NCLT Issues Orders for Refex Companies in Composite Amalgamation Scheme
The National Company Law Tribunal (NCLT), Chennai Bench, issued a significant order on June 18, 2026, pertaining to the composite scheme of amalgamation and arrangement involving Refex Green Mobility Limited (RGML), Refex Industries Limited (RIL), and Refex Mobility Limited (RML).The order outlined specific directives regarding stakeholder meetings for the amalgamated entities. The NCLT set crucial dates for various creditors and shareholders associated with RGML and RIL to consider and potentially approve the proposed scheme.
Key requirements directed by the Hon'ble NCLT included:
- RGML Stakeholders: Meetings were ordered for both Secured Creditors (scheduled for August 05, 2026, at 10:00 am IST) and Unsecured Creditors (scheduled for August 05, 2026, at 10:30 am IST).
- RIL Stakeholders: Similarly, meetings were scheduled for the Secured Creditors of RIL (August 05, 2026, at 11:30 am IST) and the Unsecured Creditors of RIL (scheduled for August 05, 2026, at 12:00 pm IST).
The directives provided by the NCLT concerning the meetings are detailed below:
| Stakeholder Group | Company | Meeting Date | Purpose/Time (IST) |
|---|---|---|---|
| Secured Creditors | RGML | August 05, 2026 | To consider and approve the proposed Scheme at 10:00 am |
| Unsecured Creditors | RGML | August 05, 2026 | To consider and approve the proposed Scheme at 10:30 am |
| Equity Shareholders | RIL | August 05, 2026 | To consider and approve the proposed Scheme at 11:00 am |
| Secured Creditors | RIL | August 05, 2026 | To consider and approve the proposed Scheme at 11:30 am |
| Unsecured Creditors | RIL | August 05, 2026 | To consider and approve the proposed Scheme at 12:00 pm |
The NCLT’s order also dispensed with the requirement to convene and hold meetings for the Equity Shareholders of RML. Furthermore, it dispensed with the necessity for holding a meeting of the Equity Shareholders of RGML concerning the scheme approval.
Regarding Refex Mobility Limited (RML), the Tribunal noted that there are no Secured or Unsecured creditors in RML, meaning no corresponding meeting is required from that standpoint.
REFEX Stock Price Movement
Refex Industries Limited shares slipped today, shedding ₹1.15 or 0.34% to close at ₹338.10. The stock saw a trading volume of 615,373 shares during market hours.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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