Key Event Details

  • Effective Date: 18 August 2026 - The Scheme of Merger became effective upon receipt of Order in Form CAA-12 from the Office of the Regional Director, Western Region Directorate-II, Navi Mumbai.
  • Appointed Date: 1 April 2026 - The financial and operational integration is backdated to this date.
  • Parties Involved:
  • Transferor Company: Intermetal Engineers (India) Private Limited (wholly-owned subsidiary of RHI Magnesita India)
  • Transferee Company: Ashwath Technologies Private Limited (wholly-owned subsidiary of Intermetal Engineers)

Financial and Operational Impact

  • Corporate Structure Change: Ashwath Technologies Private Limited has become a direct wholly-owned subsidiary of RHI Magnesita India Limited following the dissolution of Intermetal Engineers without winding up.
  • Share Exchange: 10,000 equity shares of Ashwath Technologies (face value ₹10 each, fully paid-up) were issued and allotted to RHI Magnesita India Limited and its nominee without any cash consideration.
  • Financial Scale:
  • Intermetal Engineers turnover (FY2026): ₹547.44 lakh
  • Ashwath Technologies turnover (FY2026): ₹1,737.68 lakh
  • Rationale: The merger aims to achieve operational efficiencies, rationalize corporate structure, reduce administrative costs, eliminate duplication of compliance requirements, and consolidate assets and operations.

Board Composition Changes (Effective 18 August 2026)

  • Resignations: Mr. Parmod Sagar (DIN: 06500871) and Mr. Azim Syed (DIN: 10641934) resigned as Directors of Ashwath Technologies.
  • Appointments:
  • Mr. Pankaj Malhan (DIN: 08516185) appointed as Director and Chairman
  • Mr. RaviKumar Masagoundan Pudhur Periyasamy (DIN: 11897968) appointed as Director
  • Mr. Abhishek Bajaj (DIN: 10872388) appointed as Director

Business Operations

  • Intermetal Engineers: Manufactures, sells, purchases, imports, exports and deals in consumables, machinery and equipment for steel plants.
  • Ashwath Technologies: Business operations include similar industrial activities (exact nature not detailed beyond the merger context).

#Tags: #RHIMagnesitaIndia #SubsidiaryMerger #CorporateRestructuring #SEBIDisclosure #RegulatoryCompliance #Neutral