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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Dewan Housing Finance Corporation gains on fund raising plan
Feb 23,2017

The announcement was made after market hours yesterday, 22 February 2017.

Meanwhile, the S&P BSE Sensex was up 50.93 points, or 0.18%, to 28,915.64.

On the BSE, 1.18 lakh shares were traded on the counter so far as against the average daily volumes of 2.56 lakh shares in the past one quarter. The stock had hit a high of Rs 328.20 and a low of Rs 317.60 so far during the day.

The stock had hit a record high of Rs 337 on 20 October 2016 and a 52-week low of Rs 141.75 on 25 February 2016. The stock had outperformed the market over the past one month till 22 February 2017, advancing 16.54% compared with the Sensexs 6.77% rise. The scrip had also outperformed the market over the past one quarter advancing 39.83% as against the Sensexs 11.19% rise.

The mid-cap company has equity capital of Rs 313.13 crore. Face value per share is Rs 10.

Dewan Housing Finance Corporation said it proposes to issue secured redeemable non convertible debentures amounting to Rs 1500 crore on private placement basis, pursuant to special resolution passed by the shareholders of the company at the 32nd annual general meeting held on 20 July 2016. The debentures have tenure of 10 years and carry a coupon rate of 8% per annum.

Dewan Housing Finance Corporations net profit rose 31.7% to Rs 244.77 crore on 25.5% increase in total income to Rs 2366.53 crore in Q3 December 2016 over Q3 December 2015.

Dewan Housing Finance Corporation provides loans for purchase or construction of residential houses.

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RJios New Prime Tariff Plan, While Boosting Industry ARPU, Would Target Peers High-end Subscribers
Feb 23,2017

India Ratings and Research (Ind-Ra) says Reliance Jio Infocomms (RJio; IND AAA/Stable) recently announced tariff plan for its first 100 million subscribers, who also subscribe to its Prime Membership Programme, would help improve industry average revenue per user (ARPU) over the medium to long term. This is because the tariff plan under its Prime Membership Programme of INR303/month/subscriber generates an ARPU of INR260 (net of taxes), which is higher than the industry-blended ARPU (incumbents blended ARPU of INR190 and data ARPU of INR150).

RJios strategy clearly targets the high-end consumers of other dominant industry players. Ind-Ra expects incumbents to follow suit by offering a similar package plan to retain their data subscribers. This would test the traffic carrying ability of industry players in the near term, and the players with required network infrastructure and capacity would be able to protect their subscriber market shares. Bharti Airtel Ltd has 118,197 3G and 4G enabled sites and a 210,000km fibre cable network compared to RJios 90,000 4G sites and 126,000km fibre cable, Idea Cellular Ltds 65,000 sites (3G and 4G) and 115,500km cable network and Vodafone India Ltds 76,000 (3G and 4G) sites.

As RJio would start pricing its offerings from April 2017, its quickly garnered subscriber base of 100 million users could witness some churn. RJios prime subscribers would continue to avail the unlimited voice and data services for the next 12 months, starting 1 April 2017. These services were available to them at free of charge till March 2017 under RJios Welcome Offer and Happy New Year Offer. RJio apart from bundled services offers free content to its subscribers.

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Asian Oilfield Services jumps after winning contract
Feb 23,2017

The announcement was made after market hours yesterday, 22 February 2017.

Meanwhile, the BSE Sensex was up 61.83 points, or 0.21%, to 28,926.54.

On the BSE, so far 1.11 lakh shares were traded in the counter, compared with average daily volumes of 1.52 lakh shares in the past one quarter. The stock had hit a high of Rs 181 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 170.10 so far during the day. The stock hit a 52-week low of Rs 29 on 24 February 2016.

The small-cap company has equity capital of Rs 22.32 crore. Face value per share is Rs 10.

Asian Oilfield Services said that its wholly-owned subsidiary, Asian Oilfield & Energy Services DMCC, Dubai, has signed a contract for providing operations and maintenance services (O&M) for an offshore production unit operating at EBOK field offshore Nigeria. The total value of contract is about $95 million for a total period of 5 years (inclusive of client options). The company added that it had earlier announced on 27 December 2016 about receipt of a binding Letter of Intent (LOI) for contract of approximately $57 million for providing O&M services for 3 years. The above contract of $95 million for a total period of 5 years (inclusive of client options) is for the same LOI.

