Corporate Action15 Jun 2026, 08:30 pm
Sapphire Foods India Receives No Objection for Scheme of Arrangement
AI Summary
Sapphire Foods India Limited has received observation letters with no objection from NSE and no adverse observations from BSE regarding its proposed Scheme of Arrangement with Devyani International Limited. This is a significant step in the process, following the Board's approval on January 1, 2026. The scheme is still subject to further statutory, regulatory, and shareholder/creditor approvals. SEBI has provided comments on the draft scheme, emphasizing compliance with regulations, disclosure of ongoing proceedings, and obtaining CCI approval before filing with NCLT. The company must also ensure financials are not older than six months and any new equity shares are in demat form.
Key Highlights
- NSE and BSE have issued no-objection/no-adverse observation letters for the scheme.
- Scheme of Arrangement involves Sapphire Foods India and Devyani International.
- SEBI provided comments on the draft scheme, requiring compliance and disclosures.
- Further statutory, regulatory, and shareholder approvals are still required.
- Competition Commission of India (CCI) approval is mandatory before NCLT filing.
Price Impact
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