Medinova Diagnostic Services Limited, a leading healthcare service provider, recently held a crucial meeting on April 25, 2025, to seek approval from its equity shareholders for the Scheme of Amalgamation with Vijaya Diagnostic Centre Limited, following the directions of the Hon'ble National Company Law Tribunal (NCLT), Hyderabad Bench. The meeting, conducted virtually due to regulatory guidelines, was an essential step in the proposed merger between the two entities.

Key Voting Results

The meeting, attended by shareholders through Video Conferencing (VC), saw strong support for the resolution. Here’s a breakdown of the voting process and results:

1. Total Number of Shareholders: The total number of shareholders eligible to vote as of the cut-off date, April 18, 2025, was 10,849.

2. Shareholder Participation: A total of 44 shareholders attended the meeting, including 1 promoter and 43 public shareholders.

3. Voting Mode: The voting was conducted through remote e-voting and e-voting during the meeting. The voting results confirmed that the resolution was passed successfully with the required majority.

Voting Results:

• Promoter and Promoter Group:

  • A total of 62,02,220 shares (100%) voted in favor of the resolution, confirming strong backing from the promoters.

• Public Non-Institutions:

  • Out of 37,79,420 shares held by public non-institutional shareholders, 8,49,160 shares (22.47% of total shares) were voted. Among these, 99.80% voted in favor, showing overwhelming public support.

The final tally of votes cast was as follows:

• In favor of the resolution: 70,49,841 votes (99.98%).

• Against the resolution: 1,704 votes (0.02%).

This indicates that the Scheme of Amalgamation was approved by the shareholders with a significant majority.

Scrutinizer's Report:

The Scrutinizer’s Report was issued on April 26, 2025, confirming the approval of the resolution. The scrutinizer also provided a detailed count of votes, ensuring that there were no invalid votes in the process.

Resolution Approval:

The resolution was officially passed with the required majority by both the promoters and public shareholders, marking a significant milestone in the merger process.

Next Steps:

The Scheme of Amalgamation between Medinova Diagnostic Services Limited (the transferor company) and Vijaya Diagnostic Centre Limited (the transferee company) will now proceed for approval by the Hon’ble National Company Law Tribunal. Once approved, the amalgamation will lead to a unified entity, combining the strengths of both companies in the healthcare diagnostics sector.

The voting results, along with the scrutinizer's report, have been made available on the company’s website, and they are also accessible on the KFin website for shareholder reference.

The Upcoming IPOs in this week and coming weeks are Arunaya Organics,Kenrik Industries,Wagons Learning,Srigee DLM.

The Current active IPO are Ather Energy, Iware Supplychain Services.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.