India MCA Insolvency Liquidation Filings — March 27, 2026

27-03-2026

The NCLT Allahabad Bench approved the first motion on March 24, 2026, for the scheme of arrangement under Sections 230-232 of the Companies Act, 2013, involving the demerger of the Distillery Division (manufacturing Rectified Spirit, Ethanol, Country Liquor, and ENA) from K M Sugar Mills Limited into its wholly-owned subsidiary KM Spirits and Allied Industries Limited, with an appointed date of April 1, 2026. The demerger seeks to unlock shareholder value through independent listing of the resulting company, sharper focus on distinct business dynamics, and enhanced operational efficiency, with board approvals on August 7, 2025, and no-objection letters from NSE (Jan 12, 2026) and BSE (Jan 13, 2026). Dispensation of certain meetings was allowed, with high consent levels including 96.23% from secured creditors of the demerged company.

• ·Share Entitlement Ratio: 1 equity share of Rs. 10 face value in Resulting Company for every 5 equity shares of Rs. 2 face value in Demerged Company.
• ·No secured creditors in Resulting Company.
• ·100% consent from equity shareholders (Resulting Company) and unsecured creditors (both companies).
• ·Audited financials for year ended 31.03.2025 and provisional as on 30.09.2025 filed.
• ·Valuation report and fairness opinion dated 07.08.2025.

27-03-2026

Lactose (India) Limited issued a corrigendum to the EGM notice dated February 26, 2026, for the scheme of amalgamation with Vitanosh Ingredients Private Limited (VIPL), disclosing an increase in promoter/promoter group shareholding from 53.65% to 58.84% (+5.19%), resulting in public shareholding dilution from 46.35% to 41.16%. LIL's FY25 revenue grew modestly 2.2% YoY to ₹11,639.93 lakhs with EBITDA at ₹1,841.22 lakhs, but PAT declined 24% to ₹516.29 lakhs; meanwhile, VIPL reported deepening losses with PAT at ₹(195.57) lakhs and revenue at ₹34.69 lakhs. The merger promises capacity expansion from 10,000 MT to 15,000 MT p.a. and synergies, but highlights risks like integration challenges, business disruptions, and EPS dilution via 0.7946:1 swap ratio.

• ·Share swap ratio: 0.7946 LIL shares for every 1 VIPL share.
• ·EGM scheduled for March 28, 2026 via VC/OAVM.
• ·VIPL total shares considered for promoter classification: 20,00,000.
• ·LIL Authorized Share Capital: 15,000,000 equity shares of ₹10 each.
• ·Post-merger, LIL total assets increase to ₹14,727.19 lakhs from ₹13,781.42 lakhs.

27-03-2026

The NCLT Ahmedabad Bench approved Charms Industries Ltd's scheme for reduction of paid-up equity share capital from ₹4,10,61,000 (41,06,100 shares of ₹10 each) to ₹41,06,100 (41,06,100 shares of ₹1 each), along with cancellation of capital reserve of ₹31,46,530, to adjust a debit balance of ₹4,01,01,430 in the Profit & Loss account due to capital unrepresented by tangible assets. The scheme received board approval on July 1, 2023, BSE observation on July 1, 2024, and overwhelming shareholder approval at the AGM on September 23, 2024 (25 of 26 members in favor, public shareholders votes in favor exceeding against). No secured creditors exist, while 4 unsecured creditors hold claims of ₹51,22,034; regulators including RD, ROC, IT Dept, and SEBI raised no objections.

• ·No secured creditors as of 30.11.2024.
• ·Company ceased money changing business after RBI license cancellation on 01.07.2021.
• ·Previously on MCA watch list for vanishing companies but regularly filing returns and statements for past five years.

27-03-2026

The 50th Meeting of the Committee of Creditors (COC) for Ansal Properties and Infrastructure Limited's Fernhill Project in Gurugram, Haryana, held on March 23, 2026, approved ratification of expenses incurred during the CIRP period till March 15, 2026, and the fee payable to Ms. Aakriti Sood, Authorised Representative of homebuyer financial creditors. The company's CIRP has been confined by NCLAT order dated January 7, 2026, to Lucknow and Rajasthan projects (per settlement with IL&FS), and Serene Residency project whose resolution plan was approved by NCLT on October 6, 2025. Fernhill Project continues under Resolution Professional Shri Jalesh Kumar Grover.

• ·Prior intimation for 50th COC meeting submitted on March 19, 2026.
• ·NCLAT order dated January 13, 2023, confining Section 7 application to Fernhill Project.
• ·Original CIRP admission by NCLT on November 16, 2022.
• ·Settlement agreement dated March 3, 2022, between IL&FS and APIL.
• ·Voting end date for 50th COC meeting: March 27, 2026.

27-03-2026

Torrent Pharmaceuticals Limited has issued a notice convening an equity shareholders' meeting on April 28, 2026, via VC/OAVM, to consider and approve the Scheme of Amalgamation of J.B. Chemicals & Pharmaceuticals Limited (Transferor Company) with Torrent Pharmaceuticals Limited (Transferee Company), pursuant to NCLT Ahmedabad Bench order dated March 23, 2026. Remote e-voting opens April 24, 2026, at 9:00 a.m. IST and ends April 27, 2026, at 5:00 p.m. IST, with cut-off date April 21, 2026; financial statements for quarter and nine months ended December 31, 2025, along with valuation reports and fairness opinions, are annexed but show no specific performance variances in the notice.

• ·Tribunal Order dated March 23, 2026 in Company Application No. CA(CAA)/6(AHM)2026.
• ·Joint Share Exchange Ratio Report dated June 29, 2025 by Ernst & Young Merchant Banking Services LLP and BDO Valuation Advisory LLP.
• ·Fairness Opinions dated June 29, 2025 by Axis Capital Limited and ICICI Securities Limited.
• ·Observation letters from BSE and NSE dated February 17, 2026.
• ·Nil Complaint Reports submitted to BSE and NSE in 2025.

27-03-2026

Refex Industries Limited filed a Company Application on March 26, 2026, before the Hon’ble National Company Law Tribunal (NCLT), Chennai Bench, seeking directions for the proposed Composite Scheme of Amalgamation and Arrangement involving Refex Green Mobility Limited (Transferor Company), Refex Industries Limited (Transferee/Demerged Company), and Refex Mobility Limited (Resulting Company). This follows earlier intimations dated September 22, 2025, and March 17, 2026, under Sections 230-232 of the Companies Act, 2013. The disclosure complies with Regulation 30 of SEBI Listing Regulations.

• ·Application filed before NCLT Chennai Bench
• ·Security Code: 532884; Symbol: REFEX
• ·Disclosure dated March 27, 2026