By FY23, I suppose they mean the finalisation of share conversion ratio. After the CA’s recommendation it will have to be approved by the respective boards, followed by general body of shareholders of both companies. And then approvals by institutions like RBI, SEBI, stock exchanges and finally by NCLT.
From the onset, the main decision point on the agenda was the share conversion ratio. It is obvious that the conversion ratio has now been arrived at, and informally agreed by managements of both the companies. That is why the press note could be issued.
Now the remaining job is to formalise that decision by clothing it in the formal procedure. I feel that by 31 March they would complete the CA recommendation on fair ratio and respective board approvals. Rest of the actions would be possible only in the next year.
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