On December 18, 2024, the unsecured creditors of Asian Granito India Limited participated in an NCLT convened meeting at Ahmedabad Management Association, Atira Campus. This meeting marked a significant step towards the approval of the Composite Scheme of Arrangement, involving a demerger, slump sale, and amalgamation between several affiliated companies.

The meeting began promptly at 10:00 AM IST and concluded within 30 minutes. The quorum requirements were duly met, allowing Mr. S. B. Gautam, the ex-NCLT Member, to formally open the meeting and proceed with the agenda. The central agenda item was the approval of the proposed scheme, which includes restructuring efforts involving Asian Granito India Limited, Affil Vitrified Private Limited, Ivanta Ceramics Industries Private Limited, and other group entities.

The creditors were provided a detailed presentation about the scheme, which aims to streamline operations, enhance business efficiency, and create a more robust organizational structure. This restructuring process is seen as essential for the growth of Asian Granito India Limited in the competitive market landscape.

Following the presentation, the poll was conducted to approve the resolution. The results of the poll will be posted on the company’s official website and subsequently communicated to the BSE and NSE. The company is required to disclose these results under Regulation 30 of the SEBI (Listing Obligations and Disclosures) Regulations, 2015, and also in compliance with Regulation 37.

Impact on Stakeholders and Next Steps

This approval by the unsecured creditors is a pivotal moment in the company's restructuring journey. The successful implementation of the scheme is expected to positively impact the shareholders, creditors, and employees by improving operational efficiency, reducing liabilities, and setting the company on a path to growth.

Asian Granito's management expressed their gratitude to all creditors who participated in the meeting and emphasized the positive outcome for the stakeholders. The company also assured the creditors and other stakeholders that the restructuring will be executed as per the guidelines laid out by the National Company Law Tribunal (NCLT).

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