Latest news with #SchemeofArrangement
Business Recorder
02-08-2025
- Business
- Business Recorder
BML reports first ever half-year PBT of Rs1.44bn
KARACHI: Bank Makramah Limited (BML) has achieved a historic milestone by reporting a profit before tax of Rs 1.44 billion and an after tax profit of Rs 707 million for the half-year ended June 30, 2025 – the first profit declared by the Bank in more than a decade. These results, approved by the Board of Directors at its meeting held on August 1, 2025, reflect a remarkable turnaround from the loss before tax of Rs 2.44 billion reported for the corresponding period last year, an improvement of Rs 3.88 billion. Earnings per share (EPS) also improved to Rs 0.11 from a negative Rs 0.22 during the same period in 2024. BML Chairman Abdulla Nasser Abdulla Hussain Lootah said, 'The Bank's strong performance has been driven by improved net mark-up income, record recoveries of legacy non-performing loans, a significantly improved deposit mix that has reduced the average cost of deposits, and exceptional Treasury gains during the period. These results reflect the success of BML's broader turnaround strategy, he further stated that this milestone is proof of the dedicated efforts and commitment of our teams, we have strong faith in the banks future and Pakistan's reviving economic fundamentals.' Subsequent to the half-year period, the Bank has further bolstered its position through the successful sale of a strategic asset for Rs 12 billion and an injection of Rs 5 billion from its Sponsor as advance against share capital. The Scheme of Arrangement is also in the final stages filed before the Islamabad high Court and expected to further strengthen the Bank's capital base once concluded. President and CEO Jawad Majid Khan stated these historic results mark a decisive turning point for the Bank, and validates the tireless efforts of BML's management and employees and also sends a strong signal of renewed strength and stability to the customers, investors, and the market at large. With the restructuring efforts nearing conclusion, the management is confident that BML is now firmly on the path toward sustained profitability and growth. The Board of Directors expressed its deepest gratitude to the Sponsor and chairman for their unwavering support and long-term commitment which has been instrumental in the Bank's revival journey. Copyright Business Recorder, 2025
Time of India
22-07-2025
- Business
- Time of India
Supreme Court upholds Gujarat HC relief to Vodafone Idea, strikes down Rs 7.64 cr stamp duty penalty
The Supreme Court on Tuesday upheld a Gujarat High Court order that had quashed Gujarat stamp department's Rs 7.64 crore penalty imposed on Vodafone Idea Telecom Infrastructure, formerly known as Vodafone Towers , under Section 39(l)(b) of the Gujarat Stamp Act , 1958. The HC had set aside the penalty imposed by the Chief Controlling Revenue Authority as being disproportionate, excessive, unreasonable, illegal, and unjust. Explore courses from Top Institutes in Please select course: Select a Course Category healthcare CXO Degree Public Policy Management MCA MBA Others Healthcare Operations Management Cybersecurity Design Thinking Finance Technology Artificial Intelligence Data Analytics Product Management Digital Marketing PGDM others Leadership Project Management Data Science Data Science Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details The genesis of the dispute lies in the Scheme of Arrangement sanctioned between Vodafone Idea (Transferor Company) and Vodafone Towers (Transferee Company) by the National Company Law Tribunal , Ahmedabad Bench, in September 2019. The scheme facilitated the transfer and vesting of the fiber infrastructure undertaking of Vodafone Idea into Vodafone Idea Telecom on a going concern basis. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Goodbye, thinning hair. Hello, full hair! Trying this from Watsons. japonelifeskeem Learn More Undo Before approval of the merger scheme by the National Company Law Tribunal, Vodafone Idea had sought adjudication of the proper stamp duty payable on the tribunal's order. In March 2021, the Additional Superintendent of Stamps determined stamp duty chargeable on the NCLT order at Rs 25 crore and also alleged non-payment of stamp duty and then imposed a penalty under the Act, according to the appeal in the SC. Vodafone said that despite the company having expressed its readiness and willingness to pay the stamp duty, notices were issued by the stamp department imposing a penalty on it. Live Events Ultimately, in October 2021, the Office of deputy Superintendent of Stamps, Gujarat, determined that the company was liable to pay a fine of Rs 7.64 crore. This was challenged by the company before the Chief Controlling Revenue Authority, which rejected its application in 2022. However, the Gujarat High Court, on appeal, favoured Vodafone.
