India Sector Consolidation Regulatory Filings — September 19, 2026

19-09-2026

P N Gadgil Jewellers Limited (PNGJL) board approved an additional investment of up to USD 6,500,000 (approximately ₹54.6 Cr at current rates) in its wholly owned US subsidiary PNG Jewelers INC to fund expansion in the United States. The board also approved a new ESOP plan covering up to 1,15,000 equity shares (0.078% of issued capital) and the reappointment of Independent Director Dr. Vaijayanti Pandit for a second term. The subsidiary's turnover grew 40.5% YoY to ₹1,046.06 Million in FY26, though its net worth remains modest at ₹77.54 Million.

• · The ESOP plan covers up to 1,15,000 equity shares of face value ₹10 each, representing 0.078% of total issued share capital.
• · Options under ESOP will vest over a minimum 1-year period and maximum 4 years from grant date, and can be exercised within 4 years of vesting.
• · Dr. Vaijayanti Pandit's reappointment as Independent Director is for a second term of two years from March 14, 2027 to March 13, 2029.
• · The additional investment in PNG Jewelers INC will be made in one or more tranches on or before September 15, 2027.
• · PNG Jewelers INC operates a single retail showroom in Sunnyvale, California.
• · The subsidiary's turnover declined 15.4% in FY25 (₹744.24 Million) from FY24 (₹879.36 Million) before rebounding in FY26.

19-09-2026

Jhaveri Credits & Capital Ltd. (BSE: 531550) announced the acquisition of a 51% stake in U R Energy (Solar) Private Limited for a cash consideration of ₹51,000, making it a subsidiary. The target company has an authorized and paid-up capital of ₹1.00 Lakh, zero turnover for the last three fiscal years, and a negative net worth of -₹81,000. Separately, the Board approved a name change to 'U R ENERGY (INDIA) LIMITED' and an alteration of the main object clause to focus on renewable energy, subject to shareholder and regulatory approvals.

• · The target company, U R Energy (Solar) Private Limited, was incorporated on November 25, 2014, and has its registered office in Ahmedabad, India.
• · The acquisition will make U R Energy (Solar) Private Limited a related party of Jhaveri Credits & Capital Ltd.
• · The Board appointed NSDL as the Remote E-Voting Agency and M/s Siddharth Sipani & Associates as Scrutinizer for the postal ballot process.
• · The Board meeting commenced at 02:30 p.m. and concluded at 04:00 p.m. on September 19, 2026.
• · The proposed name change is subject to approval from the Registrar of Companies (ROC), which was pending as of the filing date.

19-09-2026

Rays of Belief Ltd announced that its wholly owned subsidiary, Mom's Belief US Inc., has acquired 100% of the equity shareholding of City Pro Group Inc. for a cash consideration of USD 2,000,000, making City Pro a step-down wholly owned subsidiary effective September 18, 2026. The acquisition aims to strengthen the Group's presence in the US pediatric early intervention and special education services market, leveraging City Pro's established operations in New York. City Pro's turnover has grown from USD 9,713,036.83 (FY23) to USD 11,432,394.52 (FY25), showing consistent growth, though the acquisition cost is relatively modest compared to the target's revenue.

• · City Pro Group Inc. was incorporated on July 14, 1995, and operates clinics in Bronx, Brooklyn, Manhattan, and Long Island (Plainview), New York.
• · City Pro is a NYSDOH-approved EIP provider and NYS Medicaid-enrolled provider, delivering services under contracts with New York State, NYC DOE, and Long Island school districts.
• · The acquisition does not fall within related party transactions, and the promoter/promoter group has no interest in the acquisition.
• · No governmental or regulatory approvals were required for the acquisition.
• · The acquisition was completed on September 18, 2026.

19-09-2026

MPS Limited has received an order from the Hon'ble National Company Law Tribunal (NCLT), Chennai Bench, dated September 16, 2026, in connection with the second motion petition for the Scheme of Amalgamation between ADI BPO Services Limited (Transferor Company) and MPS Limited (Transferee Company). The NCLT has taken on record the reports of the Chairman evidencing approval of the Scheme by the Equity Shareholders and Unsecured Creditors of the Transferee Company at meetings held on August 22, 2026. The Tribunal has directed service of notices upon statutory and regulatory authorities for their representations, with the next hearing scheduled for November 4, 2026.

• · The First Motion Application order was passed on July 2, 2026.
• · The meeting of Secured Creditor of the Transferee Company was dispensed with.
• · Meetings of Equity Shareholders and Unsecured Creditors were held on August 22, 2026, and both approved the scheme.
• · Notices must be served to authorities including the Regional Director ([email protected]), ROC Chennai ([email protected]), Income Tax Authorities ([email protected]), and Official Liquidator ([email protected]).
• · Notice is to be published in Dina Malar (Tamil) and Business Standard (English).
• · Authorities have 30 days from receipt of notice to file representations.
• · Next hearing is listed for November 4, 2026.

19-09-2026

K.M. Sugar Mills Limited has fixed October 1, 2026 as the Effective Date and October 2, 2026 as the Record Date for the demerger of its Distillery Division into KM Spirits and Allied Industries Limited, following NCLT approval. Under the scheme, shareholders will receive 1 equity share (₹10 face value) of the resulting company for every 5 shares (₹2 face value) held in the demerged company. The resulting company's shares will be listed on NSE and BSE.

• · The Scheme of Arrangement is under Sections 230-232 of the Companies Act, 2013.
• · The Effective Date is the date the NCLT order is filed with the Registrar of Companies.
• · The Record Date is October 2, 2026, for determining shareholders eligible for allotment.
• · The resulting company's shares will be listed on NSE and BSE subject to regulatory approvals.

19-09-2026

Shreenath Paper Products Limited's Board approved the acquisition of 25,000 equity shares of its associate Shreenath Paper Industries Private Limited (SPIPL) from Mr. Bijoy Ramesh Shah at ₹10 per share, for a total consideration of ₹2,50,000. Post-acquisition, the company's stake in SPIPL will rise from 50% to 75%, making SPIPL a subsidiary. The transaction is a cash purchase at face value and is not a related-party transaction.

• · SPIPL was incorporated on 23/06/2026, CIN U17099MH2026PTC472775
• · SPIPL is engaged in manufacturing and dealing in all kinds of paper, board, and paper products
• · Acquisition is at face value (₹10 per share), no premium
• · Transaction is not a related-party transaction
• · No regulatory or governmental approvals are required
• · Board meeting commenced at 2:30 p.m. and concluded at 2:45 p.m. on September 19, 2026
• · Expected completion is subject to registration of transfer and statutory formalities

19-09-2026

Shish Industries Limited has scheduled a Board Meeting for September 23, 2026, to consider and approve a Scheme of Amalgamation/Merger involving the company and its wholly owned subsidiaries, Shish Polylam Private Limited and Shish Global Solutions Private Limited, under Sections 230-232 of the Companies Act, 2013. The trading window for designated persons and their immediate relatives is closed from September 19, 2026, until 48 hours after the board meeting outcome is made public. No financial figures were disclosed in this filing.

• · Trading window closure for designated persons and immediate relatives starts September 19, 2026, and remains closed until 48 hours after the board meeting outcome is announced.
• · The board meeting is scheduled for Wednesday, September 23, 2026.