Kitex Garments Limited Conducts Meetings for Scheme of Arrangement Involving Two Entities
Kitex Garments Limited held separate meetings for its Equity Shareholders and Unsecured Creditors on July 24, 2026, concerning a Scheme of Arrangement between Kitex Childrenswear Limited and Kitex Garments Limited. The meetings were conducted via video conference (VC) to address the proposal under applicable provisions of the Companies Act, 2013.The Scheme of Arrangement pertains to the relationship between Kitex Childrenswear Limited, identified as the Demerged Company, and Kitex Garments Limited, which serves as the Resulting Company. The meetings were convened following a prior order issued by the National Company Law Tribunal (NCLT).
Meeting Timeline and Proceedings
The process involved both remote e-voting and subsequent physical/virtual meetings for stakeholders. E-voting for both meetings commenced on July 20, 2026, at 9:00 A.M. IST and concluded on July 23, 2026, at 5:00 P.M. IST.Key timelines for the respective stakeholder meetings are summarized below:
| Meeting Type | Date of Meeting | Meeting Time (IST) |
|---|---|---|
| Equity Shareholders | July 24, 2026 | 11:00 A.M. |
| Unsecured Creditors | July 24, 2026 | 02:30 P.M. |
Shareholder and Creditor Meetings Conclude
Equity Shareholders MeetingThe meeting of the equity shareholders was held on Friday, July 24, 2026, at 11:00 A.M. IST via VC. The principal business transacted at the NCLT convened meeting was to consider and approve the Scheme of Arrangement between Kitex Childrenswear Limited and Kitex Garments Limited under Sections 230 to 232 of the Companies Act, 2013.
The meeting concluded after allowing time for e-voting. The total duration recorded was 11:44 A.M. IST.
Unsecured Creditors Meeting
Similarly, the meeting for unsecured creditors took place on Friday, July 24, 2026, at 02:30 P.M. IST via VC. This meeting also focused on considering and approving the Scheme of Arrangement between Kitex Childrenswear Limited and Kitex Garments Limited.
The Unsecured Creditors meeting concluded at 03:04 P.M. IST.
KITEX Stock Price Movement
On Friday, Kitex Garments Limited shares rallied, gaining 1.87% or ₹2.70 to settle at ₹147.04. The stock traded briskly, recording a volume of 342,753 shares 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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