Mangalam Worldwide Ltd: NSE Returns Applications for Share Issuance & Amalgamation

Mangalam Worldwide Limited received return letters from the NSE for two applications. The first was for in-principle approval of 44,00,000 equity shares via preferential warrants, and the second was for the draft amalgamation scheme of Mangalam Saarloh Private Limited. Both applications were returned because the projected post-issuance/post-scheme paid-up capital exceeded Rs. 25 crore, triggering a main board migration requirement. Although SEBI amended ICDR regulations on March 8, 2025, providing relief to SME companies, this amendment was not applied retrospectively to applications submitted before its effective date. Consequently, Mangalam Worldwide is required to file fresh applications for both matters.