Updater Services Limited — Important, 20-12-2024: Updates

The Regional Director has rejected the amalgamation scheme involving Updater Services Limited, Stanworth Management Private Limited, and Tangy Supplies and Solutions Private Limited due to insufficient approval from Updater Services' members, who supported the proposal by only 76.69%, falling short of the required 90%. This situation arose from an increase in retail shareholders during the voting period. Although the merger application has been denied, the involved companies can seek approval from the Hon'ble NCLT, Chennai Bench under relevant provisions of the Companies Act. Importantly, this development is not expected to impact Updater Services' financial or operational activities. Investors should watch closely for any further updates on this matter.