Further, the companys wholly owned subsidiary Asian Oilfield & Energy Services DMCC has also entered into an agreement to acquire 99.99% shareholding of Ivorene Oil Services Nigeria (a company registered under Nigeria) to provide local support for this O&M contract.

On a consolidated basis, Asian Oilfield Services reported net loss of Rs 2.53 crore in Q3 December 2016 as against net loss of Rs 20.05 crore in Q3 December 2015. Net sales rose 38.24% to Rs 16.63 crore in Q3 December 2016 over Q3 December 2015.

Asian Oilfield Services is engaged in providing geophysical, drilling and well services to customers across the Indian sub-continent.

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Trident gets upgradation in credit ratings
Feb 23,2017

Trident has received upgradation in credit ratings from Credit Analysis & Research for bank facilities of the Company as under -

Long term bank facilities (Rs 2334.85 crore) - CARE A+; Stable (Revised from CARE A)

Long term/short term bank facilities (Rs 1200 crore) - CARE A+; Stable / CARE A1 (Revised from CARE A/ CARE A1)

Short term bank facilities (Rs 350 crore) - CARE A1 (Reaffirmed)

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Telecom shares in demand
Feb 23,2017

Bharti Airtel (up 7.43%), Idea Cellular (up 6.36%), Tata Teleservices (Maharashtra) (up 4.67%), Reliance Communications (up 3.64%) and MTNL (up 3.61%), edged higher.

Telecom tower infrastructure provider Bharti Infratel was down 0.18%.

Meanwhile, the S&P BSE Sensex was up 59.99 points, or 0.21% at 28,924.70.

Bharti Airtel, Indias largest telecommunications services provider, announced that it has entered into a definitive agreement with Telenor South Asia Investments (Telenor) to acquire Telenor (India) Communications (Telenor India). The acquisition is subject to requisite regulatory approvals. As part of the agreement, Airtel will acquire Telenor Indias running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. These circles represent a high population concentration and therefore offer a high potential for growth. The announcement was made before trading hours today, 23 February 2017.

The entry of Reliance Jio with its free services has had significant impact on the existing telecom operators.

Reliance Industries (RIL) announced at the fag end of market hours on Tuesday, 21 February 2017, that its subsidiary Reliance Jio Infocomm (RJIL) breached the 100 million customer mark in 170 days. Jio announced that in addition to its own market leading tariff plans, it will also offer its customers the option to choose the highest selling tariff plan of any of the other leading Indian telecom operators, but with 20% more data than what any other operator provides. As a token of its gratitude, the existing 100 million plus Jio subscribers can avail of the special Jio Prime Membership programme which comes with several special benefits. First, Jio Prime Members will be able to enjoy the unlimited benefits of the existing Jio Happy New Offer for another full year or till 31 March 2018 for a nominal, one-time enrolment fee of just Rs 99 and a rock-bottom introductory price of only Rs 303 per month or effectively at just Rs 10 per day.

The telecom sector has been abuzz with news of massive mergers to fight Reliance Jios might. As per recent media reports, Tata Teleservices is mulling to join the planned Reliance Communications (RCom)-Aircel-MTS merger, while Idea Cellular is reportedly planning a merger with Vodafone India.

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L&T Technology Services announces strategic collaboration with UTC business units
Feb 23,2017

L&T Technology Services and UTC Climate, Controls & Security and Otis, units of United Technologies Corp announced a strategic collaboration to create an innovation laboratory focused on integrated buildings, smart homes and cold chain technologies. The lab will be located at LTTS Bengaluru campus, with support from the UTC business units.

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Bharti Airtel to acquire Telenor (India)
Feb 23,2017

Bharti Airtel announced it has entered into a definitive agreement with Telenor South Asia Investments to acquire Telenor (India) Communication. The acquisition is subject to requisite regulatory approvals.

As part of the agreement, Airtel will acquire Telenor Indias running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.

The proposed acquisition will include transfer of all of Telenor Indias assets and customers. It will include addition of 43.4 MHz spectrum in the 1800 MHz band.

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Bharti Airtel spurts on Telenor India acquisition
Feb 23,2017

The announcement was made before trading hours today, 23 February 2017.

Meanwhile, the BSE Sensex was up 66.96 points, or 0.23%, to 28,931.67.

On the BSE, so far 5.69 lakh shares were traded in the counter, compared with average daily volumes of 1.81 lakh shares in the past one quarter. The stock had hit a high of Rs 400.65 and a low of Rs 369.05 so far during the day.

The stock hit a 52-week high of Rs 384.90 on 28 April 2016. The stock hit a 52-week low of Rs 283.95 on 9 November 2016.

