Secured Creditors Unanimously Approve Amalgamation Scheme involving Manaksia Coated Metals and JPA Snacks
The Scheme of Amalgamation involving Manaksia Coated Metals & Industries Limited (the Transferee Company) and JPA Snacks Private Limited (the Transferor Company) has been approved by the Secured Creditors, according to a report submitted by Chairperson Parikshit Poddar. The resolution was passed during the meeting of the Secured Creditors held on June 9, 2026.The meeting, conducted via video conferencing or other audio visual means (VC/OAVM), included representatives from the company and its stakeholders. Shruti Agarwal, Company Secretary, joined the meeting from Kolkata, while Mr. Mahendra Kumar Bang, Chief Financial Officer, attended from Hyderabad. The proceedings were initially scheduled for 2:00 p.m. IST but were adjourned by 30 minutes due to technical difficulties faced by one of the creditors accessing the VC/OAVM facility provided by NSDL.
The meeting recommenced at 2:38 p.m. IST, and the secured creditors' participation was detailed as follows:
- Four Secured Creditors attended through VC/OAVM.
- These creditors held debts aggregating to Rs. 3,02,37,959/- (Rupees Three Crores Two Lakhs Thirty-Seven Thousand Nine Hundred and Fifty Nine Only), representing 100% of the total value of secured debts of the Company as on the cut-off date.
The Scheme of Amalgamation was presented to the meeting for approval by the Secured Creditors. Following the reception of the Scrutinizer's Report, the voting results indicated that all creditors who voted were in favour of the proposed amalgamation.
Voting Results
The outcome of the secured creditors’ vote is detailed across various modes of voting:Voting in Favour of Amalgamation:
| Mode of Voting | No. of Secured Creditors Who Voted | % of Total Number of Secured Creditors Who Voted | Value of Votes Cast by Secured Creditors (in terms of amount due) | % of Total Value of Votes Cast (in terms of amount due) |
|---|---|---|---|---|
| Remote e-voting | 4 | 100 | 3,02,37,959 | 100 |
| E-voting at the meeting | 0 | 0 | 0 | 0 |
| TOTAL | 4 | 100 | 3,02,37,959 | 100 |
The data also showed zero votes against and zero invalid votes cast regarding the Scheme of Amalgamation.
Based on these results and the Scrutinizer's Report, Chairperson Parikshit Poddar concluded that the resolution approving the Scheme of Amalgamation has been approved by the Secured Creditors with the requisite majority as prescribed under the Companies Act, 2013. The outcome may now be placed before the Tribunal for further consideration and sanction in accordance with law.
MANAKCOAT Stock Price Movement
Shares of Manaksia Coated Metals & Industries Limited slipped by 1.44% on Thursday, settling at ₹104.63 as trading closed for the day. The stock saw a volume of 288,501 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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