SEBI Delivers Crucial Update: Status of Draft Schemes of Arrangement for Companies Like UPL and Tata Group Entities

SEBI Delivers Crucial Update: Status of Draft Schemes of Arrangement for Companies Like UPL and Tata Group Entities​

SEBI Maintains Oversight on Corporate Restructuring Trends​

The Securities and Exchange Board of India (SEBI) has released the current processing status of various companies that have filed Draft Schemes of Arrangement. These schemes cover diverse corporate actions, including amalgamation and restructuring across different sectors. The updates provide clarity into which applications are moving through SEBI review and which are awaiting necessary confirmations from stock exchanges.

The continued scrutiny by SEBI emphasizes the regulator’s commitment to ensuring transparency and compliance during major corporate transitions. Companies such as Mangalam Worldwide Limited, Vikas EcoTech Limited, Vadilal Industries Limited, Diligent Media Corporation Ltd, Hubtown Ltd, Lemon Tree Hotels Limited, and Belrise Industries Limited are currently awaiting No-Objection Certificates (NOC) from exchanges for their respective schemes.

Amalgamation and Arrangement Schemes Under SEBI Review​

A significant number of applications have advanced through initial review stages. Several companies have filed complex Draft Schemes of Amalgamation or Arrangement. These include "Gujarat Fluoro chemicals Limited," whose application received an NOC on February 18, 2025, but is currently pending a reply following clarifications sought by the exchange on January 28, 2026.

In ongoing processes, Arihant Capital Markets Limited and Cyber Media (India) Ltd are both listed as 'Under Process,' having received necessary clearances from exchanges while awaiting final SEBI determination. Similarly, Tembo Global Industries Limited has been noted as "Under process," following the receipt of a reply on May 27, 2026, for its Draft Scheme of Amalgamation.

Critical Updates on Industry Diversification and Corporate Consolidation​

The regulator is actively processing applications across different industry verticals, demonstrating consistent monitoring of corporate restructuring efforts. Tierra Agrotech Limited has an awaiting reply status following the receipt of a response on May 26, 2026, for its Draft Composite Scheme of Amalgamation. Race Eco Chain Limited and Ganesh Housing Limited are also in 'Reply Awaited' status after receiving corresponding responses from exchanges in May 2026.

Divine Power Energy Limited, Devyani International Limited, and Sapphire Foods India Limited have been noted as ‘Under process.’ These entities filed their respective schemes between April 21 and April 22, 2026, with SEBI having sought further clarifications. Globe Enterprises India Limited has also received a clarification request in May 2026 regarding its scheme.

Focus on Major Players: UPL and Vilin Bio Med Progress​

Two prominent industry players are noted as being under process following the receipt of necessary NOCs from exchanges. UPL Limited, which filed its Draft Scheme of Arrangement on June 3, 2026, is currently 'Under Process.' Similarly, Vilin Bio Med Limited’s application, filed a day earlier on June 4, 2026, has also been noted as 'Under Process' by SEBI.

SEBI maintains strict timelines for review, endeavoring to provide comments within 30 days of the later date of receiving satisfactory replies or No-Objection letters from stock exchanges. The regulator provided specific guidance, instructing companies facing delays to reach out to designated officials like Shri Deep Mani Shah and Shri Jeevan Sonparote at SEBI.