The large-cap company has equity capital of Rs 1,998.70 crore. Face value per share is Rs 5.

Bharti Airtel, Indias largest telecommunications services provider, announced that it has entered into a definitive agreement with Telenor South Asia Investments (Telenor) to acquire Telenor (India) Communications (Telenor India). The acquisition is subject to requisite regulatory approvals. As part of the agreement, Airtel will acquire Telenor Indias running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. These circles represent a high population concentration and therefore offer a high potential for growth.

The proposed acquisition will include transfer of all of Telenor Indias assets and customers, further augmenting Airtels overall customer base and network. It will also enable Airtel to further bolster its strong spectrum foot-print in these seven circles, with the addition of 43.4 MHz spectrum in the 1800 MHz band. Airtel will ensure quality services to Telenor Indias customers, while offering them the added benefits of its innovative product portfolio, access to superior voice & data services, mobile banking, VAS and domestic! international roaming facilities. Telenor Indias operations and services will continue as normal until the completion of the transaction, the company said in a statement.

Meanwhile, Bharti Airtel announced that it has through its subsidiary Bharti Airtel Services, acquired a strategic stake in Seynse Technologies, a financial technology company for undisclosed sum. The announcement was made during market hours yesterday, 22 February 2017. The investment was completed by the company. Turnover of Seynse as on 31 March 2016 was Rs 6.53 lakh and had 41 employees. Seynse has created the popular digital leading platform Loan Singh, which enables easy loans for credit worthy yet under served borrowers. Seynse has built a proprietary credit engine and advanced machine learning capacity to serve customers.

Bharti Airtels consolidated net profit fell 54.54% to Rs 503.70 crore on 3.03% decline in net sales to Rs 23335.70 crore in Q3 December 2016 over Q3 December 2015.

Bharti Airtel is a leading global telecommunications company with operations in 17 countries across Asia and Africa.

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Board of Archit Organosys approves time schedule for rights issue time
Feb 23,2017

Archit Organosys announced that the Board of Directors of the Company at its meeting held on 22 February 2017 has considered and approved the following time schedule for issue of equity shares having face value of Rs 10 each at a price of Rs 25 per share on rights basis to eligible shareholders of the company as on record date of 11 February 2017.

Issue opening date - 2 March 2017
Last date for receipt of request of split application forms - 9 March 2017
Issue closing date - 16 March 2017

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Job creation through growth: New ASSOCHAM President
Feb 23,2017

Welcoming various steps taken by the Government to curb black money and corruption, new ASSOCHAM President Mr. Sandeep Jajodia said, as economy is still in the stage of remonetisation, the people should be encouraged and not discouraged to start spending again. Enough cash in both rural area and cities, along with some bold and pragmatic decisions on issues like bank NPAs would be key drivers for reverting to 8% growth, he said.

While extending ASSOCHAMs full cooperation for the governments drive against black money and corruption, Mr. Jajodia said, however, it must be ensured that there shall not be any tax terrorism and fear psychosis among the consumers, especially of high value products and services, as also the trade channels, must be avoided. Besides, government officials at all levels should be made accountable for their actions, Mr. Sandeep Jajodia said.

Lauding governments sincere efforts in tackling NPAs of public sector banks, Mr. Jajodia said, we are faced with a situation where banks, with loads of cash, are finding it hard to lend despite lowering of interest ratesn++n++Apparently, there are not many takers for credit. n++The credit off-take from the corporate India, in any case, would be quite low as long as the entire issue of non-performing assets, cleaning up of the banks balance-sheets is not resolved with a pragmatic approach and strong political willn++. He said a clear distinction should be made between the willful defaulters and those whose business ran into difficulty due to external economic factors like volatile commodity prices or even those whose commercial decision may appear to be wrong in the hindsight.

Here again, someone at the political leadership, has to bite the bullet since the top bank managements, despite the new RBI guidelines are wary of taking hard decisions in terms of debt restructuring for fear of coming under the investigative scanner.

n++This is a bad vicious circle, we should not allow ourselves to slip into, as the stakes are quite high for creating a huge number of jobs which is possible only through a vibrant economy built on strong consumer demand, robust manufacturing, trade and services and modernizing the Indian agriculture, integrating it well into the manufacturing of food processingn++, Mr. Jajodia pointed out.