Scoop
16-07-2025
- Business
- Scoop
Meridian Welcomes High Court Approval Of NZ Windfarms Acquisition
Meridian Energy welcomes today's High Court approval of the Scheme of Arrangement under which Meridian will acquire all of the shares in NZ Windfarms Limited (NZWF). A copy of the sealed Final Orders is attached to the market announcement released today by NZWF. The final steps in the Scheme process are now underway. Provided the remaining customary conditions are satisfied or waived, implementation of the Scheme will occur on 30 July 2025. The two companies are already parties to a 50-50 joint venture to repower NZWF's largest asset, the TeRereHau Wind Farm inManawatū, and for Meridian topurchase100% of the generation from the wind farm. Meridian also currently holds a 19.99% shareholding in NZWF. Meridian willnow acquireall remaining shares in NZWF for $0.25 cash per share, corresponding to an equity value for NZWF of $91 million. The scheme was previously approved by NZWF shareholders on 24 June 2025. Meridian Chief Executive Mike Roan says the company is delighted to have now received High Court approval. 'This deal will reward NZ Windfarms' shareholders for the value created to date, while also enabling more efficient financing and delivery of the Te Rere Hau repowering project.' The repowering project involves the design, construction and operation of up to 39 new turbines with generation capacity of up to 170MW. It has the potential to generate seven times the annual renewable energy production of the current turbines.
Economic Times
07-07-2025
- Business
- Economic Times
Suzlon Energy shares in focus after NSE, BSE issue 'no adverse observations' for merger with subsidiary
Suzlon Energy shares will be in focus on Monday after the company received 'no adverse observations' letters from the National Stock Exchange (NSE) and BSE for its proposed merger with wholly-owned subsidiary Suzlon Global Services Limited. ADVERTISEMENT In a regulatory filing, Suzlon informed that the observations were received from the exchanges on Thursday, July 3, clearing a key hurdle in its ongoing corporate restructuring plan. Under the 'Scheme of Arrangement', which involves the company, its shareholders, and creditors, Suzlon Energy will undertake the reduction and reorganisation of reserves. Also Read: Street favourite! 10 BSE large-cap stocks analysts expect to rally up to 70% Suzlon plans to adjust its accumulated losses by reducing and reorganising reserves, specifically transferring the credit balance in the General Reserve to Retained means Suzlon will use existing reserves (built up during profitable years) to wipe out past losses reflected in the Retained Earnings account. ADVERTISEMENT The company said that it will result in a cleaner balance sheet, which can improve the company's ability to pay dividends and attract investors. Also Read: TCS, HCLTech among 10 stocks that have paid dividends over 40 times since 2011 1) The company must comply with detailed disclosures, including how reserves will be adjusted, the historical build-up of losses and reserves, rationale for the scheme, impact on shareholders, cost-benefit analysis, and updated balance sheets pre- and post-scheme. ADVERTISEMENT 2) The company has to ensure that additional information, if any, submitted by the company after filing the Scheme with the stock exchange is displayed on the websites of Suzlon and the exchanges.3) The company has to ensure entities involved in the proposed scheme will not make any changes in the draft scheme subsequent to filing the draft scheme with SEBI by Stock Exchange(s), except those mandated by the regulators/ authorities/tribunal. ADVERTISEMENT 4) The company should ensure compliance with the Sebi circulars issued from time to time.5) The company should ensure that the financials in the scheme considered are not more than 6 months old. Also Read: 10 Nifty smallcap stocks analysts expect to rally up to 72% (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
04-07-2025
- Business
- Time of India
Suzlon Energy gets ‘no adverse observations' from NSE, BSE for merger with subsidiary
Suzlon Energy has received 'no adverse observations' letters from the National Stock Exchange and BSE for a corporate restructuring plan where its wholly-owned subsidiary Suzlon Global Services Limited will be merged with the parent entity. Suzlon in a filing to the exchanges today informed about receiving the letters from the NSE and BSE on Thursday, July 3. Under the 'Scheme of Arrangement', which involves the company, its shareholders, and creditors, Suzlon Energy will undertake the reduction and reorganisation of reserves. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Remember Him? Sit Down Before You See What He Looks Like Now 33 Bridges Undo Suzlon plans to adjust its accumulated losses by reducing and reorganising reserves, specifically transferring the credit balance in the General Reserve to Retained Earnings. This means Suzlon will use existing reserves (built up during profitable years) to wipe out past losses reflected in the Retained Earnings account. The company said that it will result in a cleaner balance sheet, which can improve the company's ability to pay dividends and attract investors. Live Events The following are the compliance with legal requirements: 1) The company must comply with detailed disclosures, including how reserves will be adjusted, the historical build-up of losses and reserves, rationale for the scheme, impact on shareholders, cost-benefit analysis, and updated balance sheets pre- and post-scheme. 2) The company has to ensure that additional information, if any, submitted by the company after filing the Scheme with the stock exchange is displayed on the websites of Suzlon and the exchanges. 3) The company has to ensure entities involved in the proposed scheme will not make any changes in the draft scheme subsequent to filing the draft scheme with SEBI by Stock Exchange(s), except those mandated by the regulators/ authorities/tribunal. 4) The company should ensure compliance with the Sebi circulars issued from time to time. 5) The company should ensure that the financials in the scheme considered are not more than 6 months old. Also read: Vedanta's investor dilemma: Dividend king, pauper returns; time to buy or say bye? Suzlon shares today ended at Rs 65.65 on the NSE, up by Rs 0.38 or 0.58% over the Thursday closing price.
