AGI Greenpac Limited — Others, 29-01-2025: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

AGI Greenpac Ltd's plan to acquire Hindusthan National Glass & Industries Ltd (HNGIL) has faced a setback. The Supreme Court upheld a prior judgment that found AGI’s resolution plan non-compliant with necessary approvals from the Competition Commission of India (CCI). Consequently, the approval for AGI's resolution plan has been quashed, requiring the Committee of Creditors to reconsider other eligible plans. Despite this negative ruling, AGI maintains that its current operations and profitability remain unaffected, and it continues to explore growth avenues, including other potential acquisitions. Investor sentiment may lean cautiously due to the legal and operational uncertainties surrounding the acquisition.