Dealing with a large number of macro domestic and global issues, the new ASSOCHAM President said for now, the government should further speed up infrastructure projects being financed by public funding in roads, highways, railways, ports and airports. The Budget for 2017-18 has provided for a sizeable allocation of Rs. 3.96 lakh crore for entire infrastructure space which is a commendable feat by the Honble Finance Minister Mr. Arun Jaitely. However, it must be ensured that the execution of the key infrastructure projects is done with speed and efficiency so that a positive spin-off effect is seen across different related industries like steel and cement.

While the investment has to be led by the public sector, the private sector which is reeling under high leverage must be hand-held and roped in with new and innovative business models so that the industry can revive to its previous peaks. The total investment of Rs 2.41 lakh crore, provided in the Budget for rail, road, shipping, should be front-loaded so that the follow up impact can be seen across different sectors.

Creation of jobs for the youth, who are getting added in large numbers every year, is one of the prime responsibilities both for the government and the corporate India. As many as 12 million youth are ready to join the workforce per year which needs to be given jobs. The aspiration and dreams of the youth should be nurtured and adequate platform should be provided to them to perform. Initiatives like Startup India, Skill India are good initiatives but the implementation of these programmes must be linked to specific targets in terms of jobs.

Further incentives for investment into manufacturing, IT, infrastructure and other core industrial sectors would create more employment for the youth. A large manufacturing plant or a big infrastructure project creates lots of ancillary job opportunities which in turn give opportunity for start-ups by aspirational youth to unleash their entrepreneurial abilitiesn++ said Mr. Jajodia.

He said, the Industry is working closely with the Centre and the state governments on glide path for implementation of the Goods and Services Tax (GST), the biggest ever tax reform in the country. We hope that remaining areas of divergence among the centre and the states are resolved in the next meeting of the GST Council.

While praising the Government to give infrastructure status to affordable housing, Mr. Jajodia emphasized the need for further reforms / incentives for the entire reality sector, which again can create lakhs of new jobs across the value chain, starting from steel, cement, bricks and other construction material. The revival of the sector would then lead to resolution of the NPAs which have crept into the housing and realty sector. n++This sector involves many SMEsas also the large companies, along with lakhs of skilled and unskilled workers in the business cycle.n++ said Mr.Jajodia.

As for the issue of protectionism being spear-headed by the Trump Administration, Mr Jajodia said the Indian government, industry, political leadership across different parties along with civil society must actively engage with the US Government , politicians , industry bodies and other stakeholders to drive home a point that the open trade policies help create jobs and not take them away. n++The sectoral case studies on how the outsourcing has helped improve global supply chain across different sectors, with the help of technology, and created consumer demand and jobs in America should be pursuedn++.

On Brexit, he said, the Indian policy makers should remain pro-active about the turn of events and how the entire Brexit deal is negotiated between the EU and Britain and fine-tune our policies accordingly.

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Bharti Airtel in focus after picking up stake in fintech startup Seynse
Feb 23,2017

Bharti Airtel announced that it has through its subsidiary Bharti Airtel Services, acquired a strategic stake in Seynse Technologies, a financial technology company for undisclosed sum. The announcement was made during market hours yesterday, 22 February 2017. The investment was completed by the company. Turnover of Seynse as on 31 March 2016 was Rs 6.53 lakh and had 41 employees. Seynse has created the popular digital leading platform Loan Singh, which enables easy loans for credit worthy yet under served borrowers. Seynse has built a proprietary credit engine and advanced machine learning capacity to serve customers.

NTPC said that the 115 megawatts (MW) out of 260 MW of Bhadla Solar Power Project of NTPC has been commissioned. With this, the installed capacity of NTPCs solar power projects has touched 475 MW. The total installed capacity of NTPC on standalone basis has become 41177 MW and that of NTPC group has become 48143 MW. The announcement was made after market hours yesterday, 22 February 2017.

Adani Power said that the convertible warrant holders, to whom the warrants were allotted in May 2016 on preferential basis, have exercised their rights for conversion and applied for conversion of part of the warrants into equity shares. Consequently, management committee of the board of directors of the company at its meeting held on 22 February 2017 has made allotment of total 2.74 crore equity shares of the face value of Rs 10 each (with a premium of Rs 22.54 per equity share) to the said convertible warrant holders. Subsequent to this allotment, the shareholding of the promoter and promoter group has increased to 66.703% of the enhanced paid up equity share capital of the company. The announcement was made after market hours yesterday, 22 February 2017.

