Cyber Media Merger Scheme Receives 'No Objection' from NSE and BSE

Cyber Media Merger Scheme Receives 'No Objection' from NSE and BSE​

Cyber Media Research & Services Limited, alongside Cyber Media (India) Limited, has received key clearances regarding its proposed merger scheme from both the National Stock Exchange of India Ltd. (NSE) and the Bombay Stock Exchange (BSE). The approvals facilitate the company’s next step in filing the draft scheme before the National Company Law Tribunal (NCLT).

The regulatory assessments were completed on June 25, 2026. NSE granted 'No objection,' while BSE issued an observation letter citing ‘no adverse observations’ concerning the Scheme of Merger. This move follows the earlier approval of the merger by the company's Board of Directors.

The proposed transaction involves Cyber Media Research & Services Limited acting as the Transferor Company, which is merging into Cyber Media (India) Limited, serving as the Transferee Company. The scheme, which pertains to matters under Sections 230 to 232 of the Companies Act, 2013, has been reviewed against Listing Obligations and Disclosure Requirements.

Regulatory Observations and Conditions​

The review process involved significant commentary from regulatory bodies regarding disclosure requirements, compliance standards, and financial reporting for the merger. SEBI, in its letter dated June 25, 2026, provided detailed comments on the draft scheme of arrangement to the Transferee Company, among which were:

• Enforcement Disclosure: The entities involved must disclose all details of ongoing adjudication or recovery proceedings and any prosecution against the companies, their promoters, and directors.
• Financial Reporting Standards: Financials included in the scheme, particularly those used for valuation reports, must not be older than six months from the date of NoC of Stock Exchanges.
• Merger Rationale: The explanatory statement must include a small explanation of the scheme, the rationale and synergies of the business, and a cost benefit analysis.
• Compliance: All liabilities of the Transferor Company must be transferred to the Transferee Company.

NSE issued its 'No objection' in terms of Regulation 37 of SEBI (LODR) Regulations, 2015, stating that the approval enables the company to file the draft scheme with NCLT. The validity period for this Observation Letter is six months from June 25, 2026.

The companies have been advised by regulatory bodies to ensure that all observations are incorporated into the petition filed before the National Company Law Tribunal (NCLT), and the NSE has provided guidelines regarding the online process for serving such notices related to the merger scheme.

CMRSL Stock Price Movement​

On Thursday, Cyber Media Research & Services Limited shares edged higher to close at ₹68.25, gaining 0.37%. The stock recorded a trading volume of 2,400 shares during the session.