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Ambuja Cements Limited has received observation letters from BSE and the National Stock Exchange regarding its Scheme of Arrangement with Penna Cement Industries Limited, indicating no adverse observations or objections. This positive feedback allows for submission to the National Company Law Tribunal (NCLT). The scheme requires compliance with disclosure obligations and mandates that all liabilities of the Transferor Company be taken on by the Transferee Company. Further approvals from shareholders and authorities are still necessary for the scheme to proceed.