Dewan Housing Finance Corporation said it proposes to issue secured redeemable non convertible debentures amounting to Rs 1500 crore on private placement basis, pursuant to special resolution passed by the shareholders of the company at the 32nd annual general meeting held on 20 July 2016. The debentures hold a tenure of 10 years and carry a coupon rate of 8% per annum. The announcement was made after market hours yesterday, 22 February 2017.

Minda Industries announced that the company has entered into joint venture agreement with Katolec Corporation, Japan. The announcement was made after market hours yesterday, 22 February 2017. The proposed name for the joint venture company is Minda Katolec Electronics Services, which shall be incorporated with Minda holding 51% and Katolec holding 49% of the equity. The JV company is proposed to be set up in Pune, Maharashtra as an electronic manufacturing services company offering turnkey as well as job work solutions. The initial investment outlay is Rs 40 crore. The products to be manufactured would include high end electronics like printed circuit boards and box build assemblies.

Asian Oilfield Services said that its wholly-owned subsidiary, Asian Oilfield & Energy Services DMCC, Dubai, has signed a contract for providing operations and maintenance services (O&M) for an offshore production unit operating at EBOK field offshore Nigeria. The total value of contract is about $95 million for a total period of 5 years (inclusive of client options). The company added that it had earlier announced on 27 December 2016 about receipt of a binding Letter of Intent (LOI) for contract of approximately $57 million for providing O&M services for 3 years. The above contract of $95 million for a total period of 5 years (inclusive of client options) is for the same LOI.

Further, the companys wholly owned subsidiary Asian Oilfield & Energy Services DMCC has also entered into an agreement to acquire 99.99% shareholding of Ivorene Oil Services Nigeria (a company registered under Nigeria) to provide local support for this O&M contract. The announcement was made after market hours yesterday, 22 February 2017.

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Star Ferro and Cement receives order of NCLT approval for scheme of amalgamation
Feb 22,2017

Star Ferro and Cement has received on 21 February 2017 the certified copy of the order dated 07 February 2017, passed by the Guwahati Bench of the Honble National Company Law Tribunal (NCLT) sanctioning the Scheme of Amalgamation of Star Ferro and Cement (Transferor Company) with Star Cement (Transferee Company).

Further, the Company and Star Cement respectively have filed the copy of the aforesaid order vide INC-28 with the Registrar of Companies, Shillong on 22 February 2017.

Accordingly, the Scheme of Amalgamation is effective with effect from the Appointed date i.e., 01 April 2016.

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Asian Oilfield Services provides update on binding LoI of approximately USD 57 million
Feb 22,2017

Asian Oilfield Services announced that the Companys wholly owned subsidiary Asian Oilfield & Energy Services DMCC, Dubai has signed a contract for providing Operations and Maintenance Services (O&M) for an offshore production unit operating at EBOK field offshore Nigeria. The total value of contract is about US$ 95 million for a total period of 5 years (inclusive of client options).

The Company has now informed that the Company have earlier announced on 27 December 2016 about receipt of a binding Letter of Intent (LOI) for contract of approximately US$ 57 million for providing O&M services for 3 years. The above contract of US$95 million for a total period of 5 years (inclusive of client options) is for the same LOI.

The Companys wholly owned subsidiary Asian Oilfield & Energy Services DMCC has also entered into an agreement to acquire 99.99% shareholding of Ivorene Oil Services Nigeria (a company registered under Nigeria) to provide local support for this O&M contract.

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Huhtamaki PPL gets NCLT approval for scheme of arrangement
Feb 22,2017

Huhtamaki PPL announced that the Honble Mumbai Bench of National Company Law Tribunal (NCLT) at its hearing held on 22 February 2017, sanctioned the Scheme of Arrangement of Positive Packaging Industries and Webtech Labels with Huhtamaki PPL, and their respective shareholders and creditors.

Further, on receipt of the Certified True copy of the NCLT Orders, the same will be filed with the Registrar of Companies and the Scheme/Merger would become effective on such filing.

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Huhtamaki PPL gets NCLT approval for scheme of arrangement
Feb 22,2017

Huhtamaki PPL announced that the Honble Mumbai Bench of National Company Law Tribunal (NCLT) at its hearing held on 22 February 2017, sanctioned the Scheme of Arrangement of Positive Packaging Industries and Webtech Labels with Huhtamaki PPL, and their respective shareholders and creditors.

Further, on receipt of the Certified True copy of the NCLT Orders, the same will be filed with the Registrar of Companies and the Scheme/Merger would become effective on such filing.

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