications sought Reply awaited
Amalgamation filed from exchange on
by Beacon January 09, 2026
Trusteeship Limited
16. 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"
17. Draft Scheme of 30-Dec-25 30-Dec-25 Reply received on Under
arrangement filed by January 12, 2026 Process
"Veefin Solutions
Limited"
18. 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
19. Draft Scheme of 01-Jan-26 01-Jan-26 Reply received on Under
arrangement filed by January 09, 2026 Process
"Veranda Learning
Solutions Limited"
20. Draft Scheme of 08-Jan-26 08-Jan-26 NOC received on Under
arrangement filed by January 08, 2026 Process
J.B. Chemicals &
Pharmaceuticals
Limited with Torrent
Pharmaceuticals
LimitedLast 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).