Spandana Sphoorty Approves Amalgamation of Criss Financial Ltd

Spandana Sphoorty Financial Ltd's Board of Directors has approved the amalgamation of its wholly-owned subsidiary, Criss Financial Limited (CFL), with the company via a scheme of arrangement. This strategic move aims to reduce operational costs, enhance revenue synergies by combining secured and unsecured lending, simplify the group structure, and improve capital adequacy. The amalgamation is subject to regulatory approvals, including from the National Company Law Tribunal (NCLT) and the Reserve Bank of India (RBI). Additionally, the board approved the appointment of Mr. Neeraj Swaroop as an Independent Director for a three-year term, effective August 14, 2026, following his resignation as a Non-Executive Nominee Director.