Laxmi Goldorna House Limited, a listed company with its roots in Gujarat's bustling business landscape, recently held a crucial meeting of its unsecured creditors.

On 5th July 2025, at 3:00 PM, the company convened this meeting at its Corporate Office in Ahmedabad to seek creditor approval for a Scheme of Amalgamation.

This move is part of a broader corporate restructuring strategy, aiming to merge Laxmi Infraspace Private Limited with Laxmi Goldorna House Limited to strengthen operational and financial synergies.

Background of the Company

Laxmi Goldorna House Limited (LGHL) is a reputed company listed on Indian stock exchanges with:

• NSE Symbol: LGHL

• ISIN: INE258Y01016

• CIN: L36911GJ2010PLC059127

Registered Office:
Laxmi House, Opp. Bandharano Khancho, M. G. Haveli Road, Manekchowk, Ahmedabad – 380001, Gujarat, India

Corporate Office:
503 - Venus Business Atlantis, Near Prahaladnagar Garden, Jodhpur Char Rasta, Ahmedabad, Gujarat.

Contact: 84888 09999
Email: cs@laxmilifestyle.co.in
Website: www.laxmilifestyle.co.in

The company is known for its jewellery retail and lifestyle businesses and has built a brand presence in Gujarat and beyond.

Purpose of the Meeting

The main purpose of this creditors meeting was to secure approval for a Scheme of Amalgamation.

What is an amalgamation?
An amalgamation is a formal merger where one company absorbs another, combining their assets, liabilities, and operations.

In this case, the scheme proposes the merger of Laxmi Infraspace Private Limited into Laxmi Goldorna House Limited.

Why is it important?
Such mergers help:

• Streamline operations by eliminating duplication.

• Expand business portfolios.

• Improve cost efficiencies.

• Strengthen market positioning.

Regulatory Context

Under Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, companies must secure creditors’ approval for any proposed scheme of amalgamation.

Creditors, both secured and unsecured, must:

• Be notified of the proposal.

• Be given adequate time and means to cast their votes.

• Have the option to raise concerns.

SEBI and Stock Exchanges oversee these processes to ensure fair treatment of creditors and investors.

Details of the Meeting

The Meeting of the Unsecured Creditors took place on:

• Date: Saturday, 5th July 2025

• Time: 3:00 PM to 3:45 PM

• Venue: Corporate Office, 503 - Venus Business Atlantis, Near Prahaladnagar Garden, Jodhpur Char Rasta, Ahmedabad, Gujarat, India.

Chairperson:
Mr. Jayeshkumar Chinulal Shah (Managing Director, DIN: 02479665)

He chaired the meeting, welcomed all unsecured creditors, and introduced the Board of Directors and Independent Non-Executive Directors.

Ensuring Proper Quorum

Before proceeding, the Chairperson confirmed quorum—the minimum number of creditors needed for the meeting to be valid under Companies Act, 2013.

Only after verifying quorum did the meeting formally commence, ensuring full compliance with the law and governance principles.

Remote E-Voting Facility

Recognising modern best practices, Laxmi Goldorna House Limited provided a remote e-voting facility:

• Start Date: 30th June 2025 at 9.00 AM IST

• End Date: 4th July 2025 at 5.00 PM IST

Why is e-voting important?
It ensures:

• Convenience for creditors who cannot travel.

• Wider participation across geographies.

• Transparency in the decision-making process.

Appointment of Scrutinizer

To ensure fair and transparent voting, the Board appointed:

• M/s Nirav Shah & Associates, Practicing Company Secretaries, as the Scrutinizer.

Role of Scrutinizer:

• Oversee remote e-voting and ballot voting at the venue.

• Verify authenticity of votes.

• Prepare an impartial report on the outcome.

This aligns with SEBI’s investor protection norms and good governance principles.

Agenda of the Meeting

Special Business on the agenda:

Approval of the Scheme of Amalgamation of Laxmi Infraspace Private Limited with Laxmi Goldorna House Limited and their respective creditors and shareholders.

Why is this significant?

• Such schemes require majority creditor approval.

• Creditors’ rights must be protected, especially concerning debt repayment obligations after the merger.

Conduct of the Meeting

Chairperson’s Address:

• Explained the purpose and details of the amalgamation scheme.

• Provided clarity on the implications for unsecured creditors.

• Ensured all present had access to agenda materials.

Discussion:

• Creditors had the opportunity to ask questions.

• Directors and management responded, fostering transparent dialogue.

Voting Process

Voting was conducted in two ways:

1. Remote e-voting (already completed by 4th July 2025).

2. Physical ballot voting at the venue.

Importance of Multiple Voting Options:

• Ensures accessibility for all creditors.

• Aligns with digital India initiatives.

• Reinforces democratic corporate governance.

Scrutinizer's Report

The Chairperson announced:

• The Scrutinizer would compile and verify all votes.

• The final voting results would be submitted within two working days.

• Results will be:

  • Notified to Stock Exchanges (NSE and BSE).

  • Published on the company’s official website (www.laxmilifestyle.co.in).

This step guarantees full transparency and regulatory compliance.

Meeting Timeline

• Commencement: 3:00 PM

• Conclusion: 3:45 PM

• Meeting concluded with a Vote of Thanks, appreciating creditor participation and cooperation.

Corporate Transparency

By filing this summary of proceedings with NSE and other stakeholders, Laxmi Goldorna House Limited demonstrates:

• Compliance with SEBI’s Listing Obligations.

• Commitment to shareholder and creditor rights.

• A strong corporate governance framework.

Such disclosures ensure trust and confidence among investors, regulators, and the broader market.

Wider Implications for Stakeholders

For Creditors:

• Clarity on how debts will be handled post-merger.

• Assurance that voting was transparent and fair.

For Shareholders:

• Signals strategic growth through consolidation.

• Potential for enhanced profitability post-merger.

For Regulators:

• Confirms legal compliance.

• Upholds investor protection principles.

Conclusion

The unsecured creditors meeting held on 5th July 2025 represents a key milestone in Laxmi Goldorna House Limited’s journey toward its proposed amalgamation with Laxmi Infraspace Private Limited.

By:

• Ensuring proper notice and bilingual communication.

• Providing remote and venue voting.

• Appointing an independent scrutinizer.

• Filing detailed stock exchange disclosures.

The company reinforces its commitment to transparency, good governance, and responsible corporate management.

Investors and creditors alike can see this as a positive sign of the company’s dedication to best practices in corporate restructuring.

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