On December 26, 2024, Scan Projects Limited (formerly Ambala Cements Limited) announced that its Board of Directors had approved a merger with Chanderpur Industries Private Limited. The decision was made during the Board meeting held from 3:00 p.m. to 4:00 p.m., and it is a significant step in the company's corporate restructuring and expansion plans.

The merger is in compliance with Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. As per the announcement, Scan Projects Limited will be the transferee company, while Chanderpur Industries will be the transferor company. The merger process follows the guidelines set forth by SEBI and includes necessary reports such as the Valuation Report, Fairness Opinion, and CA Certificate, all of which were acknowledged during the Board meeting.

SEBI and BSE Coordination

In line with the merger process, Scan Projects Limited has appointed BSE (Bombay Stock Exchange) as the Designated Stock Exchange (DSE) for coordinating with SEBI to obtain regulatory approval under Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This step is crucial for ensuring that the merger adheres to all regulatory requirements before it can be finalized.

Merger Process and Reports

The approval of the Valuation Report, Fairness Opinion Report, and CA Certificate is an essential part of the merger process. These documents, in compliance with SEBI Master Circular dated June 20, 2023, and other related regulations, ensure that the merger is fair and transparent. The Board of Directors of Scan Projects Limited has reviewed these documents and confirmed their alignment with the necessary regulatory guidelines.

The merger approval comes after Scan Projects Limited held a Board meeting where various procedural steps and reports were discussed, including regulatory filings and coordination with the Designated Stock Exchange. The merger, once fully approved by SEBI, will mark a major corporate event for Scan Projects and its shareholders.

Conclusion

This merger approval by the Board of Directors of Scan Projects Limited with Chanderpur Industries Private Limited represents a strategic move to consolidate operations and expand the company's business footprint. The merger process is being carried out with full compliance to SEBI regulations, and necessary reports and documents have been submitted to ensure transparency. As the process moves forward, further updates will be awaited, particularly regarding SEBI's approval under Regulation 37.

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