Details of Returned Applications

1. Equity Share Issuance Application (Ref: NSE/LIST/40167)

  • Application Number: 40167
  • Purpose: In-principle approval for issuance of 44,00,000 equity shares
  • Issue Type: Pursuant to conversion of warrants allotted on preferential basis
  • Issue Price: ₹125.4 per share
  • Reason for Return: Post-issue paid-up capital projected to exceed ₹25 crore, triggering requirement for migration to main board under Regulation 280(2) of ICDR Regulations, 2018
  • Communication Timeline: NSE raised observations and sought clarifications through requirement letters and emails between February 26, 2024, and October 31, 2024
  • Company Response: Company's responses were not satisfactory according to NSE
  • Regulatory Context: Application was submitted prior to March 8, 2025 amendment to ICDR regulations that provided relief to SME companies from mandatory migration
  • Status: Application returned, fresh application required

2. Amalgamation Scheme Application (Ref: NSE/LIST/40408)

  • Application Number: 40408
  • Purpose: Draft Scheme of Amalgamation of Mangalam Saarloh Private Limited with Mangalam Worldwide Limited and their respective shareholders and creditors
  • Reason for Return: Post-scheme paid-up capital projected to exceed ₹25 crore, triggering main board migration requirements under Regulation 280(2) of ICDR Regulations, 2018
  • Communication Timeline: NSE raised observations via requirement letter dated April 10, 2024
  • Company Response: Response provided by the Company was not satisfactory according to NSE
  • Regulatory Context: Application was submitted prior to March 8, 2025 amendment to ICDR regulations
  • Status: Application returned, fresh application required

Regulatory Background

SEBI amended ICDR regulations on March 8, 2025, providing that SME companies whose paid-up capital is likely to exceed ₹25 crore due to further issuance of capital may not be required to migrate to the main board, subject to the condition that the issuer undertakes to comply with SEBI (LODR) Regulation 2015 provisions applicable to main board listed companies. This relief was not made retrospectively applicable to applications submitted before the effective date.

Action Required

Company must file fresh applications for both matters following the current regulatory framework.

Additional Information

  • NSE reference numbers: NSE/LIST/40167 and NSE/LIST/40408 both dated September 17, 2026
  • Company CIN: L27100GJ1995PLC028381
  • Equity ISIN: INE0JYY01029
  • Debt ISINs: INE0JYY07018 (Symbol: 975MWL29), INE0JYY07026 (Symbol: 10MWL29)