Compliance Watch: SEBI Releases Processing Status of Draft Schemes of Arrangement for Key Companies as June 12 Snapshot is Shared

Compliance Watch: SEBI Releases Processing Status of Draft Schemes of Arrangement for Key Companies as June 12 Snapshot is Shared​

SEBI has released a comprehensive update on the processing status of various Draft Schemes of Arrangement, providing granular insight into the regulatory journey of several listed entities. The bulletin, effective as of June 12, 2026, details which companies are awaiting No-Objection (NOC) letters from stock exchanges and identifies those complex schemes currently under active review by SEBI.

The document serves as a critical indicator for investors tracking corporate restructuring compliance across multiple sectors, ranging from technology to manufacturing and pharmaceuticals.

Companies Awaiting Stock Exchange NOCs​

A significant number of filings are currently pending the required No-Objection certificates from stock exchanges. The data shows 21 companies—including Mangalam Worldwide Limited, Vikas EcoTech Limited, and Vadilal Industries Limited—whose draft schemes were filed between March 2024 and May 2026.

The applicants include major firms such as Thomas Cook (India) Limited and Modern Insulators Limited, among others. These filings require external confirmation from the exchanges before SEBI can proceed with its review. Companies like Piccadily Agro Industries Ltd and Capricorn Systems Global Solutions Ltd have filed schemes that are awaiting this necessary regulatory clearance.

Key Schemes Under Active Review by SEBI​

Beyond those pending exchange NOCs, eight high-profile schemes of arrangement are currently under active scrutiny at the Securities and Exchange Board of India (SEBI). These filings demonstrate complex corporate transformations involving amalgamation and restructuring across various industries.

The processes include a Draft Scheme of Amalgamation filed by "Gujarat Fluoro chemicals," which received its reply on June 02, 2026. Similarly, "Arihant Capital Markets Limited" is currently under process following the issuance of clarification requests in May 2026.

Other schemes actively being reviewed include those of 'Cyber Media (India) Ltd and Cyber Media Research &Services Limited', and 'Tierra Agrotech Limited'. Several other companies, including Race Eco Chain Limited and Divine Power Energy Limited, have also filed complex arrangements that are either awaiting replies or clarification requests from SEBI.

Near-Term Regulatory Deadlines and Compliance Guidance​

SEBI provided detailed guidelines regarding the turnaround time for its comments on Draft Schemes. As per Circular No. CFD/DIL3/CIR/2017/21 dated March 10, 2017, SEBI aims to provide its opinions within 30 days of receiving crucial inputs.

These inputs include a satisfactory reply from the company regarding clarifications sought by SEBI, an opinion letter from an Independent Chartered Accountant, or a No-Objection (NOC) letter from the stock exchanges. This structured timeline ensures regulated corporate activity proceeds efficiently.

The bulletin explicitly advises companies that experience an inordinate delay in the process to write directly to designated contacts within SEBI if their draft scheme remains unattended. This advice is crucial for ensuring timely resolution of these complex regulatory filings.