Kitex Garments Limited Shareholders Approve Scheme of Arrangement in Meeting on July 24, 2026
Kitex Garments Limited announced that its shareholders and unsecured creditors granted approval for the proposed Scheme of Arrangement involving Kitex Childrenswear Limited and Kitex Garments Limited. The resolutions were passed during meetings held via video conference (VC) on Friday, July 24, 2026.The meeting was convened pursuant to an order by the National Company Law Tribunal (NCLT). The approvals relate to a Scheme of Arrangement between Kitex Childrenswear Limited and Kitex Garments Limited, as per applicable provisions of the Companies Act, 2013.
Equity Shareholder Voting Results
The resolution regarding the Scheme was put to vote by both remote e-voting participants and attendees at the meeting. The voting results for equity shareholders reflected a decisive approval.| Metric | Remote E-voting | E-voting at Meeting | Total Vote |
|---|---|---|---|
| Shareholders Voted | 150 | 1 | 151 |
| Value of Votes Cast (in favour) | 13,08,66,818 | 7,555 | 13,08,74,373 |
| Percentage in Favour | — | — | 99.994% |
The approval by public equity shareholders was also confirmed. Out of the total votes cast, the proportion in favour surpassed those voted against. Key data points regarding the shareholder base include:
- Total Equity Shareholders: 102,519
- Total Issued Shares: 199,500,000
- Paid-up Equity Share Capital: 199,500,000
Unsecured Creditors Approval
The meeting for the approval of unsecured creditors was also held on July 24, 2026. The resolution to approve the Scheme was passed by a majority of unsecured creditors who voted.Details regarding the creditor voting include:
| Metric | Remote E-voting | E-voting at Meeting | Total Vote |
|---|---|---|---|
| Unsecured Creditors Voted | 59 | 1 | 60 |
| Value of Votes Cast (in favour) | 17,19,23,344 | 27,000 | 17,19,50,344 |
| Percentage in Favour | — | — | 100% |
The company also confirmed that the total number of unsecured creditors as of March 31, 2026 was 335, with a total amount owed of Rs. 24,90,33,872.
Conclusion
Based on the scrutinizer’s report and the voting results, the resolution approving the Scheme of Arrangement was deemed passed by the majority of equity shareholders representing three-fourths in value of those who voted. Similarly, the resolution was passed with requisite majority among unsecured creditors.KITEX Stock Price Movement
Kitex Garments Limited shares slipped on Monday, concluding the session at ₹147.18 after shedding 0.23% in value. The equity saw a trading volume of 420,805 shares during the day.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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