Sapphire Foods India Limited has received observation letters from the National Stock Exchange of India Limited and BSE Limited conveying no objection to its proposed Scheme of Arrangement with Devyani International Limited. The stock exchanges issued the letters on June 12, 2026, following a review of the draft scheme filed by the two companies.
The board of Sapphire Foods had approved the scheme on January 1, 2026, subject to necessary statutory and regulatory approvals. NSE has issued an observation letter with 'no objection' and BSE with 'no adverse observations' under Regulation 37 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
SEBI has stipulated several conditions, including that the scheme must comply with Regulation 11 of the SEBI LODR Regulations and be made expressly subject to approval from the Competition Commission of India. The companies cannot file the scheme before the National Company Law Tribunal unless CCI approval is obtained.
NSE has directed the companies to disclose details of all pending adjudication, recovery proceedings, and enforcement action against Sapphire Foods, Devyani International, their promoters and directors to the NCLT and shareholders. The scheme must incorporate SEBI and stock exchange observations in the NCLT petition.
The observation letter from NSE is valid for six months from June 12, 2026, within which the scheme must be submitted to the NCLT. The companies are required to disclose the no-objection letters on their websites within 24 hours of receipt. The scheme remains subject to shareholder and creditor approvals as applicable.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.