Refex Industries Limited has received observation letters with ‘no adverse observations’ from both the National Stock Exchange of India Limited (NSE) and BSE Limited regarding its proposed Composite Scheme of Amalgamation and Arrangement. This scheme involves Refex Green Mobility Limited as the transferor company, Refex Industries Limited as the transferee or demerged company, and Refex Mobility Limited as the resulting company.
The approval from NSE and BSE is a significant step forward for the scheme, which is subject to further regulatory and other necessary approvals. The observation letters, dated 16 March 2026, confirm that the exchanges have no objections to the proposed arrangement under the applicable regulations.
The Securities and Exchange Board of India (SEBI) has also provided comments on the draft scheme, advising Refex Industries to ensure full disclosure of ongoing adjudication, recovery proceedings, and any enforcement actions against the company, its promoters, and directors. SEBI’s comments also include ensuring compliance with all applicable SEBI circulars and the Companies Act, 2013.
Refex Industries is required to disclose all relevant details of the scheme, including the impact on the revenue-generating capacity and the rationale behind the scheme, to its shareholders. The company must also ensure that the financials considered for the valuation report are not older than six months.
The scheme will be acted upon, subject to compliance with the relevant clauses mentioned in the scheme document, and any changes to the draft scheme must receive specific written consent from SEBI. The company is also obliged to incorporate the observations of SEBI and the stock exchanges in the petition to be filed before the National Company Law Tribunal (NCLT).
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Business Desk and reviewed by Aditya Bhagchandani before publication.