The scheme of arrangement was approved by shareholders and creditors of the company in August 2024.
Suzlon Energy Ltd. informed the exchanges on Friday, July 4, that it has received a ‘no adverse observations’ letter from the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) with regards to the proposed scheme of arrangement approved in May last year.
The scheme of arrangement was approved by shareholders and creditors of the company in August 2024.
According to the scheme, Suzlon Global Services Ltd., a wholly-owned subsidiary, will be merged in to Suzlon Energy. The merger is also subject to approval from the National Company Law Tribunal (NCLT).
Here’s what the observation letter from the exchanges contained:
- Company will ensure that the proposed scheme of arrangement will be in compliance with SBI regulations.
- Company will disclose all details of ongoing adjudication and recovery proceedings, prosecution initiated.
- Company will ensure that the entities involved in the proposed scheme will not make any changes in the draft scheme subsequent to filing the scheme with SEBI, except those mandated by the relevant authorities.
Shares of Suzlon Energy ended 0.6% higher on Friday at ₹65.65.
