Refex Industries Limited announces an acquisition

Under the Composite Scheme of Amalgamation and Arrangement, Refex Green Mobility Limited (RGML) is the specific transferor entity being amalgamated (merged) into Refex Industries Limited (RIL), which acts as the transferee and demerged company ^[1]. Additionally, the scheme encompasses a demerger arrangement involving Refex Mobility Limited (RML) as the resulting company ^[1].

Key Transaction Structure

• Transferor Company (Merged Entity): Refex Green Mobility Limited (RGML) ^[1].
• Transferee / Demerged Company: Refex Industries Limited (RIL) ^[1].
• Resulting Company: Refex Mobility Limited (RML), which is slated for listing on BSE and NSE upon the issuance of shares under the scheme [source_index_1, executive_intelligence].
• Process Status: Court-convened meetings for equity shareholders, secured creditors, and unsecured creditors were held on August 5, 2026, pursuant to the NCLT Chennai Bench order dated June 18, 2026 ^[1].

Accounting Treatment Disclosure Gap

The specific accounting treatment prescribed for this amalgamation (such as whether it follows the pooling of interest method or the acquisition method under Indian Accounting Standards) is not disclosed in the provided NCLT-convened meeting summary filings. The retrieved documents summarize the meeting proceedings, statutory approvals, and structural intent rather than the detailed financial clauses of the draft Scheme document.

Following the conclusion of the NCLT-convened meetings on August 5, 2026 ^[6], the company filings establish immediate procedural reporting timelines but do not disclose an estimated date for the final NCLT sanction order or specific outstanding regulatory conditions precedent.

Meeting Proceedings and Immediate Timeline

• Chairperson Reporting: As directed by the National Company Law Tribunal (NCLT), Chennai Bench, the court-appointed chairperson is required to submit the report of the meetings to the Tribunal within three (3) days from the conclusion of the meetings held on August 5, 2026 ^[6].
• Regulatory Disclosures: Voting results along with the Scrutinizer's Report are mandated to be placed on the websites of the company and CDSL, and submitted simultaneously to BSE Limited and the National Stock Exchange of India Limited (NSE) within prescribed timelines ^[7].
• Scheme Structure: The Composite Scheme of Amalgamation and Arrangement involves Refex Green Mobility Limited (Transferor Company), Refex Industries Limited (Transferee/Demerged Company), and Refex Mobility Limited (Resulting Company), which entails the issuance of shares and the proposed listing of Refex Mobility Limited on BSE and NSE ^[6].

Outstanding Conditions Precedent and Disclosure Gaps

• Final NCLT Order Timeline: An explicit estimated timeline or expected date for the final NCLT order sanctioning the Scheme is not reported in the available meeting filings.
• Regulatory and Statutory Approvals: Specific outstanding statutory or regulatory conditions precedent—such as Registrar of Companies (ROC) filing schedules, specific sectoral approvals, or statutory clearances required prior to the Scheme becoming effective—are not separately disclosed in the retrieved corporate action summaries.