Arihant entities receive 'No Objection' from NSE and BSE for Composite Scheme of Arrangement
Arihant Capital Markets Limited (ACML) has confirmed the receipt of observation letters from both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) regarding the ongoing Composite Scheme of Arrangement involving several affiliated companies. Both exchanges issued observations with 'no adverse findings' on June 25, 2026, allowing the company to proceed toward filing the scheme before the National Company Law Tribunal (NCLT).The Comprehensive Scheme of Arrangement involves multiple entities: Arihant Financial Services Limited (AFSL) and Arihant Elite Financial Solutions Limited (AEFSL) as Transferor Companies; Arihant Capital Markets Limited (ACML) as Transferee Company 1, and Arihant Investment Banking Services Limited (AIBSL), and Arihant Money Marvel Wealth Management Limited (AMMWML) as the two resulting Transferee Companies.
The receipt of observations from BSE and NSE signifies that the scheme has met listing requirements related to continuous operations. The validity of these observation letters is six months from June 25, 2026, during which the scheme must be submitted to NCLT for approval.
Key Requirements and Mandatory Disclosures
The process remains conditional upon compliance with all applicable regulatory and operational approvals. Regulatory reviews mandated specific, detailed disclosures to ensure shareholders can make an informed decision regarding the proposed arrangement.Key mandatory disclosures required by SEBI included:
| Reporting Area | Required Disclosure Detail |
|---|---|
| Financial Standards | Financials used in the scheme and valuation reports must not be more than six months old. |
| Operational Status | Full disclosure of all ongoing adjudication, recovery proceedings, prosecution, or enforcement actions against the companies, promoters, and directors before NCLT and shareholders. |
| Scheme Rationale | A detailed explanation including the need for the merger, business synergies, impact on shareholders, and cost benefit analysis. |
| Company Metrics | Reporting of Capital Build-up, Revenue, Profit After Tax (PAT), and EBITDA for all involved entities over the last three years or since incorporation. |
| Asset/Liability Transfer | Documentation detailing the value of assets and liabilities being transferred between AFSL, ACML, AEFSL, AIBSL, and AMMWML, including post-amalgamation balance sheets. |
| Shareholding Status | Disclosure of Pre and Post scheme shareholding for all entities, along with rationale for any changes made since the draft filing. |
Compliance and Future Commitments
The approval process requires strict adherence to several operational mandates:- Information Flow: The company must ensure that any additional information submitted after the initial filing is promptly displayed on the websites of the listed companies and stock exchanges.
- Listing Commitment: AEFSL, which is designated as the Resulting Company, must complete steps for listing its securities and commence trading within sixty days of receiving the order from the NCLT.
- Transparency: The company is obliged to incorporate all observations received from SEBI and the stock exchanges into the petition filed before the NCLT.
The companies involved are required to fulfil specific undertakings relating to disclosures, including the impact on reserves across all entities, financial implications for promoters and public shareholders, and disclosure of any material risks or integration challenges associated with the merger.
ARIHANTCAP Stock Price Movement
Arihant Capital Markets Limited shares today slipped by 0.43% to settle at ₹68.82, closing down from its previous day's close. The stock saw a volume of 92,877 shares traded during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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