1. In-principle Approval for Merger

The Board granted in-principle approval for the merger of TPL Plastech Limited ("Transferor Company") with its holding company Time Technoplast Limited ("Transferee Company"), which holds 74.86% stake in TPL Plastech. The appointed date for the merger is April 1, 2026, pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013.

The proposed merger aims to:

  • Facilitate consolidation of the group structure
  • Rearrange manufacturing units and product lines
  • Enable each distinct product category to be handled by a dedicated unit within Time Technoplast Limited
  • Provide greater impetus to product development and innovation
  • Improve overall manufacturing and operational efficiency
  • Pool financial, managerial, and technical resources
  • Enhance competitive strength and reduce costs
  • Generate operational and financial synergies

The approval is subject to:

  • Appointment of a registered valuer and merchant banker
  • Determination of fair share exchange ratio ("Swap Ratio") based on valuation report
  • Further meetings of Audit Committee and Board to finalize Swap Ratio and approve Scheme of Merger

Financial Details of Companies (as of March 31, 2026, in ₹ lakhs)

Particulars | TPL Plastech Limited | Time Technoplast Limited

Turnover | Not specified | Not specified

Net Worth | Not specified | Not specified

Net Profit | Not specified | Not specified

Business Profiles

  • TPL Plastech Limited: Manufacturing of industrial packaging products including plastic jerry cans, drums and Intermediate Bulk Containers (IBC)
  • Time Technoplast Limited: Manufacturing of packaging products (plastic drums, jerry cans/pails, IBCs), composite products (LPG, CNG, hydrogen cylinders, fire extinguishers), PE pipes, and other products including MOX films, auto products, and turf and matting

2. Appointment of Chief Financial Officer

Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the appointment of Mr. Sunil Vyas as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) under Section 203 of the Companies Act, 2013, effective October 1, 2026.

Mr. Sunil Vyas has been associated with TPL Plastech Limited for over 16 years and brings over 19 years of experience in Accounts and Finance. He has been responsible for managing Corporate Finance and Credit Control functions, including corporate financial planning, cash flow management, and receivables management.

3. Resignation of Chief Financial Officer

Mr. Pawan Agarwal tendered his resignation from the position of CFO and KMP owing to his decision to pursue another professional opportunity. The Board accepted his resignation, effective from close of business hours on September 30, 2026. Mr. Agarwal had been with the company for over 10 years.

Next Steps

  • Appointment of valuer and merchant banker
  • Determination of Swap Ratio
  • Further Board meetings to finalize merger scheme
  • Appropriate disclosures upon finalization of Scheme of Merger and Swap Ratio